5 August 2021
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Annual General Meeting Results
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, announces that all ordinary resolutions put to shareholders at the Annual General Meeting held earlier today were duly passed. Resolution 9, which was a special resolution requiring 75 per cent of votes cast to be in favour was not passed.
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No. |
ORDINARY RESOLUTIONS |
VOTES |
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IN FAVOUR |
AGAINST |
WITHHELD |
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1 |
To receive and adopt the Annual Financial Statements of the Company and the Directors report and the report of the Auditors for the financial year ended 31 December 2020. |
215,800,827 |
46 917 |
465 650 |
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2 |
To approve the Directors Fees as reflected in Remuneration Report and in Note 35 of the Annual Financial Statements. |
112,093,663 |
83,495,345 |
20,724,386 |
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3 |
That Messrs RSM UK Audit LLP be reappointed as Auditors to the Company. |
210,772,584 |
5,059,449 |
481,361 |
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4 |
That the Directors be authorised to approve the remuneration of the Company's Auditors to the Company |
184,609,536 |
31,208,208 |
495,650 |
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5 |
That Anthony Viljoen shall be re-elected as a Director, having retired by rotation and offered himself for re-election. |
184,543,956 |
31,736,892 |
32,546 |
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6 |
That Michael Kirkwood shall be re-elected as a Director, having retired by rotation and offered himself for re-election. |
182,683,621 |
33,297,227 |
332,546 |
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7 |
The Company be generally and unconditionally authorised for the purposes of Articles 50.3 of the Articles to make on market acquisitions (as defined in Article 50.5 of the Articles) of Ordinary Shares on such terms and in such manner as the Directors determine provided that: (i) the maximum aggregate number of Ordinary shares which may be purchased is 119,156,154 Ordinary Shares; (ii) the minimum price (excluding expenses) which may be paid for each Ordinary share is £0.01; (iii) the maximum price (excluding expenses) which may be paid for any Ordinary Share does not exceed 105 per cent of the average closing price of such shares for the 5 business days of AIM prior to the date of purchase; and (iv) this authority shall expire at the conclusion of the next Annual General Meeting of the Company unless such authority is renewed prior to that time (except in relation the purchase of Ordinary Shares the contract for which was concluded before the expiry of such authority, in which case such purchase may be concluded wholly or partly after such expiry). |
141,968,405 |
74,313,007 |
31,982 |
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8 |
The Directors of the Company be and are hereby authorised to exercise all powers of the Company to issue, grant rights to subscribe for, or to convert any securities into, up 397,187,181 shares (together "Equity Securities") in the capital of the Company being approximately one third of the issued share capital of the Company (excluding treasury shares) in accordance with Article 8.3 of the Articles of Incorporation of the Company such authority to expire, unless previously renewed, revoked or varied by the Company by ordinary resolution, at the end of the next Annual General Meeting of the Company or, if earlier, at the close of business on the date falling 15 months from the date of the passing of this Resolution, but in each case, during this period the Company may make offers, and enter into agreements, which would, or might, require Equity Securities to be issued or granted after the authority given to the Directors of the Company pursuant to this Resolution ends and the Directors of the Company may issue or grant Equity Securities under any such offer or agreement as if the authority given to the Directors of the Company pursuant to this Resolution had not ended. This Resolution is in substitution for all unexercised authorities previously granted to the Directors of the Company to issue or grant Equity Securities; and |
135,151,861 |
79,990,646 |
1,170,887 |
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SPECIAL RESOLUTION |
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9 |
If Resolution 8 is passed, the Directors of the Company be, and they are hereby authorised to exercise all powers of the Company to issue or grant Equity Securities in the capital of the Company pursuant to the issue or grant referred to in Resolution 8 as if the pre-emption rights contained in Article 9.9 of the Articles of Incorporation of the Company did not apply to such issue or grant provided that: (A) the maximum aggregate number of Equity Securities that may be issued or granted under this authority is 119,156,154 shares, being approximately 10.0 per cent of the issued share capital of the Company (excluding treasury shares); and (B) the authority hereby conferred, unless previously renewed, revoked or varied by the Company by special resolution, shall expire at the end of the next Annual General Meeting of the Company or, if earlier, at the close of business on the date falling 15 months from the date of the passing of this Resolution, save that the Company may before such expiry make an offer or agreement which would or might require Equity Securities to be issued or granted after such expiry and the Directors may issue or grant Equity Securities in pursuance of such an offer or agreement as if the authority conferred by the above resolution had not expired. This Resolution is in substitution for all unexercised authorities previously granted to the Directors of the Company to issue or grant Equity Securities in the capital of the Company as if the pre-emption rights contained in Article 9.9 of the Articles of Incorporation of the Company did not apply to such issue or grant. |
135,066,664 |
80,075,843 |
1,170,887 |
ENDS
Enquiries: info@bushveldminerals.com
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Bushveld Minerals |
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+27 (0) 11 268 6555 |
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Fortune Mojapelo, Chief Executive Officer |
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Chika Edeh, Head of Investor Relations |
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SP Angel Corporate Finance LLP |
Nominated Adviser & Broker |
+44 (0) 20 3470 0470 |
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Richard Morrison / Charlie Bouverat |
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Grant Baker / Richard Parlons |
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Peel Hunt Limited |
Joint Broker |
+44 (0) 20 7418 8900 |
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Ross Allister / Alexander Allen |
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Tavistock |
Financial PR |
+44 (0) 20 7920 3150 |
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Gareth Tredway / Tara Vivian-Neal |
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ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2020, the Company produced more than 3,600 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022, from projects currently being implemented. Beyond that, pre-feasibility studies are in progress to determine the optimal path to increase production even further to a steady state production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady state production run rate of 8,400 mtVp.a in the long term.
Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com
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