28 July
2017
Conroy
Gold and Natural Resources plc
(“Conroy” or “the Company”)
Result of Court
Hearing
Conroy Gold and Natural Resources
plc (AIM: CGNR; ESM: CGNR.I), the gold exploration and development
company focused on Ireland and
Finland, notes the recent press
articles regarding the attempt by Mr Patrick O’Sullivan, a 28 per cent. shareholder
in the Company, to obtain a court injunction against the Company to
prevent it from issuing any shares ahead of its Extraordinary
General Meeting on 4 August 2017 (the
“EGM”).
The Company was informed late in the afternoon on 27 July 2017 that Mr O’Sullivan, applied ex-parte
to the Irish High Court on 27 July
2017 to stop the Company from acquiring an asset and issuing
new shares. The Company had informed Mr O’Sullivan’s solicitors
that any concerns he had in this regard were misplaced. The
Company’s Counsel reconfirmed this statement and that the Company
would not be issuing shares prior to the EGM on 4 August 2017.
The Company believes that agreeing to Mr O’Sullivan’s request
for legally binding undertaking would leave it beholden to the
wishes of a single minority shareholder acting only in his own
self-interest. Indeed Mr O’Sullivan in his affidavit to the
Court expressed the view that the resolutions he has proposed for
the EGM will be passed as the small (under 3%) shareholders would
not vote.
The Board is pleased to announce that the Court did not make any
Order today on foot of Mr O’Sullivan’s application.
During the Hearing Counsel for the Company took the opportunity
to state to the Court that a paragraph in Mr O’Sullivan’s Affidavit
regarding “payments to the Board” was not only factually incorrect
but was also misleading.
The Board would like to reiterate its recommendation to
shareholders to vote AGAINST Mr O’Sullivan proposed resolutions at
the EGM to remove certain directors of the Company, being
David Wathen (Non-executive
Director), Michael Power
(Non-executive Director), Louis
Maguire (Non-executive Director), Dr Sor?a Conroy
(Non-executive Director), Seamus
FitzPatrick (Non-executive Deputy Chairman) and James Jones (Finance Director), and appoint
himself and his two nominees, Paul
Johnson and Gervaise Heddle
as new directors.
The EGM will be held at The Davenport Hotel, 8-10 Merrion Street Lower, Dublin 2 on 4 August
2017 at 2.00pm.
Professor Richard Conroy, Chairman, commented:
“The injunction application was yet another
distraction for the Company caused by Mr O’Sullivan and in view of
his assertion that he was going to succeed at the EGM because
“small shareholders don’t vote”, I would urge ALL shareholders to
exercise their right to vote and to vote against the Resolutions at
the AGM rather than leaving one large minority shareholder
believing that he has the right to decide how the Company should be
run and who should be its directors”
Contacts:
Conroy Gold and Natural
Resources plc
Tel: +353-1-479-6180
Professor Richard Conroy,
Chairman
Allenby Capital Limited (Nomad)
Tel: +44-20-3328-5656
Virginia Bull / James Thomas / Nick
Harriss
Beaufort Securities (Broker)
Tel: +44-20-7382-8300
Jon Belliss / Elliot Hance
IBI Corporate Finance Limited (ESM Adviser)
Tel: +353-766-234-800
Ger Heffernan / Jan Fitzell
Lothbury Financial Services
Tel: +44-20-3290-0707
Michael Padley
Hall Communications
Tel: +353-1-660-9377
Don Hall