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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.
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