Global Lithium Resources seeks court order for AGM requisitions

Global Lithium Resources Limited (ASX:GL1) attended a hearing before the Honourable Justice Hill of the Supreme Court of Western Australia on 11 September 2024. The company sought orders to ensure that section 249D requisitions submitted by Sincerity Development Pty Ltd (Sincerity) are dealt with at or around the same time as the Company's 2024 Annual General Meeting (AGM). Justice Hill extended the time permitted for the Company to call the meeting pursuant to section 249D(5) of the Corporations Act 2001 (Cth) until two business days after the delivery of judgment in these proceedings or until further order. The substantive hearing for the originating process filed today is listed at 2.15 pm on 18 September 2024, as provided by the attached orders made today.

Global Lithium Resources' perspective on the court order

The Company is seeking to have the 249D resolutions put forward by Sincerity considered at the Company's AGM on 28 November 2024. This is to reduce costs of having to convene two meetings within close proximity, implement the cost-cutting and restructure measures announced on 10 September 2024, ensure all corporate governance issues have been resolved, understand any remaining issues which Sincerity has (if any), given the extensive corporate and operational changes being implemented by the Company, and protect the rights of all shareholders under the Corporations Act and the Foreign Acquisitions and Takeovers Act in the evolving lithium market.

Summary of Global Lithium Resources' court order and outlook

Global Lithium Resources Limited (ASX:GL1) sought a court order to address section 249D requisitions submitted by Sincerity Development Pty Ltd (Sincerity) at or around the same time as the Company's 2024 Annual General Meeting (AGM). The Company aims to reduce costs, implement cost-cutting and restructure measures, resolve corporate governance issues, understand any remaining issues from Sincerity, and protect shareholders' rights in the evolving lithium market. The substantive hearing for the originating process is scheduled for 18 September 2024. The Company's outlook includes a focus on cost reduction, corporate governance, and addressing shareholder concerns in the evolving lithium market.