Business
2020 AGM and CSD EGM Update
2020 AGM and CSD EGM Update.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8436K\n Ormonde Mining PLC\n 07 January 2021\n \n \n \n \n 7 January 2021\n \n \n \n \n \n \n \n \n Ormonde Mining plc\n \n \n (\"Or\n m\n onde\" or \"the Company\")\n \n \n \n \n \n Ormonde 2020 AGM and CSD EGM update\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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. \n \n \n \n \n \n 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 losin...