28th Nov 2012 15:00
28 November 2012
ASX Release | ASX Code: WHE |
WILDHORSE ENERGY LTD RESULTS OF ANNUAL GENERAL MEETING |
The Company confirms that Resolutions 1 to 3 and Resolutions 5 to 6, put to shareholders at the Annual General Meeting held today, 28 November 2012, were carried unanimously on a show of hands.
Resolution 4, being a special resolution requiring the approval of 75% of the votes cast, for the approval of the issue of equity securities of up to 10% of the issued capital of the Company, was not carried due to the required number of votes not being received.
In accordance with Section 251AA(1) of the Corporations Act, the following information is provided in relation to the resolutions considered by shareholders at the AGM.
The Company received 43 valid proxies representing 70,788,555 ordinary shares who had directed their voting preferences.
No. | Resolution | For | Against | Abstain | Discretionary |
1. | Adoption of Remuneration Report | 57,929,102 | 7,063,025 | 5,639,593 | 156,825 |
2. | Re-Election of Director - Mr Brett Mitchell | 65,653,725 | 24,237 | 4,953,758 | 156,835 |
3. | Re-Election of Director - Mr Ian Middlemas | 65,653,725 | 24,237 | 4,953,748 | 156,835 |
4. | Approval of 10% Placement Facility | 35,213,639 | 23,555,893 | 11,862,188 | 156,835 |
5. | Renewal of Performance Rights Plan | 56,855,527 | 8,145,600 | 5,630,593 | 156,835 |
6. | Appointment of Auditor | 65,665,462 | 20,000 | 4,946,258 | 156,835 |
For and on behalf of the Board
**ENDS**
For further information please visit www.wildhorse.com.au or contact:
Matt Swinney | Wildhorse Energy Limited | Tel: +44 (0)207 292 9110 |
Gerry Beaney/Daniela Amihood | Grant Thornton UK LLP | Tel: +44 (0)207 383 5100 |
Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: +44 (0)207 236 1177 |
Further Information on Wildhorse:
Wildhorse Business Model
The WHE business model is focussed upon applying UCG technology to convert coal into syngas and then selling the syngas to power stations as a gas feedstock. The development and expansion of the UCG portfolio is underpinned by a potentially world class uranium project which the Company is advancing with its Hungarian uranium development partners Mecsek-Öko and Mecsekérc, with the support of the Hungarian Government.
Business Strategy
The Company's business strategy is to become a major supplier of gas feedstock to power stations in Central and Eastern Europe. WHE's project development strategy is based primarily upon acquiring strategic UCG sites in key locations in Central and Eastern Europe where gas markets are dominated by Russian gas imports, energy security is a major factor for governments and large scale industrial consumers of gas and gas prices are correspondingly high.
Alongside its UCG assets, the Company also has a significant interest in a highly prospective uranium deposit in Hungary, which has a JORC Inferred resource of 48.3Mt at 0.072% uranium U3O8 for 77Mlbs of U3O8.As announced on 27 June 2012, the government has issued a formal decree in support of the formation of a joint venture ('JV') with state-owned organisations, Mecsek-Öko, and Mecsekérc and Hungarian Electricity Ltd ('MVM') (the owner of Paks Nuclear Power Plant). The JV's initial purpose will be to evaluate the necessary conditions to restart uranium mining in the Mecsek Hills with the ultimate aim of recommencing uranium mining at the Mecsek Hills Uranium Project.
Related Shares:
SO4.L