Result of General Meeting

RNS Number : 0629O

Prospex Energy PLC

05 October 2021

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

5 October 2021

Prospex Energy PLC ('Prospex' or the 'Company')

Result of Requisitioned General Meeting

Following today's Requisitioned General Meeting ("GM"), convened by the Notice of 8 September 2021, Prospex announces that Shareholders have voted to reject resolutions 1 through 8 proposed as part of a general meeting requisition request received from Jarvis Investment Management Limited and resolutions 9 and 10 were withdrawn.

In addition, Shareholders have voted in favour of resolutions 11 and 12 proposed by the board of directors (the "Board").  Accordingly, Mark Routh and Alasdair Buchanan have been confirmed as Directors and consequently, the Board remains unchanged.  Shareholders voted to approve the share authority resolution proposed by the Board (resolution 13) but did not vote by the requisite majority to dis-apply pre-emption rights to the issuance of shares (resolution 14).

The results of the poll for each resolution are set out in the table below.

Commenting on the news Mark Routh, CEO of Prospex Energy said :

"Preparing for this General Meeting has been an unwelcome distraction.  On the positive side however, we have grown closer to our shareholder group, many of whom have backed the Company over several years and we thank them for their continued support.

"As a Board we are determined to accelerate our plans to grow Prospex, focussing on development and production gas assets across Europe at a time of unprecedented high gas and electricity prices.  We intend to engage with those large shareholders seeking changes in early course with a view to delivering value for all shareholders and to create a more harmonious environment in which the Company can move forward.  I will be writing to all shareholders setting out my plans for the future."

	FOR	AGAINST	FOR (%)	AGAINST (%)
Ordinary Resolution 1	48,379,931	67,103,443	41.9	58.1
Ordinary Resolution 2	48,079,931	67,403,443	41.6	58.4
Ordinary Resolution 3	48,079,931	67,403,443	41.6	58.4
Ordinary Resolution 4	48,079,931	67,403,443	41.6	58.4
Ordinary Resolution 5	48,463,175	67,020,199	42.0	58.0
Ordinary Resolution 6	48,163,175	67,320,199	41.7	58.3
Ordinary Resolution 7	48,079,931	67,403,443	41.6	58.4
Ordinary Resolution 8	48,079,931	67,403,443	41.6	58.4
Ordinary Resolution 9	Withdrawn
Special Resolution 10	Withdrawn
Ordinary Resolution 11	67,979,127	47,504,247	58.9	41.1
Ordinary Resolution 12	67,979,127	47,504,247	58.9	41.1
Ordinary Resolution 13	67,666,127	47,804,247	58.6	41.4
Special Resolution 14	67,736,127	47,734,247	58.7	41.3

As at the date of the General Meeting, the number of issued ordinary shares of the Company was 176,822,479 carrying one vote each.  7,361 shares are held in Treasury.  Therefore, the total voting rights in the Company are 176,815,118, which was the total number of shares entitling the holders to attend and vote for or against all resolutions. In accordance with the Company's Articles of Association, on a poll every member has one vote for every share held.  Votes withheld are not votes in law and have not been counted in the calculation of the proportion of vote "for" or "against" a resolution.  Proxy appointments which gave discretion to the Chairman have been included in the totals above.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

For further information visit www.prospex.energy or contact the following:

Mark Routh	Prospex Energy PLC	Tel: [phone]
Rory Murphy Ritchie Balmer	Strand Hanson Limited	Tel: [phone]
Colin Rowbury Jon Belliss	Novum Securities Limited	Tel: [phone]
Duncan Vasey	Peterhouse Capital Limited	Tel: [phone]
Susie Geliher Catherine Leftley	St Brides Partners Ltd	Tel: [phone]

 

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