How the AVZ Minerals' Strong Vote of Confidence Propel the Manono Project Forward?
Strong Vote of Confidence for AVZ’s Board of Directors and its Strategy
AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) recently held its annual general meeting on Thursday, 23 November 2023, where the company announced the election of new members to its Board of Directors. The resolutions for the re-election of Mr Graeme Johnston and Dr John Clarke and the election of Dr Casta Tungaraza, Mr Serge Ngandu, and Her Excellency Salome Thaddaus Sijaona were all carried.
Strong Shareholder Participation
The company received high shareholder participation across the resolutions concerning the election of directors to the Board, with approximately 70% of the share register, by number of shares voted at the AGM. This is a strong vote of confidence for both the Board and its strategy to advance the development the Manono Lithium and Tin Project in the Democratic Republic of the Congo (DRC).
Endorsement of Strategy
The company considers the high shareholder participation a strong endorsement of its clear and considered strategy to advance the development of the Manono Project. With this endorsement, the company will continue to pursue the ICC and ICSID proceedings until a negotiated resolution on reasonable terms has been procured.
Liquidity Secured
The US$20m litigation funding term sheet signed with Locke Capital on 17 November 2023 provides a pathway to securing the necessary liquidity to pursue the company’s legal strategy.
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With the endorsement from shareholders of this strategy, the company is poised to continue its efforts to expedite the Manono Project's development.
Managing Director Nigel Ferguson thanked the shareholders for their overwhelming vote for the current Board. He expressed appreciation for their endorsement of the strategy to advance the Manono Project and restore AVZ securities for trading.
Success for AVZ
All director nominees put forward by Fat Tail Holdings Pty Ltd, being Peter Huljich, Michael Carrick, and Ty Ludbrook, were rejected by the company’s shareholders. This resounding rejection by shareholders is considered strong confirmation of the company’s position. Your board trusts that this rejection ends any notion that these nominees or their strategies are welcomed by shareholders.
Moving Forward
The company remains committed to progressing its strategy to advance the development of the Manono Project. It can now focus its full attention on the resolution of outstanding disputes relating to the Manono Project as previously disclosed.
The AVZ Minerals Limited Board of Directors is made up of Non-Executive Chairman John Clarke, Managing Director Nigel Ferguson, Technical Director Graeme Johnston, Executive Director Serge Ngandu, Non-Executive Director Rhett Brans, Non-Executive Director Casta Tungaraza, and Non-Executive Director Salome Sijaona.
The high shareholder participation and rejection of other nominees is a strong vote of confidence for AVZ Minerals Limited. The company can now focus its full attention on advancing the development of the Manono Lithium and Tin Project and reinstating AVZ securities for trading.
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