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;
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  • 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)

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Monday 06 December, 2010

GCM Resources PLC

Result of AGM

RNS Number : 4234X
GCM Resources PLC
06 December 2010
 



 

Date: 6 December 2010

 

GCM RESOURCES PLC

(AIM: GCM)

 

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 Phulbari Coal Project remains the key opportunity for the Company.  We continue to believe that it can provide the fastest, lowest risk and most reliable means of delivering the commercial energy required to bring a step-change in electricity availability for the people of Bangladesh and we remain ready to move the project forward when its Scheme of Development receives approval from the Government of Bangladesh.

 

We have continued to cement relationships with the key players within the Bangladesh Government and there is almost universal acceptance that coal has a unique role to play in meeting the country's energy requirements.  Similarly, it is now accepted that open pit mining is the only feasible means of delivering the volumes of coal required in an economically, socially and environmentally acceptable way.  This work is ongoing and Graham Taggart, our Finance Director, continues to be based in Dhaka, and Steve Bywater our Chief Executive is spending the majority of his time there.  We have continued to ensure that the key decision makers have a thorough understanding of modern large scale mining and Steve Bywater has recently accompanied the visit of the Bangladesh parliamentary standing committee to existing open pit mines and coal fired power stations.  Following this visit the Committee recommended last week that the country moves to extraction of its coal reserves using open cut mining methods.

 

Approval for the Scheme of Development remains a political decision outside our control and so frustratingly, we are not able to give an indication of timing for that approval.  We do remain optimistic that approval will be forthcoming and as time passes, the case for developing the Project becomes even more compelling.  A substantial increase in electricity availability and reliability is necessary for Bangladesh to achieve any of its development goals - be it the Millennium Development Goals, the Government's poverty alleviation goals or developing the country's capacity to manage the effects of climate change.  Whereas there was once a view that future generation capacity would be based on gas, it is now evident that known gas reserves are insufficient and that extraction of the country's substantial coal reserves is the most viable option.

 

The Phulbari Coal Project is the only coal project in the country that has been subject to a full social and environmental impact assessment and feasibility study and so this is the only project for which the economics and time table to development are known with any certainty.  It would take at least two years to bring one of the other potential projects in the country to this stage.

 

To summarise, while we cannot give guidance as to the timing of approval, we remain confident that approval will be forthcoming as the Phulbari project has a unique role to play in the development of Bangladesh.

 

Other investments

 

We have considerable experience, expertise and relationships in the mining sector.  In preceding years we have used this to make investments in other junior mining companies and, despite the volatility in the equity markets, these have performed well.  Since the end of the year we have sold our shares in Aura Energy Limited and our interests in the GCM/Aura West African joint ventures at a profit.  We continue to have interests of just under 3.5% of Coal of Africa and just over 3% of Polo Resources Limited from which we received a dividend of £2.2 million pounds in August.  We currently have cash and liquid resources of £21 million, sufficient to fund our activities for the foreseeable future.

 

 

Proxy voting totals

The resolutions were all passed on the show of hands and no polls were taken.  The Chairman was appointed proxy for the following number of votes.


Resolutions

Votes for

Discretion

Against

Withheld







1

To receive and adopt the Company's accounts

19,256,978

22,128

-

70,000

2

To reappoint Steve Bywater as a director

19,256,978

22,128


70,000

3

To reappoint Graham Taggart as a director

19,256,978

22,128


70,000

4

To re-appoint Ernst & Young as auditors

19,194,649

22,128

5,200

127,129

5

To authorise the company to purchase own shares

19,256,361

22,128

217

70,400

6

To authorise directors to allot shares

19,181,468

23,061

59,217

85,360

7

To disapply pre-emption rights

19,120,341

23,061

60,494

145,210

 

 

 

 

For further information:

 

GCM Resources plc

Steve Bywater

Chief Executive

 +44 (0) 20 7290 1630

 

Graham Taggart

Finance Director

+44 (0) 20 7290 1630

 

Pelham Bell Pottinger

Charles Vivian

44 (0)207 337 1538

 

Klara Kaczmarek

+44 (0)207 337 1524

J.P. Morgan Cazenove

Nominated Adviser

 

Michael Wentworth-Stanley

+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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