Board of DirectorsPursuant to the articles of association of the Company (the "Articles"), each of the five directors of the Company in office prior to the AGM were proposed for election/re-election at the AGM.
- Prior to the AGM, each of Mr Julian Bavin, Mr Derrick Weyrauch and Mr Robert Schafer withdrew their consent to stand for election/re-election and as such the resolutions relating to such directors were not put to the AGM. Accordingly, each of Mr Bavin, Mr Weyrauch and Mr Schafer are no longer directors of the Company.
- The resolutions to elect/re-elect each of Mr Francis O Kelly and Mr Gerardo Perez were put to the AGM.
- The resolution to elect Mr O Kelly was not passed and as such Mr O Kelly is no longer a director of the Company.
- The resolution to elect Mr Perez was passed and as such Mr Perez remains the sole director of the Company.Pursuant to the Articles, Mr Perez has authority to appoint further directors. The minimum number of directors with which the board can make substantive decisions is three, so Mr Perez intends to appoint an additional two or more directors as soon as practicable.Other resolutionsThe resolutions to accept the financial statements of the Company for the year ended December 31, 2015 and to appoint PKF Littlejohn LLP to be the auditor of the Company for next year were passed.The resolutions to adopt new articles of association and granting the directors the authority to allot up to 115,567,514 ordinary shares without the application of the Company's pre-emptive rights described in Article 6.1 of the Articles did not pass, and will not be put into effect.