30 Jun 2010 12:01
For immediate release: 30 June 2010
Northern Petroleum Plc ("Northern" or the "Company") Result of AGM
Northern (AIM:NOP), an independent oil and gas exploration, development and production company, announces that all resolutions proposed at the Annual General Meeting (the "AGM" or the "Meeting") held earlier today were duly passed.
In advance of presenting resolution 5a) to the Meeting, the Chairman announced that the Board had reconsidered this resolution following the Company's recent placing of approximately 11.7 million ordinary shares. With the agreement of those shareholders present, instead of asking for authority of shareholders for the Board to allot up to 40 million shares of 5 pence each (the "Shares"), the Board would seek authority to allot only 20 million Shares. This change would bring the resolution in line with ABI/NAPF guidelines.
On a show of hands the Company's shareholders approved the proposed change to the resolution, and thereafter duly passed the revised resolution 5a), the full wording of which is detailed below:
5a) To authorise the Directors, pursuant to and in accordance with section 551 of the Companies Act 2006 (the "Act") to exercise all powers of the Company to allot ordinary shares in the capital of the Company and grant rights to subscribe for or convert any security into ordinary shares up to a maximum aggregate nominal value of £1,000,000 (being approximately 25% of the Company's issued share capital as at the date of the issue of the AGM notice), provided that such authority shall expire at the conclusion of the next Annual General Meeting of the Company, except that the Directors may, before such expiry, make offers or agreements which would or might require ordinary shares to be allotted or rights to be granted after such expiry and allot ordinary shares or grant rights in pursuance of such offers or agreements.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Chris Foss, Director of Legal & Corporate Affairs Cenkos Securities (NOMAD and Joint Broker)
Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Notes to Editors:About Northern
Northern Petroleum Plc is independent oil and gas Exploration Company listed on the AIM market in London focused on the European Union and nearby areas.
Comprehensive information on Northern and its oil and gas operations, including all press releases, annual reports and interim reports are available from Northern's website at www.northpet.com.
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