Tirupati Graphite shareholders reject pre-emption rights resolutions at AGM

Published 08/08/2025, 13:24
Tirupati Graphite shareholders reject pre-emption rights resolutions at AGM

LONDON - Tirupati Graphite plc (LSE:TGR), a specialist flake graphite producer, announced Friday that several special resolutions were rejected at its Annual General Meeting, potentially affecting how the company handles conversions of its loan notes.

The company reported that resolutions 15-22, which required a 75% majority vote, failed to pass. These resolutions primarily concerned the disapplication of pre-emption rights for issuing new shares needed for conversion rights under the company’s convertible loan notes (CLNs).

Despite this setback, Tirupati stated it has alternative arrangements in place for its £4.5 million 2025 CLNs, allowing conversion to equity through "a share for share exchange involving the addition of an intermediate step in the conversion mechanics using shares in a newly incorporated Guernsey subsidiary." The company indicated similar processes may be implemented for its 2019 and 2022 CLNs if necessary.

Additionally, Tirupati announced a change in auditors, with Moore Kingston Smith LLP replacing Johnsons. The company noted that Johnsons resigned with no circumstances requiring shareholder or creditor attention, according to their notice under section 519 of the Companies Act.

The board has appointed Moore to serve as auditor until the conclusion of the next AGM.

Tirupati Graphite operates two mining and processing projects in Madagascar with a combined installed production capacity of 36,000 tonnes per annum. The company also holds graphite resources in Mozambique.

The information was disclosed in a press release statement following the company’s AGM held Friday morning.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.