RE: Resolutions at the Annual General Meeting15 Jun 2020 10:20
UKOG have always had authority to issue shares as part of the AGM's resolutions. They have slowly raised the amount over the years if you check. All companies do it. Here is the latest Angus one.
"5. Directors’ authority to allot shares
That the Directors be generally and unconditionally authorised pursuant to section 551 of
the Companies Act 2006 (Act) to issue and allot ordinary shares of £0.002 each in the
share capital of the Company (Ordinary Shares) or grant rights to subscribe for or to
convert any security into Ordinary Shares (Rights) (such Ordinary Shares and Rights being
Relevant Securities) up to an aggregate nominal amount of £1,185,185 (one million one
hundred and eighty five thousand one hundred and eighty five pounds), provided that this
authority will, unless previously renewed, varied or revoked, expire on 30 June 2021 or, if
earlier, at the conclusion of the next annual general meeting of the Company except that
the Company may, before such expiry, make offers or agreements which would or might
require Relevant Securities to be allotted or granted after such expiry and the Directors
may allot or grant Relevant Securities in pursuance of such offer or agreement
notwithstanding that the authority conferred by this resolution has expired."