REG - Ormonde Mining PLC - 2020 AGM and CSD EGM Update

Ormonde MiningAnnouncement

07/01/2021 07:01

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RNS Number : 8436K  Ormonde Mining PLC  07 January 2021

7 January 2021

 

 

Ormonde Mining plc

("Ormonde" or "the Company")

 

Ormonde 2020 AGM and CSD EGM update

 

The Board of Ormonde wishes to advise that its adjourned 2020 Annual General
Meeting, due to be reconvened today, will be further adjourned to 18 February
2021, ahead of considering Resolutions 6 to 8, so as to facilitate the Company
continuing discussions with its largest shareholder in relation to these
resolutions as they pertain to a potential transaction.  As a result, the
dial in facility for today's meeting has been cancelled, with details for the
reconvened meeting to be provided in due course.

 

Ormonde will continue to keep the market appraised over the coming weeks as
work continues towards concluding the terms of what the board believes will be
an extremely value enhancing opportunity, as expeditiously and efficiently as
possible. While negotiations, diligence and legal structuring of a potential
transaction are well advanced, progress to completion has been slower than
hoped for reflecting limitations resulting from the ongoing pandemic. There
can be no certainty that a deal will be concluded.

 

The adjournment will align with the Company's requirement to hold an
Extraordinary General Meeting ("EGM") to consider certain resolutions relating
to the migration from the UK-based CREST Central Securities Depositary ("CSD")
to Euroclear Bank of Belgium for the electronic settlement of trading in the
Company's ordinary shares. This migration is a Brexit related requirement for
all Irish listed companies whose shares are currently held and settled in the
CREST system and is scheduled to occur in March 2021.

 

It is crucial to the interests of shareholders that the Company gets over one
third of all issued shares voted at the EGM, as is the current legal
requirement, with a majority of those votes being in favour of the
resolutions. Failure to achieve this vote level would mean that Ormonde's
shares currently held through CREST would need to be rematerialised into paper
certificates, and, most critically, Ormonde would be at risk of losing its
trading facilities on the Euronext Growth and AIM markets.

 

The Company is currently working through this important documentation process
and plans to issue the EGM circular ("Circular") shortly.  In advance of the
Circular, the Company wishes to highlight the importance of the vote to
securing ongoing liquidity and trading arrangements and appeals to all
shareholders to make sure that they vote in favour of all resolutions through
the process that will be indicated in the Circular.  The current intention is
to hold the EGM on 18 February 2021 and more details will be issued in due
course and at the time of the mailing of the Circular.

 

Enquiries to:

 

Ormonde Mining plc

Jonathan Henry, Executive Chairman

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Tel: +353 (0)1 8014184

 

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

John Frain / Barry Murphy

Tel: +353 (0)1 679 6363

 

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat

Tel: +44 (0)20 3 470 0470

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