Letter to Nomad19 Jul 2025 12:02
Nomad
Your Name]
[Your Address]
[City, Postcode]
[Email Address]
[Phone Number]
Date:
⸻
To:
Allenby Capital Limited (Nomad to PennPetro Energy plc)
5 St Helen’s Place
London
EC3A 6AB
Or by email
info@allenbycapital.com compliance@allenbycapital.com
⸻
Re: Governance and Regulatory Concerns – PennPetro Energy plc (PPP) Failure to Hold Statutory AGM
Dear Sir or Madam,
I am writing as a shareholder of PennPetro Energy plc (AIM: PPP) to formally raise concerns about the company’s failure to hold its Annual General Meeting (AGM) within the legally required timeframe, and to seek assurance that you, as the company’s Nominated Adviser, are actively addressing this matter in accordance with your obligations under the AIM Rules for Nominated Advisers and AIM Rule 31.
PennPetro’s financial year ended on 31 December 2024, which means that under Section 336 of the Companies Act 2006, the company was required to hold its AGM by 30 June 2025. Although an AGM was scheduled for 17 February 2025, it was adjourned without business being conducted due to pending audit work, and no reconvened AGM has been disclosed or held. The subsequent General Meeting held on 3 July 2025 does not satisfy the legal requirement for a statutory AGM.
This situation raises serious concerns regarding:
• Non-compliance with UK company law;
• Possible breaches of AIM Rule 31, which requires AIM companies to maintain appropriate systems, procedures, and controls;
• The company’s ability to meet continuing obligations with respect to shareholder communication, corporate governance, and transparency.
As the company’s Nominated Adviser, you are required to assess the appropriateness of the issuer and ensure that it continues to comply with its obligations as an AIM company. I would appreciate confirmation of the following:
1. Whether Allenby Capital has been informed of this potential breach;
2. What steps are being taken to bring the company back into compliance;
3. Whether this matter has been escalated internally and, if necessary, to the AIM Regulation team at the London Stock Exchange.
Shareholders are entitled to timely financial disclosures, director accountability, and a forum to ask questions — all of which are undermined when the AGM is unlawfully delayed.
I look forward to your timely response and would appreciate acknowledgment of this complaint.
Yours faithfully,
[Your Name]
Shareholder, PennPetro Energy plc
⸻
Where to Send:
• 📧 Email: info@allenbycapital.com, or your Nomad contact if known
• 📨 Post:
Allenby Capital Limited
5 St Helen’s Place
London
EC3A 6AB
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