REG - Anglo Asian Mining - Historic Distributions to Shareholders

Anglo Asian MiningAnnouncement

26/11/2024 07:00

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RNS Number : 5708N  Anglo Asian Mining PLC  26 November 2024

26 November 2024

 

Anglo Asian Mining PLC

Historic Distributions to Shareholders

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, announces that the Company
has been informed by the Financial Reporting Council of an administrative
technical issue with its distributable reserves, the payment of historical
dividends in the years ended 31 December 2022 and 2023 and the share buybacks
undertaken in 2022. This matter has no impact on Anglo Asian's current
trading, nor on the Company's dividend policy going forward.

 

The Company's dividends are payable out of its available distributable
reserves. These are calculated by reference to the last filed annual or
interim accounts. If interim accounts are used, these are required to be filed
at Companies House.

 

At all times there were adequate reserves in the subsidiary companies of Anglo
Asian to pay its dividends.  However, at the specific time of annual accounts
being filed, funds set aside for dividend distribution remained within the
subsidiary companies and had not been transferred to the Company at the
appropriate time in order to make such distributions.

 

The Company is currently discussing the situation with its advisers, and it
plans to rectify this technical issue by holding a General Meeting to consider
the necessary resolutions and, assuming these are passed, to regularise the
position. This will put all potentially affected parties in the position where
they were always intended to be in respect of these dividends.

 

Full details will be contained in a Circular and Notice of General Meeting
which will be sent to shareholders as soon as practicable.

 

For further information please contact:

 

 Anglo Asian Mining plc

 Reza Vaziri, Chief Executive Officer                            Tel: +994 12 596 3350
 Bill Morgan, Chief Financial Officer                            Tel: +994 502 910 400
 Stephen Westhead, Vice President                                Tel: +994 502 916 894

 SP Angel Corporate Finance LLP (Nominated Adviser and Broker)   Tel: +44 (0) 20 3470 0470

 Ewan Leggat

 Adam Cowl

 Hudson Sandler (Financial PR)                                   Tel: +44 (0) 20 7796 4133

 Charlie Jack

 Harry Griffiths

 

About Anglo Asian Mining

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a
high-quality portfolio of production and exploration assets in Azerbaijan.
The Company produced 31,821 gold equivalent ounces ("GEOs") for the year
ended 31 December 2023.

 

On 30 March 2023, the Company published its strategic plan for growth which
shows a clearly defined path for the Company to transition to a multi-asset,
mid-tier, copper and gold producer by 2028, by which time copper will be the
principal product of the Company, with forecast production of around 36,000
copper equivalent tonnes. It plans to achieve this growth by bringing into
production four new mines during the period 2024 to 2028 at Zafar, Gilar,
Xarxar and Garadag.

 

https://www.angloasianmining.com/ (https://www.angloasianmining.com/)

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