JKX Oil & Gas PLC Further update on request from Eclairs Group (6117F)
19 May 2017 - 4:00PM
UK Regulatory
TIDMJKX
RNS Number : 6117F
JKX Oil & Gas PLC
19 May 2017
19 May 2017
JKX OIL & GAS PLC
("JKX" or "the Company")
Further update on request from Eclairs Group Limited
Further to the announcement on 12 May 2017 in relation to the
most recent request from Eclairs Group Limited ("Eclairs") to
propose ordinary resolutions to appoint Mr Michael Bakunenko as a
director of the Company and to remove certain directors of the
Company from office at the next Annual General Meeting, the Board
has met to discuss its recommendations in respect of the revised
Eclairs proposal.
During the Board's deliberations, it has become clear that
Proxima Capital Group ("Proxima", the Company's 20% shareholder)
and its two nominee directors, no longer support the current
composition of the Board, and instead favour a significant
restructuring of the Board. Proxima have neither proposed any
particular Board composition, nor disclosed how they intend to vote
on the Eclairs proposals or the draft AGM resolutions being
prepared by the Company. They have however notified the Board that
they may choose to do so in the future.
As a consequence, the remaining Board directors expect that
some, if not all, of the AGM resolutions which will be sent to
shareholders in the coming days will not have the unanimous
recommendation of the Board.
The executive and independent directors are particularly
disappointed to be announcing the withdrawal of support by Proxima,
the shareholder that led last years' overhaul of the Board, at a
time when the Company is launching the groundbreaking field
stimulation program announced only yesterday, a central plank of
the turnaround strategy previously supported by Proxima.
The executive and independent directors will, over the coming
days, carefully consider the AGM resolutions which best serve and
protect the interests of the Company, and the corresponding
recommendations they will make to shareholders. In the meantime,
shareholders should take no further action.
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Russell Hoare, Chief Financial Officer
Stockdale Securities +44 (0) 20 7601 6100
Robert Finlay, Daniel Harris
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker
This information is provided by RNS
The company news service from the London Stock Exchange
END
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