("Vast" or the "Company")
Letter to Shareholders
Notice of General Meeting
announces that a Circular including a Notice of General Meeting of the Company was posted to shareholders yesterday. The General Meeting will be held at
Resolutions 1 and 3
It was announced on
The Company announced on
The negotiations on offtake financing are proceeding well, but whilst awaiting final due diligence to complete, the Directors anticipate that the Company will need to issue a small amount of equity share capital to maintain current operational activity. This issue is intended to be kept to a minimum. The share authority limits proposed in the original Annual General Meeting Resolutions have therefore been significantly reduced.
Being mindful of our previous statement about avoiding dilutionary share issues, the Directors further intend that in the event that shares are issued for cash, subject to disapplication of pre-emption rights, then existing shareholders at that time will, as far as is reasonably possible, be given an opportunity to participate on the same terms.
Pursuant to this intention, Resolution 1, if passed, will give authority to the Directors to issue up to 500 million shares and Resolution 3, if passed, will give authority to the Directors to disapply pre-emption rights in respect of 250 million out of the said 500 million shares. The Directors do not intend to utilise this full amount, only what is required to serve the Company's short-term needs.
A comprehensive update on the Company's progress will be available on the Company's website prior to the General Meeting.
Resolutions 2 and 4
Resolutions 2 and 4 refresh the authority previously given to issue shares in connection with the existing Share Appreciation Rights Scheme.
Recommendation
The Directors believe that the passing of the Resolutions is in the best interests of the Company and Shareholders, taken as a whole. The Directors unanimously recommend the Shareholders to vote in favour of the Resolutions as they intend to do.
-ENDS-
For further information visit www.vastresourcesplc.com or please contact:
www.vastresourcesplc.com +44 (0) 20 7236 1177 | |
www.beaumontcornish.com +44 (0) 020 7628 3396 | |
www.brandonhillcapital.com +44 (0)20 3463 5016 | |
www.pcorpfin.com +44 (0) 20 7469 0930 | |
Susie Geliher | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
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").
**ENDS**
Notes
With this strategy,
The Company has a broad portfolio of additional exploration and development projects in
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: