Business
Rule 9 Waiver and Notice of General Meeting
Rule 9 Waiver and Notice of General Meeting.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n \n \n \n \n 27 May 2022\n \n \n \n \n \n \n Anglo Asian Mining plc\n \n \n \n \n Waiver under Rule 9 of the City Code on Takeovers and Mergers\n \n \n \n \n Posting of Circular and Notice of General Meeting proposing Independent Shareholders' approval of waiver\n \n \n \n Anglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM-listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that it will seek the approval of the Independent Shareholders of a waiver granted by The Panel on Takeovers and Mergers (the \"Panel\") of the obligation that would otherwise arise on certain shareholders to make a general offer for the entire issued, and to be issued, share capital of the Company pursuant to Rule 9 of The City Code on Takeovers and Mergers (the \"Code\") as a result of purchases by the Company of its own ordinary shares.\n \n \n Accordingly, a general meeting of the Company will be held on 23 June 2022 at 11:30am at 33 St James's Square, London SW1Y 4JS (the \"General Meeting\") at which the resolution to approve the waiver (\"Waiver Resolution\") will be proposed. The Waiver Resolution is set out in full in the circular sent to shareholders today (the \"Circular\").\n \n \n The Circular, the form of proxy and the consent letter to issue the Circular are available for download on the Company's website at\n \n \n www.angloasianmining.com\n \n \n . \n \n \n \n Background to the Rule 9 Waiver and purchase of own shares by the Company\n \n \n \n The board believes that the market capitalisation of the Company does not fairly reflect its underlying value and that its ordinary shares are undervalued. The board would also like to increase the number of institutional shareholders in the Company. The board therefore believes it beneficial for the Company to purchase its own ordinary shares in the market. These ordinary shares acquired by the Company will be held as treasury shares and be available for resale. This will enable the Company to accumulate blocks of ordinary shares significantly large enough to be attractive for sale to institutional investors.\n \n \n Reza Vaziri, Governor Sununu and Limelight Industrial Developments Limited (the \"Concert Party\") together hol...