Information  X 
Enter a valid email address

GCM Resources PLC (GCM)

  Print      Mail a friend       Annual reports

Thursday 15 December, 2011

GCM Resources PLC

Result of AGM

RNS Number : 0646U
GCM Resources PLC
15 December 2011
 



 

Date: 15 December 2011

 

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 and we continue to believe that it can provide a fast, low risk, reliable and economic means of delivering the commercial energy required to bring a step-change in electricity availability for the people of Bangladesh.  Because of the unique contribution that the Project can make to the development of the electricity capacity of Bangladesh we continue to have confidence that it will ultimately be developed. 

 

As stated in the Annual Report, we believe that we have made real progress in ensuring that those responsible for making the approval decision have a full understanding of the Project; its benefits, its impacts and how we propose to manage those impacts.  We also believe that there is now a realistic understanding of the challenges associated with developing alternative sources of energy.  However, as we have explained in previous years, the approval of the Scheme of Development is a political decision outside our control and so we continue to be unable to predict its timing.

 

The features of the Project are fully described in our annual reports and on our website and so I do not propose to go into further detail here. 

 

Although GCM has the capability to develop the project it is clear that a partnership with a complementary organisation could produce a stronger proposition and enhance the value of the project for our shareholders.  We therefore continue to have discussions with organisations that have expertise in power development, marketing and logistics, a strong political network, experience of developing substantial projects and/or can offer synergies with other mining projects. 

 

It goes without saying that we remain ready to move the project forward when its Scheme of Development receives approval from the Government of Bangladesh.  As of close of business on 14 December 2011 we had cash and listed investments of £13 million, which will support our current level of activities for the foreseeable future.

 

Share price performance

 

A company's share price is affected by a multitude of factors, not all of which are within the Company's control, knowledge or understanding.  It seems clear that the recent fall in the share price is a reflection of the increasingly risk averse approach taken by investors which has had a disproportionate effect on the price of non-producing, junior resources companies such as GCM whose shares are relatively illiquid.  There are similarities with events in late 2008 and early 2009.  We certainly do not see any Company specific factors that would warrant such a decline in the price.

 

Although this process is frustrating for management and shareholders alike, we will all be best served by obtaining approval for the project and so it is to this end that we continue to direct our efforts.

 



 

 

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

20,703,740

8,263

-

4,864

2

To reappoint Greg James as a director

19,568,884

8,263

1,139,320

400

3

To reappoint Bill McIntosh as a director

19,608,884

8,263

1,099,320

400

4

To reappoint David Weill as a director

20,708,204

8,263

-

400

5

To re-appoint Ernst & Young as auditors

20,708,404

8,263

-

200

6

To authorise the company to purchase own shares

20,708,204

8,263

400

0

7

To authorise directors to allot shares

19,521,054

8,513

1,183,700

3,600

8

To disapply pre-emption rights

19,523,454

8,513

1,184,900

0

 

 

 

 

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 / Lorna Spears

+44 (0) 20 7861 3232

 

 

 

J.P. Morgan Cazenove

Nominated Adviser

Michael Wentworth-Stanley

+44 (0) 20 7588 2828

Evolution Securities

Chris Sim

+44 (0) 20 7071 4300

 

GCM Resources plc

Tel: +44 (0) 20 7290 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
 
END
 
 
RAGTABTTMBMBBLB