Notice of AGM (6229W)
November 23 2010 - 2:00AM
UK Regulatory
TIDMCGM
RNS Number : 6229W
China Goldmines PLC
23 November 2010
China Goldmines plc ('the Company')
Notice of Annual General Meeting
New Investing Policy
Annual General Meeting
China Goldmines announces that the Company's Annual General
Meeting will be held on Thursday 16 December 2010 at 10:00. The
meeting will be held in the offices of Brewin Dolphin Limited, 12
Smithfield Street, London, EC1A 9BD.
New Investing Policy
AIM Rule 15 states that where the effect of a proposed disposal
is to divest an AIM company of all, or substantially all, of its
trading business, activities or assets that AIM company will, upon
completion of the disposal, be treated as an investing company and
must therefore provide shareholders with details of its investing
policy to be followed going forward, which must be approved by
shareholders.
The Company's Investing Policy is set out below and requires the
approval of Shareholders at the AGM.
The Company's proposed Investing Policy is to create shareholder
value by identifying and acquiring holdings in businesses and
ventures active in natural resources with a particular focus on the
minerals (including industrial minerals) and metals sectors. The
Company expects to be an active investor but it will depend on the
terms of each transaction.
Investments made by the Company will include but will not be
limited to:
-- Funding "brownfield" developments in conjunction with
expanding and/or rehabilitating existing operations;
-- Purchasing significant interests in existing businesses;
-- Participating in the recapitalisation of exiting operations;
and
-- Funding of late stage "greenfield" developments.
The Directors believe that their extensive industry and sector
insight with local relationships across the world and experience in
the areas of corporate finance, commodities trading and technical
issues mean that they are well placed to manage the Company's
investments. The Directors' extensive network of developed
partnerships allows them to draw on the opinion and resources of
consulting experts in the assessment of suitable opportunities.
With a strong emphasis on downside protection, the strategy will
look to focus on investments:
-- With a demonstrable ability to generate near term or
immediate cash flows;
-- With cash flows which can demonstrate resilience throughout
commodity cycles;
-- In commodities benefiting from industry consolidation;
-- In businesses which can benefit from the Company's additional
value through commodity trading experience, financing, industry and
technical knowledge; and
-- Which are not "grassroot" exploration plays.
The Directors are not, at this stage, engaged in any due
diligence exercise nor have they entered into any commitment in
connection with any investments or acquisitions. However, the
Company is continuously reviewing business proposals that could
result in possible transactions and the Company intends to
implement the Investing Policy before 31 March 2011.
Having considered the Investing Policy and having consulted with
and taken into account the views of certain of the Company's larger
shareholders, the Directors are recommending the Investing Policy
to Shareholders.
A circular setting out the Investing Policy and containing the
Notice of Annual General Meeting is being sent to shareholders
today.
For further information, call:
China Goldmines plc
Robert Adair (Chairman) +44 7872 930 114
Marinko Vidovich (CFO) +61 8 6216 5200
Jean-Pierre Conrad +41 79 601 51 59
Brewin Dolphin Ltd (Nomad)
Alex Dewar
(Nominated Adviser) +44 131 529 0276
Threadneedle Communications
Laurence Read/Beth Harris +44 (0)20 7653 9855
This information is provided by RNS
The company news service from the London Stock Exchange
END
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