TIDMEDL
RNS Number : 4443Z
Edenville Energy PLC
17 May 2019
17 May 2019
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Result of General Meeting
Edenville Energy Plc (AIM: EDL), the AIM quoted company
developing the Rukwa coal project in southwest Tanzania (the
"Project"), announces that at the General Meeting of the Company
held earlier today in London, all resolutions put to shareholders
were duly passed.
The votes were cast as follows in respect of Shareholders who
have appointed the Chairman of the General Meeting as their
proxy:
Resolution Votes % Discretionary % Votes % Votes
for votes against withheld
------------ ------------ ------ -------------- ---- ----------- ----- -----------
1 162,387,930 97.92 0 0.00 3,449,606 2.08 36,314,477
------------ ------------ ------ -------------- ---- ----------- ----- -----------
2 188,645,694 93.46 0 0.00 13,191,842 6.54 314,477
------------ ------------ ------ -------------- ---- ----------- ----- -----------
3 162,580,774 97.92 0 0.00 3,449,453 2.08 36,121,786
------------ ------------ ------ -------------- ---- ----------- ----- -----------
4 162,385,430 97.92 0 0.00 3,452,106 2.08 36,314,477
------------ ------------ ------ -------------- ---- ----------- ----- -----------
5 188,645,694 93.46 0 0.00 13,191,842 6.54 314,477
------------ ------------ ------ -------------- ---- ----------- ----- -----------
6 162,580,774 97.92 0 0.00 3,449,453 2.08 36,121,786
------------ ------------ ------ -------------- ---- ----------- ----- -----------
Following the passing of the resolutions the Conditional Placing
to raise GBP410,000 (before expenses) through the issue of
2,050,000,000 Placing Shares has completed and the Conditional
Placing Shares will be admitted to trading on AIM as further
detailed below.
The net proceeds of the Placing will be used to expand the
existing mining operations at the Project, specifically the opening
up of the northern mining area and to provide additional working
capital primarily to allow the Project to increase plant throughput
and generate additional sales of washed coal.
Director Salary Shares
As described in the Company's announcement on 29 April 2019, in
order to assist the Company, the Directors Rufus Short and Jeffrey
Malaihollo have agreed to take their unpaid salaries partially and
fully respectively in Ordinary Shares which are to be issued at a
price of 0.02p per share (the "Director Salary Shares").
Following the admission of the Director Salary Shares and the
Conditional Placing Shares (together the "New Ordinary Shares") to
trading on AIM ("Second Admission"), the holdings of the Directors
in the enlarged issued share capital of the Company will be as
follows:
Director Holding of Ordinary Shares following Admission Percentage holding of Enlarged Share Capital
Rufus Short 85,021,961 1.9
Jeffrey Malaihollo 153,125,000 3.5
Arun Srivastava, the Company's Non-Executive Director, does not
currently hold any Ordinary Shares.
Director Salary Reductions
In addition to the proposed issue of Director Salary Shares, and
as previously announced, as part of the ongoing cost cutting
measures, Rufus Short has agreed to a 25 per cent. reduction in his
salary from GBP130,000 (to GBP97,500), Jeff Malaihollo to a 20 per
cent. reduction in his salary from GBP45,000 (to GBP36,000) and
Arun Srivastava to a 31 per cent. reduction in his salary from
GBP36,000 (to GBP24,840), all with effect from 29 April 2019. The
Directors expect these reduced salaries to remain in place until at
least the end of 2019 and will make further announcements regarding
their remuneration as appropriate.
In addition, to further assist the Company reduce costs and
conserve capital, Rufus Short has agreed to waive any entitlement
to the GBP25,250 in unpaid salary previously deferred and Jeff
Malaihollo has agreed to reduce his salary by a further 50 per
cent. from GBP36,000 (to GBP18,000) between 1 May 2019 and 31
August 2019, equating to a further saving to the Company of
GBP6,000.
Related Party Transaction
The issue of Director Salary Shares to Rufus Short and Jeff
Malaihollo constitutes a related party transaction in accordance
with AIM Rule 13. Dr Arun Srivastava who is not receiving Director
Salary Shares and is therefore independent for this purpose,
considers after consultation with the Company's Nominated Adviser,
that the terms of the issue of the Director Salary Shares to Rufus
Short and Jeff Malaihollo are fair and reasonable, in so far as the
Company's shareholders are concerned.
Admission to Trading on AIM and Total Voting Rights
Application has been made for the 2,263,980,000 New Ordinary
Shares, which will rank pari passu with the Company's issued
Ordinary Shares, to be admitted to trading on AIM. It is expected
that Second Admission will become effective and that dealings in
the New Ordinary Shares will commence at 8.00 a.m. on 20 May
2019.
Following the issue of the New Ordinary Shares, the Company will
have 4,412,241,762 Ordinary Shares in issue. No Ordinary Shares are
held in treasury. The figure of 4,412,241,762 Ordinary Shares may
be used by the Company's shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
Capitalised terms used but not otherwise defined in this
announcement bear the meanings ascribed to them in the circular of
the Company dated 29 April 2019.
For further information please contact:
Edenville Energy Plc
Jeff Malaihollo - Chairman
Rufus Short - CEO +44 (0) 20 3934 6630
SP Angel Corporate Finance
LLP
(Nominated Adviser and Broker)
David Hignell
Jamie Spotswood
Abigail Wayne +44 (0) 20 3470 0470
IFC Advisory
(Financial PR and IR)
Tim Metcalfe
Graham Herring
Heather Armstrong +44 (0) 20 3934 6630
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Rufus Short
-------------------------------------- --------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status CEO
-------------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
-------------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Edenville Energy plc
-------------------------------------- --------------------------------------
b) LEI 213800DBIRLNVAHNDU21
-------------------------------------- --------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------
a) Description of the Ordinary Shares of 0.02p each
financial instrument,
type of instrument
Identification code GB00BFMX4873
b) Nature of the transaction Issue of Ordinary Shares in lieu
of unpaid salary
-------------------------------------- --------------------------------------
c) Price(s) and volume(s)
---------------- -----------------
Price(s) Volume(s)
---------------- -----------------
0.02p 73,355,200
---------------- -----------------
d) Aggregated information
n/a - single transaction
- Aggregated volume
- Price
e) Date of the transaction 17 May 2019
-------------------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jeffrey Malaihollo
------------------------------------- --------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Chairman
------------------------------------- --------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Edenville Energy plc
------------------------------------- --------------------------------------
b) LEI 213800DBIRLNVAHNDU21
------------------------------------- --------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the Ordinary Shares of 0.02p each
financial instrument,
type of instrument
Identification code GB00BD0S4T13
b) Nature of the transaction Issue of Ordinary Shares in lieu
of unpaid salary
------------------------------------- --------------------------------------
c) Price(s) and volume(s)
--------------- ------------------
Price(s) Volume(s)
--------------- ------------------
0.02p 140,625,000
--------------- ------------------
d) Aggregated information
n/a - single transaction
- Aggregated volume
- Price
e) Date of the transaction 17 May 2019
------------------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------- --------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMDMGMKZNDGLZM
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