TNG Limited’s [ASX:TNG] share price fell 1.87% at the time of writing, trading at 10 cents following poll results released this morning from the company’s general meeting.
TNG’s shareholders took to the polls to remove Mr Rex Turkington as director of TNG at the meeting’s close effective immediately.
Yet the poll results confirmed that the resolution was defeated. Excluding proxy votes received, the results came as follows:
- For: 287,818,198
- Against: 290,485,924
- Abstained: 259,588
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Poll results drag down TNG’s share price after positive grant results
This morning’s poll results look to be dragging down TNG’s share price, despite earlier positive news regarding its Mount Peak vanadium-titanium-iron project.
As any investor will know, even the slightest trouble within a board can sometimes have big effects on a company’s share price. And this seems to be the general censuses for TNG.
But investors should do well to remember the major milestone achieved by TNG. Four mineral leases covering the mine site at the Mount Peak project in the Northern Territory have been granted.
This means TNG can continue with the overall financing required to support the projects development.
TNG’s Managing Director, Mr Paul Burton, said the granting of the leases gives security of tenure, which is an important requirement to develop discussions with potential project financiers. He went on to say:
‘We are rapidly ticking off the boxes towards the Mount Peake Development, with key announcements over the past few months including the signing of a Native Title Agreement, the signing of a binding term sheet for titanium, off-take with Swiss commodity trader DKSH and now the formal award of the Mount Peake Mineral leases by the NT Government.
‘With these important milestones complete, we will be squarely focused on moving ahead with project financing negotiations.’
Interestingly, it would only be later in the month that Mr Rex Turkington’s removal would be brought up and ultimately decided against.
TNG’s path ahead
Setting aside this board resolution speed hump, investors should expect some fruition of TNG’s hard labour over the last couple of years.
Its Mount Peake Project mining management plan has been finalised and is underway, with submission expected in the first quarter of next year.
2019 is well positioned to achieve key developments for TNG, including full permitting for the TIVAN processing site and completion of final mine design.
As well as focusing on its community engagement and local procurement strategy.
Investors should keep an eye on the directors’ board over the next could of weeks, as things could become quite unpredictable and volatile which will most likely effect the share price.
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