REG - Tirupati Graphite - NOTICE OF REQUISITIONED GENERAL MEETING

Tirupati GraphiteAnnouncement

14/05/2024 08:30

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RNS Number : 3303O  Tirupati Graphite PLC  14 May 2024

14 May 2024

Tirupati Graphite plc

('Tirupati' or the 'Company')

 

NOTICE OF REQUISITIONED GENERAL MEETING

 

On 23 April 2024, the Company received a requisition letter (the "Requisition
Letter") from Walpole St. Andrews Nominees Ltd on behalf of a group of
underlying shareholders holding, in aggregate, 6,847,813 ordinary shares
representing c. 5.8% of the issued ordinary share capital of the Company (the
'Requisitioners') on the receipt date. The letter required the Company to
convene a general meeting of the Company's shareholders pursuant to section
303 of the Companies Act 2006 (the 'Act') to consider resolutions to remove
Shishir Poddar, Puruvi Poddar and Alastair Bath from office as directors of
the Company and to appoint Mark Rollins, Leo Koot, Isabel de Salis and Murat
Dogan Erden as directors of the Company.

 

Accordingly, the Board is today posting the Notice to shareholders (the
"Circular") convening the requisitioned General Meeting for shareholders which
is to be held at the offices of Bird & Bird LLP, 12 New Fetter Lane,
London EC4A 1JP on Tuesday 11 June 2024 at 3.00 pm (GMT). A copy of the
Circular and Notice are available on the Company's website
(https://tirupatigraphite.co.uk/) under the tab COPORATE NEWS AND DOCUMENTS
(this tab is in the INVESTOR CENTRE section of the Company's website).

 

The Board unanimously recommends shareholders VOTE AGAINST ALL Resolutions.

 

The Company recognises that its current board structure and composition must
be addressed to ensure it returns to QCA compliance with the appointment of
wholly independent directors as soon as practically possible. The Board is
taking urgent steps to enhance this and is seeking the appointment of a new
Non-Executive Chair, Non-Executive Directors, and a CFO.

 

Replacing the existing Board would deprive it of critical sector and business
knowledge, access to intellectual property and relationships. The proposed
directors have neither the sector skills nor experience to navigate the
complex and specialist graphite sector. Their appointments would be
value-destructive to the Company's prospects and would not bring true
independence to the board.

 

Shareholders are strongly encouraged to read the Company's full response
posted on 13 May 2024 to the requisition letter that provided a full response
to the issues raised by the requisitioners. A copy can be found at:

 

https://polaris.brighterir.com/public/tirupati_graphite/news/rns/story/rnd5zkx
(https://polaris.brighterir.com/public/tirupati_graphite/news/rns/story/rnd5zkx)

 

 

ENDS

 

 

For further information, please visit https://www.tirupatigraphite.co.uk/
(https://www.tirupatigraphite.co.uk/) or contact:

 Tirupati Graphite Plc                          

 Puruvi Poddar - Joint Managing Director       admin@tirupatigraphite.co.uk

                                               +44 (0) 20 39849894
 CMC Markets UK Plc (Joint Broker)

 Douglas Crippen                               +44 (0)20 3003 8632
 Optiva Securities Limited (Joint Broker)

 Ben Maitland - Corporate Finance              +44 (0) 20 3034 2707

  
 FTI Consulting (Financial PR)                 +44 (0) 20 3727 1000

 Ben Brewerton / Nick Hennis / Lucy Wigney     tirupati@fticonsulting.com

 

About Tirupati Graphite

 

Tirupati Graphite Plc is a specialist Graphite producer and a supplier of the
critical mineral for a decarbonised economy and the energy transition. The
Company places a special emphasis on green applications including renewable
energy, e-mobility, energy storage and thermal management, and is committed to
ensuring its operations are sustainable.

 

The Company's operations include primary mining and processing in Madagascar
where the Company operates two key projects, Sahamamy and Vatomina with a
combined 30,000 tpa of currently installed capacity, producing high-quality
flake graphite concentrate with up to 97% purity and selling to customers
globally.

 

The Company also holds two advanced stage, world class, natural graphite
projects in Mozambique. Work has already commenced to optimise the economics
for development of the Montepuez graphite project, which is permitted for
100,000tpa production and where substantial construction work has already been
undertaken by the predecessor. A table of the Company's projects is provided
below:

 

 Country       Project           Stage
 Madagascar    Sahamamy          In production: 18,000tpa capacity
 Madagascar    Vatomina          In production: 12,000tpa capacity
 Mozambique    Montepuez         100,000tpa permitted, development-initiated
 Mozambique    Balama Central    58,000tpa permitted, development-ready

 

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