3 May 2024
Tirupati Graphite
plc
('Tirupati', the 'Group' or the 'Company')
Update on Requisition
Letter
Following the announcement dated 26
April 2024, the Company provides an update on the letter received
from Walpole St. Andrews Nominees Ltd on behalf of a group of
underlying shareholders holding, in aggregate, 6,847,813 ordinary
shares representing c. 5.8% of the issued ordinary share capital of
the Company (the 'Requisitioners') requesting the Company to
convene a general meeting of the Company's shareholders pursuant to
section 303 of the Companies Act 2006 (the 'Act').
Following legal advice, the Company
acknowledges the validity of the requisition letter. The board
intends to comply with its obligations in accordance with section
304 of the Act which requires it to call a general meeting within
21 days of receipt of a valid requisition and to hold such general
meeting on a date not more than 28 days after the date of the
notice convening such general meeting has been issued.
The Company is reviewing the letter
in detail and intends to provide a full response to the letter as
soon as possible. In the interim, the Directors have offered a
meeting with the Requisitioners to understand their concerns in
more detail and will update shareholders on the outcomes of the
meeting afterwards as appropriate.
The Company remains committed to
engaging with all shareholders, and will continue to do so
throughout the coming weeks. Management will be available for and
offer meetings with other shareholders, including through in-person
meetings in London dates of which shall be confirmed shortly.
Shareholders who would like to meet with management during that
time are advised to contact the Company directly on email for
bookings.
ENDS
For further information, please
visit https://www.tirupatigraphite.co.uk/ or
contact:
|
Tirupati Graphite Plc
Puruvi Poddar - Joint Managing
Director
|
admin@tirupatigraphite.co.uk
+44 (0) 20 39849894
|
|
CMC
Markets UK Plc (Joint Broker)
Douglas Crippen
|
+44 (0)20 3003 8632
|
|
Optiva Securities Limited (Joint
Broker)
Ben Maitland - Corporate
Finance
|
+44 (0) 20 3034 2707
|
|
FTI
Consulting (Financial PR)
Ben Brewerton / Nick Hennis / Lucy
Wigney
|
+44 (0) 20 3727 1000
tirupati@fticonsulting.com
|
About Tirupati Graphite
Tirupati Graphite Plc is a
specialist Graphite producer and a supplier of the critical mineral
for a decarbonised economy and the energy transition. The Company
places a special emphasis on green applications including renewable
energy, e-mobility, energy storage and thermal management, and is
committed to ensuring its operations are
sustainable.
The Company's operations include
primary mining and processing in Madagascar where the Company
operates two key projects, Sahamamy and Vatomina with a combined
30,000 tpa of currently installed capacity, producing high-quality
flake graphite concentrate with up to 97% purity and selling to
customers globally.
The Company also holds two advanced
stage, world class, natural graphite projects in Mozambique. Work
has already commenced to optimise the economics for development of
the Montepuez graphite project, which is permitted for 100,000tpa
production and where substantial construction work has already been
undertaken by the predecessor. A table of the Company's projects is
provided below:
|
Country
|
Project
|
Stage
|
|
Madagascar
|
Sahamamy
|
In production: 18,000tpa
capacity
|
|
Madagascar
|
Vatomina
|
In production: 12,000tpa
capacity
|
|
Mozambique
|
Montepuez
|
100,000tpa permitted,
development-initiated
|
|
Mozambique
|
Balama Central
|
58,000tpa permitted,
development-ready
|