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FOCUS MINERALS LTD — AGM Information 2008
Nov 10, 2008
64932_rns_2008-11-10_2347e30d-4be8-4d72-b157-35f618e21b6a.pdf
AGM Information
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ASX RELEASE By e- lodgement
11 November 2008
The Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000
Dear Sir/Madam,
WITHDRAWAL OF RESOLUTIONS 5, 7, 8, 9, and 10 AT ANNUAL GENERAL MEETING - 25 NOVEMBER 2008
Following recent volatility in the company’s share price and the general and significant downturn in stock and financial markets, the directors have resolved to withdraw the proposed Employee Incentive Option Scheme – Resolution 5 in the Notice of Meeting and the proposed Issue of Options as proposed in Resolutions 7, 8, 9 & 10 of the Notice of Meeting.
In light of the proposed options being withdrawn, shareholders will not need to vote on these matters and resolutions 5, 7, 8, 9 & 10 will be removed from the meeting Agenda.
The directors still consider the use of options as a viable method in which to provide longer term incentives to the employees of the Company who can best add to rising shareholder value. But the nature, depth and unknown length of the current world economic situation, which has clearly affected the value of the Company’s issued shares, was viewed by the directors as warranting withdrawal.
The directors will reconsider the issue of options in the future once more stability returns to the Company’s share price and world markets in general and will put a revised plan to shareholders at that time.
Yours faithfully,
JON GRYGORCEWICZ
Company Secretary
Perth Office – Level 3, 105 St Georges Terrace, Perth, Western Australia 6000 P: 61 8 9215 7888 F: 61 8 9215 7889
W: www.focusminerals.com.au E: [email protected]
ACN 005 470 799