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:
|
Anglo Asian Mining plc
|
|
|
Reza Vaziri, Chief Executive
Officer
|
Tel: +994 12 596 3350
|
|
Bill Morgan, Chief Financial
Officer
|
Tel: +994 502 910 400
|
|
Stephen Westhead, Vice
President
|
Tel: +994 502 916 894
|
|
|
|
|
SP
Angel Corporate Finance LLP (Nominated Adviser and
Broker)
Ewan Leggat
Adam Cowl
|
Tel: +44 (0) 20 3470 0470
|
|
|
|
|
Hudson Sandler (Financial PR)
Charlie Jack
Harry Griffiths
|
Tel: +44
(0) 20 7796 4133
|
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.
https://www.angloasianmining.com/