REG - Tirupati Graphite - Update on Requisition Letter

Tirupati GraphiteAnnouncement

03/05/2024 09:30

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RNS Number : 1766N  Tirupati Graphite PLC  03 May 2024

3 May 2024

Tirupati Graphite plc

 

('Tirupati', the 'Group' or the 'Company')

 

Update on Requisition Letter

 

Following the announcement dated 26 April 2024, the Company provides an update
on the letter received 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') requesting the Company to convene a general
meeting of the Company's shareholders pursuant to section 303 of the Companies
Act 2006 (the 'Act').

 

Following legal advice, the Company acknowledges the validity of the
requisition letter. The board intends to comply with its obligations in
accordance with section 304 of the Act which requires it to call a general
meeting within 21 days of receipt of a valid requisition and to hold such
general meeting on a date not more than 28 days after the date of the notice
convening such general meeting has been issued.

 

The Company is reviewing the letter in detail and intends to provide a full
response to the letter as soon as possible. In the interim, the Directors have
offered a meeting with the Requisitioners to understand their concerns in more
detail and will update shareholders on the outcomes of the meeting afterwards
as appropriate.

 

The Company remains committed to engaging with all shareholders, and will
continue to do so throughout the coming weeks. Management will be available
for and offer meetings with other shareholders, including through in-person
meetings in London dates of which shall be confirmed shortly. Shareholders who
would like to meet with management during that time are advised to contact the
Company directly on email for bookings.

 

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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