Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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GCM Resources PLC (GCM)

  Print      Mail a friend       Annual reports

Tuesday 16 December, 2008

GCM Resources PLC

Result of AGM and AGM Stateme

RNS Number : 2094K
GCM Resources PLC
16 December 2008
 



GCM Resources plc


Results of AGM

At the annual general meeting of GCM Resources plc held today, all of the ordinary and special resolutions as set out in the notice of this meeting were duly passed.

The following is the text of the Chairman's statement to the meeting.

Phulbari

The company's principal asset remains the Phulbari Coal Project in Bangladesh to which the Company remains fully committed. As you will be aware, the feasibility study for the project was lodged in late 2005 in accordance with our contract with the Government of Bangladesh but since then the changing political situation has meant that we have yet to receive approval to develop the project. As detailed in the Annual Report, since mid-2007 the Coal Policy has been subject to review and revision by various ministries of the Caretaker Government of Bangladesh but still remains in draft form.  More positively the caretaker Government has announced a firm date for elections and these are due to be held on 29th December. These elections have the support of the main political parties and the international community and we look forward to working with a newly elected government with the authority to address the country's acute energy shortage and move the Phulbari Coal Project forward.

The project has continued to attract the attention of non-governmental groups concerned with the social and environmental aspects of the project. We continue to explain that the project will be developed in line with international best practices and we will meet the Equator Principles which reflect the International Finance Corporation's Performance Standards on Social and Environmental Sustainability. 

We are conscious that climate change is a pressing issue for Bangladesh; however the country desperately needs energy to be able to continue on its development path, to continue to reduce poverty and adapt to climate change. 

Energy is central to sustainable development and poverty reduction. Without a substantial increase in electricity generating capacity, Bangladesh, which is one of the poorest countries in the world, will not be able to achieve the economic growth required to meet its Millennium Development Goals.  

Although it is for the Government of Bangladesh to determine how the country meets its energy needs, we believe that the coal found at Phulbari will make a significant contribution to the country's energy security and help ensure that people of Bangadesh realise their Human Right to Development.  

Other investments

Over the last two years we have made investments in a number of other companies which focus on energy related projects. This is a sector where we have considerable experience and, we believe, some expertise. We have been selective. We have only invested in projects where we perceived there to be value for our shareholders and where we could enhance our investment by applying our experience and expertise. We now have minority shareholdings in Polo Resources, Coal of Africa, Aura Energy and Regent Pacific which gives us exposure to coal projects in South AfricaMongoliaIndonesia and China and uranium prospects in Sweden and Western Australia.  The overall market value of these investments is above the cost we paid, even after the recent market volatility. Each of these companies is advancing its projects - Coal of Africa and Polo have recently announced first production from projects in South Africa and Mongolia respectively and Aura has announced a farm-in agreement on its licences in Sweden.  As well as being prospective, these companies generally have significant cash balances. Coal of Africa has around £100 million and Polo and Regent Pacific each have around £50 million.

Cash position

Finally, I turn to our own financial position. Our current cash balances are about £4 million and the market value of our listed investments, which are themselves largely backed by substantial cash balances, is around £10 million. We are comfortable that this is sufficient to meet our needs for the foreseeable future.


GCM Resources plc

Stephen Bywater

Chief Executive

 +44 (0) 20 7290 1630


Graham Taggart

Finance Director

+44 (0) 20 7290 1630

 

Pelham PR

Charles Vivian

+44 (0) 20 7743 6672

 

Klara Kaczmarek

+44 (0) 20 3159 4395

JPMorgan Cazenove

Nominated Adviser

Michael Wentworth-Stanley

Steve Baldwin

+44 (0) 207 588 2828

 

GCM Resources plc

 

Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631

 

info@gcmplc.com; www.gcmplc.com





This information is provided by RNS
The company news service from the London Stock Exchange
 
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