TIDMPXEN
RNS Number : 6385G
Prospex Energy PLC
27 July 2021
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
27 July 2021
Prospex Energy PLC ('Prospex' or the 'Company')
Result of AGM and Board Changes
Following today's Annual General Meeting ("AGM"), convened by
the Notice of AGM dated 29 June 2021, Prospex Energy Plc announces
that resolutions 1 to 3 set out in the Notice of AGM were approved
by shareholders. Resolutions 4, 6 and 7 were not approved by
shareholders. Resolution 5 was withdrawn prior to the AGM as
announced on 26 July 2021.
The results of the poll for each resolution were as follows:
Resolution For % For Against % Against Withheld
1. To receive and
adopt the Company's
annual accounts for
the year ended 31
December 2020, together
with the directors'
report and the auditors'
report on those accounts. 67,166,456 100 Nil 0 858,000
----------- ------ ----------- ---------- ----------
2. To re-appoint Adler
Shine LLP as auditors
to the Company. 67,179,801 98.77 836,651 1.23 8,004
----------- ------ ----------- ---------- ----------
3. To authorise the
directors to set the
auditors' remuneration. 67,751,805 96.75 2,272,651 3.25 Nil
----------- ------ ----------- ---------- ----------
4. To re-appoint James
Smith as a director
of the Company. 28,330,633 42.67 39,651,823 58.33 42,000
----------- ------ ----------- ---------- ----------
5. Resolution withdrawn n/a n/a n/a n/a n/a
----------- ------ ----------- ---------- ----------
6. To authorise the
directors to allot
relevant securities
pursuant to Section
551 of the Companies
Act 2006. 18,391,682 27.04 49,632,774 72.96 nil
----------- ------ ----------- ---------- ----------
7. To disapply pre-emption
rights 18,099,682 27.41 47,933,814 72.59 1,990,960
----------- ------ ----------- ---------- ----------
As at the date of the AGM, the number of issued ordinary shares
of the Company was the Company's issued share capital consisted of
148,299,898 ordinary shares carrying one vote each.
7,361 shares are held in Treasury. Therefore, the total voting
rights in the Company are 148,292,537, 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 "for" total.
As a result of the vote on resolution 4, Mr James Smith no
longer serves as a director of the Company. The Board now comprises
Mr Mark Routh as CEO and a director, Mr Bill Smith as Non-Executive
Chairman and Mr Richard Mays as a Non-Executive Director.
The Board acknowledges the significant vote against resolutions
4, 6 and 7. The Board is committed to continuing an open and
transparent dialogue with the Company's shareholders and, following
the AGM, will continue to engage with those shareholders, and
others, who voted against these resolutions to further understand
their views and/or any specific concerns. We will publish an update
on this engagement, in accordance with the QCA Corporate Governance
Code, within six months of the 2021 AGM.
Confirmation of Appointment of Mark Routh as a Director of the
Company
Following the AGM the Directors of the Company have met to
appoint Mark to the board of the Company. This followed
satisfactory completion of the Company's nominated adviser's due
diligence processes.
Further information on Mr Mark Routh's appointment
The following details in relation to the appointment of Mr Routh
are disclosed in accordance with AIM Rule 17 and Schedule 2(g) of
the AIM Rules:
Mr Mark Christopher Routh (aged 63) has held the following
directorships and/or partnerships in the past five years.
Current Directorships and Partnerships Past Directorships and Partnerships
(last five years)
Warrego Energy Limited IOG Plc
------------------------------------
Tesorillo Energy Limited IOG North Sea Ltd
------------------------------------
IOG UK Ltd
------------------------------------
IOG Infrastructure Limited
------------------------------------
Warrego Energy UK Limited
------------------------------------
Avalonia Goddard Limited
------------------------------------
Avalonia Energy Limited
------------------------------------
Avalonia Abbeydale Limited
------------------------------------
There is no further information to be disclosed in relation to
Mr Routh's appointment pursuant to AIM Rule 17 or Schedule Two,
paragraph (g) (i)-(viii) of the AIM Rules for Companies.
This announcement contains inside information.
For further information visit www.prospexenergy.com or contact
the following:
Mark Routh Prospex Energy Plc Tel: +44 (0) 20 3948
1619
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Corporate Finance Tel: +44 (0) 20 7469
0932
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236
Cosima Akerman 1177
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END
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