Coro Energy PLC, a South East Asian energy company, has announced the results of its Annual General Meeting (AGM) and the subsequent suspension of trading of its ordinary shares on AIM. The AGM saw shareholders supporting Resolutions 1, 3, and 4, providing flexibility for future fundraising. The company also received verbal confirmation from key Noteholders regarding ongoing support for near-term funding needs. However, Resolution 2, concerning the re-election of James Parsons as a Director, was not passed, resulting in his departure from the board.
As a result of the AGM, the board is currently not quorate, and the company is unable to effectively operate under its Articles or the Companies Act 2006. Consequently, the company has requested the immediate suspension of trading in its ordinary shares on AIM until at least one additional director is appointed. Despite the trading suspension, the company will continue to fulfill its disclosure obligations under the AIM Rules for Companies and/or the UK Market Abuse Regulation.
The company has unaudited cash balances of approximately US$0.5 million as of April 23, 2024. Coro Energy PLC has initiated the process of recruiting at least one additional director to address the current board composition. Further announcements will be made as necessary in due course. For more information, interested parties can contact the company or its advisors.
This news indicates a significant development for Coro Energy PLC, as the AGM results have led to the suspension of trading and the need for additional board appointments to meet regulatory requirements and effectively operate under the company's Articles and the Companies Act 2006.