Result of AGM
Pennpetro Energy PLC announced the results of its Annual General Meeting, where all ordinary resolutions were passed, including the receipt of the financial statements for the year ended 31 March 2025 with 73.90% of votes in favour, approval of the Directors' Remuneration Report with 72.99% in favour, and the re-appointment of Crowe U.K. LLP as auditors with 74.39% in favour. However, special resolutions 12, 13, and 14, concerning the disapplication of pre-emption rights, authority for market purchases of shares, and authority to call general meetings on 14 days' notice respectively, did not pass, failing to achieve the required 75% majority.
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Pennpetro Energy plc (LSE: PPP), the company focused on developing strategic energy projects, announces the results of the Annual General Meeting ("AGM") of the Company held earlier today. Voting was by way of a poll.
The following table shows the votes cast on each resolution:
| Resolution* | Votes For | % | Votes Against | % | Votes Withheld*** | |
|---|---|---|---|---|---|---|
| 1. | To receive the Company's financial statements and annual accounts for the financial year ended 31 March 2025 | 42,778,279 | 73.90% | 15,106,571 | 26.10% | 166,859 |
| 2. | To approve the Directors' Remuneration Report set out inthe Company's annual report for the financial year ended 31 March 2025 | 42,356,626 | 72.99% | 15,673,310 | 27.01% | 21,773 |
| 3. | To approve the Directors' Remuneration Policy contained in the Directors' Remuneration Report (for the period ended 31 March 2025) | 40,435,775 | 69.75% | 17,533,629 | 30.25% | 82,305 |
| 4. | To re-appoint Crowe U.K. LLP as auditors of the Company | 42,758,235 | 74.39% | 14,717,246 | 25.61% | 576,228 |
| 5. | To authorise the Directors to fix the auditors' remuneration | 42,949,416 | 74.01% | 15,080,520 | 25.99% | 21,773 |
| 6. | To re-elect Richard Spinks as a director of the Company | 40,271,841 | 69.40% | 17,755,300 | 30.60% | 24,568 |
| 7. | To re-elect Mavriky Kalugin as a director of the Company | 41,065,046 | 70.84% | 16,904,358 | 29.16% | 82,305 |
| 8. | To re-elect Olof Nils Rapp as a director of the Company | 39,419,092 | 68.32% | 18,282,399 | 31.68% | 350,218 |
| 9. | To re-elect Sergiy Lesyk as a director of the Company | 40,688,230 | 70.27% | 17,211,451 | 29.73% | 152,028 |
| 10. | Authority to allot shares for cash | 39,882,788 | 68.91% | 17,990,106 | 31.09% | 178,815 |
| 11. | Authority to allot shares otherwise than for cash | 39,328,333 | 68.61% | 17,990,106 | 31.39% | 733,270 |
| 12. | Disapplication of pre-emption rights** | 39,300,520 | 68.56% | 18,020,714 | 31.44% | 730,475 |
| 13. | Authority to make market purchases of ordinary shares** | 40,371,963 | 69.57% | 17,657,973 | 30.43% | 21,773 |
| 14. | Authority to call a general meeting on 14 days' notice** | 42,648,012 | 73.49% | 15,381,924 | 26.51% | 21,773 |
* The full text of the resolutions is given in the Notice of AGM which is available at https://pennpetroenergy.co.uk/notices-%26-reports. As at the record date for eligibility to vote at the Company's Annual General Meeting, the Company had 112,299,089 Ordinary Shares in issue. Accordingly, the Company's total number of voting rights was 112,299,089.
** Indicates a Special Resolution requiring a 75% majority of the votes cast.
*** Votes 'Withheld' are not a vote in law and have not been counted in the calculation of the votes % 'For' and % votes 'Against' the resolutions.
All ordinary resolutions were duly passed. Special resolutions 12,13 and 14 were not passed.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.