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Anglo Asian Mining PLC announced it was informed by the Financial Reporting Council of an administrative technical issue concerning its distributable reserves. This issue relates to the payment of historical dividends in the years ended 31 December 2022 and 2023, and share buybacks undertaken in 2022. The Company plans to rectify this by holding a General Meeting to consider necessary resolutions.
| Date | 26 Nov 2024 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 5708N |
26 November 2024
Anglo Asian Mining PLC
Historic Distributions to Shareholders
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that the Company has been informed by the Financial Reporting Council of an administrative technical issue with its distributable reserves, the payment of historical dividends in the years ended 31 December 2022 and 2023 and the share buybacks undertaken in 2022. This matter has no impact on Anglo Asian's current trading, nor on the Company's dividend policy going forward.
The Company's dividends are payable out of its available distributable reserves. These are calculated by reference to the last filed annual or interim accounts. If interim accounts are used, these are required to be filed at Companies House.
At all times there were adequate reserves in the subsidiary companies of Anglo Asian to pay its dividends. However, at the specific time of annual accounts being filed, funds set aside for dividend distribution remained within the subsidiary companies and had not been transferred to the Company at the appropriate time in order to make such distributions.
The Company is currently discussing the situation with its advisers, and it plans to rectify this technical issue by holding a General Meeting to consider the necessary resolutions and, assuming these are passed, to regularise the position. This will put all potentially affected parties in the position where they were always intended to be in respect of these dividends.
Full details will be contained in a Circular and Notice of General Meeting which will be sent to shareholders as soon as practicable.
For further information please contact:
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Anglo Asian Mining plc
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Reza Vaziri, Chief Executive Officer |
Tel: +994 12 596 3350 |
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Bill Morgan, Chief Financial Officer |
Tel: +994 502 910 400 |
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Stephen Westhead, Vice President
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Tel: +994 502 916 894 |
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SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat Adam Cowl |
Tel: +44 (0) 20 3470 0470 |
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Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths |
Tel: +44 (0) 20 7796 4133
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About Anglo Asian Mining
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 31,821 gold equivalent ounces ("GEOs") for the year ended 31 December 2023.
On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2028, by which time copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag.