Results of Annual General Meeting

RNS Number : 4234J
Diversified Energy Company PLC
26 April 2022
 

26 April 2022

 

Diversified Energy Company PLC

("Diversified" or the "Company")

 

Results of Annual General Meeting

 

Diversified Energy Company PLC (LSE: DEC) is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meetings held earlier today were duly passed.

 

The total votes were cast as follows:

 

Resolution

 

For

%

 

Against

%

 

Withheld

1

Annual Report

 

  690,974,255 

  100  %

 

  1,472,757

  -  %

 

  166,015

2

Final Dividend

 

  692,598,183 

  100  %

 

  1,000

  -  %

 

  13,844

3

To re-appoint Auditor

 

  692,473,422 

  100  %

 

  39,681

  - %

 

  99,924

4

Auditor's Remuneration

 

  692,528,137 

  100  %

 

  35,286

  - %

 

  49,604

5

Re-elect David Edward Johnson

 

  688,641,757 

 

99  %

 

  3,945,083

  1 %

 

  26,187

6

Re-elect Robert "Rusty" Russell Hutson, Jr.

 

  691,446,814 

  100  %

 

  1,139,251

  - %

 

  26,962

7

Re-elect Bradley Grafton Gray

 

  691,448,909 

  100  %

 

  1,137,836

  -   %

 

  26,282

8

Re-elect Martin Keith Thomas

 

  643,432,140 

 

93  %

 

  49,154,105

  7 %

 

  26,782

9

Re-elect David Jackson Turner, Jr.

 

  686,675,128 

 

99  %

 

  5,911,117

  1  %

 

  26,782

10

Re-elect Sandra Mary Stash

 

  691,542,581 

  100  %

 

  1,045,257

  - %

 

  25,189

11

Re-elect Melanie Anne Little

 

  645,077,449 

 

93  %

 

47,510,388

  7 %

 

  25,190

12

To elect Sylvia Kerrigan

 

  691,648,956 

  100  %

 

  912,117

  -  %

 

  51,954

13

Authority to allot shares

 

  610,680,791 

 

  88  %

 

81,883,059

 12 %

 

  49,177

14

Directors' Remuneration Report

 

  606,381,459 

 

88  %

 

86,165,071

12 %

 

  66,497

15

Directors' Remuneration Policy

 

  553,460,616 

 

83  %

 

  115,861,586

 17 %

 

23,290,825

16

Political Donations & Expenditures

 

  678,102,210 

 

98  %

 

14,428,471

  2 %

 

  82,346

17

Authority to dis-apply pre-emption rights

 

  608,794,631 

 

88  %

 

83,604,763

 12 %

 

  212,769

18

Authority to dis-apply pre-emption rights (Acquisitions)

 

  542,552,815 

 

78  %

 

149,848,576

 22  %

 

  210,772

19

Authority to purchase own shares

 

  692,429,965 

  100  %

 

  44,220

  - %

 

  138,478

20

Amendment of Articles

 

  690,908,669 

  100  %

 

  23,507

  -  %

 

  1,679,987

21

Short Notice General Meeting

 

  683,581,650 

 

  99  %

 

  9,005,339

  1  %

 

  25,174

 

Note: A vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" or "Against" shown.

 

The full text of the resolutions passed at the AGM has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

 

The Board of Diversified Energy Company PLC (the "Board") is pleased to note that shareholders approved all resolutions at today's AGM, most with substantial support. Having actively engaged with many shareholders ahead of the AGM and throughout the year, the Board would like to thank shareholders for their input and continued support.

 

Whilst pleased that shareholders approved most of the resolutions with majorities in excess of 80%, the Board notes that Resolution 18 (Disapplication of Pre-emption Rights for acquisitions and other capital investment) was passed with a majority of 78.36%.

 

Resolutions 17 and 18 (both in relation to the disapplication of pre-emption rights) followed the provisions of the Pre-Emption Group's Statement of Principles for the disapplication of pre-emption rights and reflect UK listed company market practice. The Board considers the flexibility afforded by the authorities to allot shares without pre-emption rights to be in the best interests of shareholders.

 

The Board is committed to maintaining an open and transparent dialogue with the Company's shareholders and in accordance with provision 4 of the UK Corporate Governance Code, it will continue this engagement to enhance its understanding of the views of shareholders who voted against this resolution including any specific concerns on share allotment authorities. The Company will publish an update on this engagement, in accordance with the UK Corporate Governance Code, within six months of the 2022 AGM and a final summary in the Company's Annual Report for the 2022 Financial Yea r.

 

For further information, please contact:

Diversified Energy Company PLC

+1 205 408 0909

Jim Sheehan

 

div.energy

 

ir@dgoc.com

 

 

 

Buchanan

+44 20 7466 5000

Financial Public Relations

 

Ben Romney

 

Chris Judd

 

Jon Krinks

 

James Husband

 

dec@buchanan.uk.com

 

 

About Diversified Energy Company PLC

Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.

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