Result of AGM
Pennpetro Energy PLC announced that all resolutions were duly passed at its Annual General Meeting, including the adoption of accounts for the period ended 31 March 2026 with 94.86% of votes for, approval of the Directors' Remuneration Report with 93.44% for, the appointment of MHA Audit Serves LLP as auditors with 95.80% for, and the re-election of directors Grand Chief Ronald Derrickson (88.06% for), Justin Fraser Jones (87.88% for), and Richard Spinks (88.02% for). The company also secured authority to allot shares (86.34% for) and disapply pre-emption rights (86.70% for), with a total of 136,799,089 ordinary shares in issue.
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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. All resolutions were duly passed.
The following table shows the votes cast on each resolution:
| Resolution* | Votes For | % | Votes Against | % | Votes Withheld*** | |
|---|---|---|---|---|---|---|
| 1. | Adoption of accounts for period ended 31 March 2026 | 64,789,999 | 94.86% | 3,507,377 | 5.14% | 6,449,597 |
| 2. | To approve the Directors' Remuneration Report set out in the Company's annual report for the financial year ended 31 March 2026 | 63,051,389 | 93.44% | 4,424,558 | 6.56% | 7,271,026 |
| 3. | To appoint MHA Audit Serves LLP as auditors of the Company | 65,499,899 | 95.80% | 2,871,918 | 4.20% | 6,375,156 |
| 4. | To authorise the Directors to fix the auditors' remuneration | 64,886,455 | 95.31% | 3,194,918 | 4.69% | 6,665,599 |
| 5. | To re-elect Grand Chief Ronald Derrickson as a director of the Company | 60,091,400 | 88.06% | 8,144,695 | 11.94% | 6,510,878 |
| 6. | To re-elect Justin Fraser Jones as a director of the Company | 60,090,171 | 87.88% | 8,289,520 | 12.12% | 6,367,282 |
| 7. | To re-elect Richard Spinks as a director of the Company | 60,067,733 | 88.02% | 8,174,872 | 11.98% | 6,504,368 |
| 8. | General authority to allot shares | 58,914,356 | 86.34% | 9,318,417 | 13.66% | 6,514,200 |
| 9. | WITHDRAWN | N/A | N/A | N/A | N/A | N/A |
| 10. | Disapplication of pre-emption rights in respect to the return of contributed shares** | 58,907,152 | 86.33% | 9,324,004 | 13.67% | 6,515,817 |
| 11. | Disapplication of pre-emption rights** | 59,153,065 | 86.70% | 9,077,831 | 13.30% | 6,516,077 |
| 12. | Authority to call a general meeting on 14 days' notice** | 59,450,246 | 87.11% | 8,794,993 | 12.89% | 6,501,734 |
* 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 General Meeting, the Company had 136,799,089 Ordinary Shares in issue. Accordingly, the Company's total number of voting rights was 136,799,089.
** 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. Statement made by the chairman of the meeting at the AGM: “The Chairman will vote the proxies held by him in accordance with the instructions given. The Chairman holds one discretionary proxy, over 6,000,000 shares; on advice, those votes are withheld on each resolution.”
The full text of the resolution passed at the Annual General Meeting can be found in the Notice of Annual General Meeting contained in the circular published by the Company on 4 September 2026 (the "Circular"). The Circular is available for viewing on the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's webpage at https://pennpetroenergy.co.uk/notices-%26-reports.
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