TIDMPFP
RNS Number : 6645D
Pathfinder Minerals Plc
23 June 2023
23 June 2023
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Result of AGM and Board Changes
Pathfinder held its Annual General Meeting at 5.00 p.m.
yesterday, at which all resolutions were passed on a show of hands
with the exceptions of resolution 3 (relating to the re-election of
Peter Taylor), which was withdrawn ahead of the meeting, and
resolution 8, on which the Chair called for a poll.
The table below shows the proxy votes received on all seven
resolutions. The full text of the resolutions is contained in the
Notice of General Meeting published on 25 May 2023, which is
available on Pathfinder's website at www.pathfinderminerals.com
.
Total %
Votes Votes no. votes of Votes
Resolution For % Against % cast ISC(**) Withheld
1 224,414,421 99.9% 24,000 0.001% 224,438,421 35.5% 0
2 223,834,421 99.7% 604,000 0.3% 224,438,421 35.5% 0
3 n/a n/a n/a n/a n/a n/a n/a
4 223,834,421 99.7% 604,000 0.3% 224,438,421 35.5% 0
5 224,414,421 100.0% 24,000 0.0% 224,438,421 35.5% 0
6 224,414,421 100.0% 24,000 0.0% 224,438,421 35.5% 0
7 223,634,421 99.7% 604,000 0.3% 224,238,421 35.5% 0
8(*) 30,460,246 13.6% 193,978,175 86.4% 224,438,421 35.5% 0
(*) Special resolution
(**) Issued Share Capital
See additional explanatory notes below
Ahead of the meeting, the Board consulted with certain of the
Company's shareholders who had lodged proxy votes against
resolution 3. Following that consultation, Mr Taylor took the
decision to resign as a director of the Company ahead of the
commencement of the AGM. Mr Taylor will remain as an employee of
the Company in the capacity as Chief Executive Officer and will
continue as a director of its subsidiary companies, including IM
Minerals Limited ("IMM").
Dennis Edmonds, Non-Executive Chair, commented:
"On behalf of the Board, I would like to thank Peter for his
unstinting efforts as a director of the Company which have
culminated in the agreed disposal of IMM and, with it, the rights
to bring a claim against the Government of Mozambique for the
expropriation of Mining Concession 4623C. Subject to the completion
of this disposal, this transaction will see Pathfinder well-funded
to seek other opportunities while retaining very substantial upside
in the outcome of the legal claim against Mozambique. I am pleased
that we will continue to benefit from Peter's skills and experience
as CEO reporting to the Board, and as a director of the subsidiary
companies."
The composition of the Company's Board will now be reviewed; for
the time being the Board now comprises Dennis Edmonds
(Non-Executive Chair, who was deemed independent upon appointment)
and Mark Gasson (Non-Executive Director).
The directors also consulted with the Company's substantial
shareholder ahead of the meeting with regard to the special
resolution number 8 and have been informed that their continuing
policy in respect of all their investments, is to vote against any
resolution to disapply pre-emption rights, irrespective of whether
the proposed authority is general or limited.
Enquiries:
Pathfinder Minerals Plc
Peter Taylor, Chief Executive Officer
Tel. +44 (0)20 3143 6748
Strand Hanson Limited (Nominated & Financial Adviser and
Broker)
James Spinney / Ritchie Balmer / Rob Patrick
Tel. +44 (0)20 7409 3494
Vigo Consulting (Public Relations)
Ben Simons / Charlie Neish / Kate Kilgallen
Tel. +44 (0)20 7390 0234
Email. pathfinderminerals@vigoconsulting.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Notes
-- A vote withheld is not a vote in law and is not counted in
the calculation of the proportion of votes "For" and "Against"
-- Votes "For" and "Against" are expressed as a percentage of
votes validly cast for that resolution at the AGM
-- Votes "For" include those giving discretion to the Chair or a third party
-- "% of ISC" denotes the votes validly cast for each resolution
as a percentage of the issued share capital of Ordinary shares as
at the voting entitlement date.
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END
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