24 April 2024
Coro Energy plc
("Coro" or the "Company")
Results of Annual General Meeting
Suspension of Trading
Coro Energy Plc, the South East Asian energy company with a natural gas and clean energy portfolio, advises that it held its Annual General Meeting ("AGM") earlier today.
The Company also announces that, as a result of the outturn of the AGM, the Company has requested that trading in the Company's ordinary shares on AIM be suspended with immediate effect.
The resolutions put to the AGM were voted on by way of a poll and the results are as follows:
| Resolutions | For | % | Against | % | Withheld |
| 1 | 451,946,229 | 96.53% | 16,260,452 | 3.47% | 77,279,082 |
| 2 | 146,216,513 | 27.07% | 393,994,930 | 72.93% | 5,274,320 |
| 3 | 417,323,458 | 76.57% | 127,726,243 | 23.43% | 436,062 |
| 4 | 417,322,658 | 76.54% | 127,888,785 | 23.46% | 274,320 |
A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" any resolution.
The Company is pleased to announce that shareholders have supported Resolutions 1, 3 and 4, enabling flexibility for further fundraising in the forthcoming period. The Company has today also received verbal confirmation from its key Noteholders in respect of their ongoing support with regards to the near term funding needs of the business. As at 23 April 2024, the Company had unaudited cash balances of approximately US$0.5 million.
However, Resolution 2, concerning the re-election of James Parsons as a Director of the Company, was not passed at the AGM. Accordingly Mr Parsons is no longer a director of the Company.
Whilst the Company has commenced the process of recruiting at least one additional director with immediate effect, the Company's Board currently comprises a single director.
Following the AGM, the Company's Board is not therefore quorate under the Company's Articles of Association (the "Articles") or s154 of the Companies Act 2006 (the "Act") and the Company is not therefore able to effectively operate under the Articles or the Act.
Accordingly, the Company has requested that trading in the Company's ordinary shares on AIM be suspended with immediate effect pending, inter alia, the appointment of at least one additional director. Notwithstanding the suspension of trading in the Company's ordinary shares, the Company will continue to make notifications as and when there are matters requiring disclosure in accordance with the Company's obligations under the AIM Rules for Companies and/or the UK Market Abuse Regulation.
Further announcements will be made, as appropriate, in due course.
For further information please contact:
| Coro Energy plc Tom Richardson, Director
| Via Vigo Consulting Ltd
|
| Cavendish Capital Markets Limited (Nominated Adviser) Adrian Hadden Ben Jeynes
| Tel: 44 (0)20 7220 0500 |
| Hybridan LLP (Nominated Broker) Claire Louise Noyce
| Tel: 44 (0)20 3764 2341 |
| Gneiss Energy Limited (Financial Advisor) Jon Fitzpatrick Doug Rycroft
| Tel: 44 (0)20 3983 9263 |
| Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Finlay Thomson
| Tel: 44 (0)20 7390 0230 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
