28 November 2014
AGM RESULTS: VOTING INDICATES S HA R EHOLDER SUPPORT
Notice is hereby given, in accordance with Listing Rule 3.13.2 and Corporations Law Section 251AA(2) that at the Annual General Meeting ("AGM") of the Company held today that the resolutions as set out below were passed by a show of hands without amendment.
In respect of the resolutions a breakdown of the proxies received is set out below:
Resolution | For | Against | Discretion | Abstain |
#1 ‐ Adoption of Remuneration Report | 116,882,866 | 140,421 | 44,045,254 | 8,327,376 |
#2 ‐ Re‐election of Mr John Bovard | 120,285,232 | 15,850 | 44,134,265 | 4,960,570 |
#3 ‐ Re‐election of Mr Kevin Tomlinson | 120,879,232 | 21,850 | 44,134,265 | 4,360,570 |
#4 ‐ Performance Rights Plan Approval | 92,961,700 | 30,122,763 | 44,634,265 | 1,677,189 |
#5 ‐ Approval of Rights Issue | 119,476,177 | 9,545,655 | 40,218,196 | 155,889 |
#6 ‐ Ratification of Feb‐14 Placement Shares | 86,687,608 | 14,366,025 | 44,134,265 | 24,208,019 |
#7 ‐ Approval of 10% Placement Capacity | 93,880,622 | 30,630,820 | 44,134,265 | 750,210 |
The Board of Orbis Gold Limited ("Orbis Gold" or "the Company") received a strong endorsement from
Shareholders at today's Annual General Meeting with all Resolutions being passed.
Of particular note was Orbis Gold shareholders' support of Resolution 5, which authorises Orbis Gold to conduct a $20 million pro‐rata non renounceable rights issue priced at $0.60 per share.
John Bovard, Chairman of Orbis Gold, said:
"By supporting the proposed Rights Issue, Shareholders have voted overwhelmingly in favour of allowing Orbis Gold to pursue all available options to maximize value including the possibility of a materially improved offer to sell the Company. The results of the AGM further validate the Board's rejection of SEMAFO's current offer and view on the company's fundamental value. We look forward to shareholders continuing support as Orbis Gold transitions from an appraisal and development company to a gold producer."
Whilst approval to proceed with the Rights Issue has been obtained, the timing for launch of the issue is yet to be determined and will be subject to market conditions, working capital requirements and consideration of other financing alternatives and potential corporate transactions.
On behalf of the board, P Harding‐Smith
Company Secretary
ASX Code: OBS 1 www.orbisgold.com
For more information please contact:Mr Peter Spiers
Managing Director
Ph: +61 (0)7 3198 3042
Mob: +61 (0)409 407 265
Mr Peter Harding‐Smith
Company Secretary
Ph: +61 (0)7 3198 3043
Mob: +61 (0)488 771 588
Merrill Lynch Markets (Australia) Pty Limited Nick Chappel
Director
Ph: +61 (0)2 9226 5347
Mob: +61 (0) 427 406 670
Maxit Capital LP
D. Bob Sangha
Chief Executive Officer
Ph: +1 416 646 7877
MAGNUS Corporate and Financial Communication John Gardner
Ph: +61 (0)413 355 997
Matthew Gerber
Ph: +61 (0)419 423 405
Further information on Orbis Gold can also be found on our website www.orbisgold.com
ASX Code: OBS 2 www.orbisgold.com
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