REG - GCM Resources PLC - Requisition Notice

GCM ResourcesAnnouncement

24/01/2024 17:30

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RNS Number : 8215A  GCM Resources PLC  24 January 2024

24 January 2024

 

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

 

Requisition Notice

 

GCM Resources plc, an AIM quoted mining and energy company, announces that it
today received a notice from Polo Investments Limited ("Polo"), pursuant to
Section 168 of the Companies Act 2006, requesting that a resolution to remove
Christian Taylor-Wilkinson be tabled, as an ordinary resolution, at the
forthcoming Annual General Meeting of the Company or a general meeting of GCM
to be convened as soon as practicable. Polo currently holds 43,328,003 shares
representing 20.9% of the Company's total voting rights.

 

In the event that Christian Taylor-Wilkinson is voted off the board or
otherwise leaves the Company, the board would comprise three executive
directors, and no non-executive directors, falling short of the minimum
guidance set out in the QCA Corporate Governance Code and raising questions
about the efficacy of the Board as a whole, and the appropriateness of the
Company to be trading on AIM.

 

WH Ireland, the Company's Nominated Adviser ("Nomad"), has advised that if
such a circumstance occurs  the Company would  therefore have to add a
number of independent non-executive directors to the board in the short term.
If such additions to the board are not made to WH Ireland's satisfaction , it
is highly likely that the WH Ireland would tender its resignation with
immediate effect.

 

Pursuant to Rule 1 of the AIM Rules for Companies, if a company ceases to have
a Nomad the Exchange will suspend trading in its AIM securities with immediate
effect. If a new Nomad is not appointed within one month of the date of
resignation of the original Nomad, this will result in the Company's ordinary
shares being delisted from AIM and the Company's admission to AIM being
cancelled.

 

 

 

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014 and has been announced in accordance
with the Company's obligations under Article 17 of that Regulation.

 

 

For further information:

 

 GCM Resources plc          WH Ireland Ltd

 Keith Fulton               James Joyce

 Finance Director           Andrew De Andrade

 +44 (0) 20 7290 1630       +44 (0) 20 7220 1666
 GCM Resources plc
 Tel: +44 (0) 20 7290 1630
 info@gcmplc.com;

 

 

 

About GCM Resources

GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has
identified a high-quality coal resource of 572 million tonnes (JORC 2004
compliant) at the Phulbari Coal and Power Project (the "Project") in
north-west Bangladesh.

 

Utilising the latest highly energy efficient power generating technology the
Phulbari coal mine can support some 6,600MW. GCM requires approval from the
Government of Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal to the
Government of Bangladesh's existing and in the pipeline coal-fired power
plants and / or power plants developed development partners. Together with
credible, internationally recognised strategic development partners, GCM aims
to deliver a practical power solution to provide the cheapest coal-fired
electricity in the country, in a manner amenable to the Government of
Bangladesh.

 

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