Business
Result of GM, Board Changes, Consolidation & TVR
Result of GM, Board Changes, Consolidation & TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 8705X Regency Mines PLC 23 December 2019 \n\nRegency Mines Plc \n(\"Regency\" or \"the Company\")\n \nResults of the General Meeting\nDirectorate Changes\nShare Consolidation and TVR\n \n23 December 2019\nResults of the General Meeting\nRegency Mines Plc (LON: RGM), the natural resource exploration and development company with interests in hydrocarbons, energy storage and battery metals is pleased to announce that at its General Meeting, held earlier today, all resolutions were passed.\n \nDirectorate Changes \nFurther to the announcement of 5th December 2019, the appointment of James Parsons as Executive Chairman of Regency has been now formally confirmed, and outgoing Chairman Nigel Burton now moves to senior Independent Non-Executive Director. There is no further information on James Parsons required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies. \n \nShare Consolidation\nAccordingly, the 1 for 100 Share Consolidation will be effected and the 86,873,352 Ordinary Shares of 0.01 pence each will trade in their new consolidated form with effect from tomorrow, 24th December 2019.\n \nMambare Update\nThe Company has previously announced that it was in discussions with its partner Battery Metals Pty Ltd regarding the future operations and funding of the Oro Nickel Joint Venture. The new Executive team have spoken with the partner and expects to resolve the situation amicably. Prior to these calls and the announcement of the proposed appointment of the new Chairman, the partner had already initiated legal proceedings against the Company which resulted in the Company receiving a letter late on 20th December informing it of the proceedings. The Company is still meeting Battery Metals in Sydney in January to discuss and resolve the situation, and Battery Metals has stated that it will not progress any further legal activity during this period. \n \nThe Company continues to see significant value in its flagship asset at Mambare given the expected Increase in nickel and cobalt prices following the continued growth of the EV market and consequent increase in demand for battery metals. \n \nTotal Voting Rights:\nFollowing Share Consolidation, the Company's total issued share capital will consist of 86,873,352 Ordi...