LONDON (Alliance News) - JKX Oil & Gas PLC Wednesday said its shareholders did not vote in favour of the company's Directors' Remuneration Report at its annual general meeting, and said the resolution outcome of the report will not be determined until the conclusion of the appeal to the Supreme Court by Eclairs Group Ltd and Glengary Overseas Ltd.
In a statement on May 1, JKX Oil & Gas urged its shareholders to vote in favour for all resolutions at its annual general meeting and again raised concern about the intent of two shareholders, Eclairs Group Ltd and Glengary Overseas Ltd, which have a combined 39% stake in the firm.
In another statement on May 13, JKX Oil & Gas said the UK Court of Appeals had ruled that the restriction notices JKX served on shareholders Eclairs Group Ltd and Glengary Overseas Ltd in May 2013 were valid.
The eastern Europe-focused oil and gas exploration and development company has been involved in a long-running dispute stretching back to 2013 with Eclairs and Glengary, when they sought to remove Chief Executive, Paul Davies, and Commercial Director, Peter Dixon, and replace them with three of their own nominees.
JKX Oil & Gas said Wednesday that the outcome of the Directors' Remuneration Report will not be determined until the conclusion of the appeal to the Supreme Court by Eclairs Group and Glengary Overseas against the Court of Appeal's judgement that the restriction notices served by JKX on Eclairs and Glengary are valid.
JKX Oil & Gas said that assuming that the Court of Appeal's judgement is upheld, the Directors' Remuneration Report would have been passed, however if not, the resolution will not have been passed.
Shares in the company were trading 0.2% higher at 61.25 pence Wednesday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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