REG - Coro Energy PLC - Results of AGM and Suspension of Trading

Coro EnergyAnnouncement

24/04/2024 17:15

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RNS Number : 9203L  Coro Energy PLC  24 April 2024

 

24 April 2024

Coro Energy plc

("Coro" or the "Company")

 

Results of Annual General Meeting

 

Suspension of Trading

 

Coro Energy Plc, the South East Asian energy company with a natural gas and
clean energy portfolio, advises that it held its Annual General Meeting
("AGM") earlier today.

The Company also announces that, as a result of the outturn of the AGM, the
Company has requested that trading in the Company's ordinary shares on AIM be
suspended with immediate effect.

The resolutions put to the AGM were voted on by way of a poll and the results
are as follows:

 Resolutions  For          %       Against      %       Withheld
 1            451,946,229  96.53%  16,260,452   3.47%   77,279,082
 2            146,216,513  27.07%  393,994,930  72.93%  5,274,320
 3            417,323,458  76.57%  127,726,243  23.43%  436,062
 4            417,322,658  76.54%  127,888,785  23.46%  274,320

A "Vote withheld" is not a vote in law and is not counted in the calculation
of the percentage of shares voted "For" or "Against" any resolution.

 

The Company is pleased to announce that shareholders have supported
Resolutions 1, 3 and 4, enabling flexibility for further fundraising in the
forthcoming period. The Company has  today also received verbal confirmation
from its key Noteholders in respect of their ongoing support with regards to
the near term funding needs of the business. As at 23 April 2024, the Company
had unaudited cash balances of approximately US$0.5 million.

However, Resolution 2, concerning the re-election of James Parsons as a
Director of the Company, was not passed at the AGM. Accordingly Mr Parsons is
no longer a director of the Company.

Whilst the Company has commenced the process of recruiting at least one
additional director with immediate effect, the Company's Board currently
comprises a single director.

Following the AGM, the Company's Board is not therefore quorate under the
Company's Articles of Association (the "Articles") or s154 of the Companies
Act 2006 (the "Act") and the Company is not therefore able to effectively
operate under the Articles or the Act.

Accordingly, the Company has requested that trading in the Company's ordinary
shares on AIM be suspended with immediate effect pending, inter alia, the
appointment of at least one additional director. Notwithstanding the
suspension of trading in the Company's ordinary shares, the Company will
continue to make notifications as and when there are matters requiring
disclosure in accordance with the Company's obligations under the AIM Rules
for Companies and/or the UK Market Abuse Regulation.

Further announcements will be made, as appropriate, in due course.

 

 

For further information please contact:

 Coro Energy plc                                        Via Vigo Consulting Ltd

 Tom Richardson, Director

 Cavendish Capital Markets Limited (Nominated Adviser)  Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 Hybridan LLP (Nominated Broker)                        Tel: 44 (0)20 3764 2341

 Claire Louise Noyce

 Gneiss Energy Limited (Financial Advisor)              Tel: 44 (0)20 3983 9263

 Jon Fitzpatrick

 Doug Rycroft

 Vigo Consulting (IR/PR Advisor)                        Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 

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