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LONDON - Anglo Asian Mining plc (AIM:AAZ) announced Monday it is taking steps to rectify administrative non-compliance issues related to historical dividend distributions and share buybacks conducted between 2018 and 2022 totaling $46.7 million.
The gold, copper and silver producer focused in Azerbaijan revealed that while the group had adequate reserves in subsidiary companies to support these distributions, funds were not properly transferred to the parent company before payments were made, resulting in distributions that did not comply with the Companies Act.
The company has published a circular to shareholders and scheduled a general meeting for October 22, 2025, where it will propose a special resolution to address these technical irregularities. The resolution includes entering into deeds of release that would prevent the company from making claims against directors and shareholders involved in the relevant distributions.
Anglo Asian emphasized that the issue is historical in nature and does not affect the company’s financial outlook or future dividend policy. No fines or penalties have been incurred as a result of the administrative oversight.
The company also plans to enter into a buy-back deed with SP Angel Corporate Finance LLP to properly transfer ordinary shares subject to the relevant share buy-backs in accordance with regulatory requirements.
As the proposed actions involve waiving rights to make claims against company directors, including John Monhemius, Governor John Sununu, Michael Sununu, Reza Vaziri and Khosrow Zamani, the transaction constitutes a related party transaction under AIM Rules. The company’s nominated adviser considers the terms to be fair and reasonable for shareholders, according to the press release statement.
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