Azonto To Exit AIM After Shareholders Approve Sale Of Viocco

LONDON (Alliance News) - Azonto Petroleum Ltd Monday said shareholders have approved the company's proposed asset sale and cancellation from AIM.

However, shareholders voted against any of its directors being issued shares in lieu of their salaries at the company's general meeting held in Australia earlier Monday.

In the company's publication of its general meeting results, seven resolutions were not passed which all proposed paying directors of the company in shares in lieu of salaries.

That includes Managing Director Gregory Stoupnitzky, Technical Director Gert-Jan Smulders, General Cousel Jeff Durkin and Non-Executive Directors Andrew Bartlett, Andrew Sinclair and Neil Hackett.

The seventh resolution that was also rejected was to pay Stoupnitzky performance rights.

"As a result of Resolution 3 to 8 not being passed, the company will not be issuing shares in lieu of deferred fees to these individuals and will make cash payment of the deferred fees on completion of the disposal," said the company.

However, shareholders did approve the company's proposed disposal of its main business, which is a stake in Vioco Petroleum Ltd and in turn, its interest in the Gazelle project in the Ivory Coast to Vitol E&P Ltd.

Azonto currently holds a 35% stake in Vioco through its subsidiary Azonto Petroleum Holdings Ltd. Vioco operates and holds an 87% stake in the C1-202 block, which is within the Gazelle project in the Ivory Coast. Vitol E&P will wholly-own Vioco following the deal as it already owned the other 65% stake.

"As a result of resolution 1 being passed, the company shall proceed with the disposal to Viocco," said the company Monday.

Azonto cancelled its shares from trading on AIM following that decision and now that the sale has been approved, Azonto shares will be cancelled from next Monday, with the last day of trading on Friday.

Azonto shares were down 13.3% to 0.130 pence per share on Monday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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