Emmerson PLC Result of GM, Retirement of Non-executive Chairman (5344T)
March 25 2021 - 10:00AM
UK Regulatory
TIDMEML
RNS Number : 5344T
Emmerson PLC
25 March 2021
Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining
25 March 2021
Emmerson Plc ("Emmerson" or the "Company")
Result of General Meeting
Retirement of Non-executive Chairman
Emmerson plc, the Moroccan focused potash development company,
is pleased to announce that at the General Meeting held earlier
today, the Resolutions to approve (i) the cancellation of the
listing of the Company's ordinary shares on the Official List and
from trading on the Main Market ("Cancellation"), (ii) the move to
AIM, and (iii) give the Directors the authority to disapply
pre-emption rights were duly passed.
These documents are available to view on the Company's
website:
www.emmersonplc.com/investors/corporate-documents/
Following the passing of the Resolutions, the Group today
expects to make an application to effect the Cancellation and seek
admission to trading on AIM ("Admission"). The Cancellation is
expected to become effective at 8.00 a.m. on 26 April 2021 and
Admission is expected to become effective at 8.00 a.m. on the same
date, 26 April 2021.
Retirement of Non-executive Chairman
The Company also announces, that Mark Connelly has decided to
retire from his role as Chairman with effect from Admission. James
Kelly, Non-Executive Director, will assume the role of independent
Non-Executive Chairman of the Company from Admission.
Graham Clarke, CEO, commented : "On behalf of the Board and the
team at Emmerson, I would like to thank Mark for his tenure as
Chairman and extend to him our appreciation for his dedication and
invaluable contribution to the board and Company since his
appointment. He has overseen a period of significant progress at
Emmerson.
"In James we have a highly experienced Chairman who is well
qualified to lead the board in this exciting period as we prepare
the project financing."
Unless otherwise defined herein, capitalised terms in this
announcement have the same meaning as in the shareholder circular
published on 2 March 2021 available on the Company's website
www.emmersonplc.com .
**ENDS**
For further information, please visit www.emmersonplc.com
, follow us on Twitter (@emmerson_plc), or contact:
Graham Clarke +44 (0) 20 7236
Edward McDermott Emmerson plc 1177
Jerry Keen
Toby Gibbs
John More Shore Capital +44 (0)20 7408 4090
Damon Heath +44 (0) 20 7628
Isabella Pierre Shard Capital 3396
St Brides Partners
Megan Denison Limited
Susie Geliher Financial PR/IR +44 (0)20 7236 1177
Notes to Editors
Emmerson's primary focus is on developing the Khemisset project
("Khemisset" or the "Project") located in Northern Morocco. The
Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24%
K(2) O and significant exploration potential with an accelerated
development pathway targeting a low capex, high margin mine.
Khemisset is perfectly located to capitalise on the expected growth
of African fertiliser consumption whilst also being located on the
doorstep of European markets. This unique positioning means the
Project will receive a premium netback price compared to existing
potash producers. The need to feed the world's rapidly increasing
population is driving demand for potash and Emmerson is well placed
to benefit from the opportunities this presents. The Feasibility
Study released in June 2020 indicated Khemisset has the potential
to be among the lowest capital cost development stage potash
projects in the world and also, as a result of its location, one of
the highest margin projects. This delivered outstanding economics
including a post-tax NPV(10) of approximately US$1.4 billion using
industry expert, Argus', price forecasts.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROMDKPBPNBKDONB
(END) Dow Jones Newswires
March 25, 2021 10:00 ET (14:00 GMT)
Emmerson (LSE:EML)
Historical Stock Chart
From Sep 2024 to Oct 2024
Emmerson (LSE:EML)
Historical Stock Chart
From Oct 2023 to Oct 2024