Last checked at 26 Apr 2022 16:36
26 April 2022
Diversified Energy Company PLC
("Diversified" or the "Company")
Results of Annual General Meeting
Diversified Energy Company PLC (LSE: DEC) is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meetings held earlier today were duly passed.
The total votes were cast as follows:
Resolution |
| For | % |
| Against | % |
| Withheld | |
1 | Annual Report |
| 690,974,255 | 100 % |
| 1,472,757 | - % |
| 166,015 |
2 | Final Dividend |
| 692,598,183 | 100 % |
| 1,000 | - % |
| 13,844 |
3 | To re-appoint Auditor |
| 692,473,422 | 100 % |
| 39,681 | - % |
| 99,924 |
4 | Auditor's Remuneration |
| 692,528,137 | 100 % |
| 35,286 | - % |
| 49,604 |
5 | Re-elect David Edward Johnson |
| 688,641,757 |
99 % |
| 3,945,083 | 1 % |
| 26,187 |
6 | Re-elect Robert "Rusty" Russell Hutson, Jr. |
| 691,446,814 | 100 % |
| 1,139,251 | - % |
| 26,962 |
7 | Re-elect Bradley Grafton Gray |
| 691,448,909 | 100 % |
| 1,137,836 | - % |
| 26,282 |
8 | Re-elect Martin Keith Thomas |
| 643,432,140 |
93 % |
| 49,154,105 | 7 % |
| 26,782 |
9 | Re-elect David Jackson Turner, Jr. |
| 686,675,128 |
99 % |
| 5,911,117 | 1 % |
| 26,782 |
10 | Re-elect Sandra Mary Stash |
| 691,542,581 | 100 % |
| 1,045,257 | - % |
| 25,189 |
11 | Re-elect Melanie Anne Little |
| 645,077,449 |
93 % |
| 47,510,388 | 7 % |
| 25,190 |
12 | To elect Sylvia Kerrigan |
| 691,648,956 | 100 % |
| 912,117 | - % |
| 51,954 |
13 | Authority to allot shares |
| 610,680,791 |
88 % |
| 81,883,059 | 12 % |
| 49,177 |
14 | Directors' Remuneration Report |
| 606,381,459 |
88 % |
| 86,165,071 | 12 % |
| 66,497 |
15 | Directors' Remuneration Policy |
| 553,460,616 |
83 % |
| 115,861,586 | 17 % |
| 23,290,825 |
16 | Political Donations & Expenditures |
| 678,102,210 |
98 % |
| 14,428,471 | 2 % |
| 82,346 |
17 | Authority to dis-apply pre-emption rights |
| 608,794,631 |
88 % |
| 83,604,763 | 12 % |
| 212,769 |
18 | Authority to dis-apply pre-emption rights (Acquisitions) |
| 542,552,815 |
78 % |
| 149,848,576 | 22 % |
| 210,772 |
19 | Authority to purchase own shares |
| 692,429,965 | 100 % |
| 44,220 | - % |
| 138,478 |
20 | Amendment of Articles |
| 690,908,669 | 100 % |
| 23,507 | - % |
| 1,679,987 |
21 | Short Notice General Meeting |
| 683,581,650 |
99 % |
| 9,005,339 | 1 % |
| 25,174 |
Note: A vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" or "Against" shown.
The full text of the resolutions passed at the AGM has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Board of Diversified Energy Company PLC (the "Board") is pleased to note that shareholders approved all resolutions at today's AGM, most with substantial support. Having actively engaged with many shareholders ahead of the AGM and throughout the year, the Board would like to thank shareholders for their input and continued support.
Whilst pleased that shareholders approved most of the resolutions with majorities in excess of 80%, the Board notes that Resolution 18 (Disapplication of Pre-emption Rights for acquisitions and other capital investment) was passed with a majority of 78.36%.
Resolutions 17 and 18 (both in relation to the disapplication of pre-emption rights) followed the provisions of the Pre-Emption Group's Statement of Principles for the disapplication of pre-emption rights and reflect UK listed company market practice. The Board considers the flexibility afforded by the authorities to allot shares without pre-emption rights to be in the best interests of shareholders.
The Board is committed to maintaining an open and transparent dialogue with the Company's shareholders and in accordance with provision 4 of the UK Corporate Governance Code, it will continue this engagement to enhance its understanding of the views of shareholders who voted against this resolution including any specific concerns on share allotment authorities. The Company will publish an update on this engagement, in accordance with the UK Corporate Governance Code, within six months of the 2022 AGM and a final summary in the Company's Annual Report for the 2022 Financial Year.
For further information, please contact:
Diversified Energy Company PLC | +1 205 408 0909 |
Jim Sheehan |
|
div.energy |
|
ir@dgoc.com |
|
|
|
Buchanan | +44 20 7466 5000 |
Financial Public Relations |
|
Ben Romney |
|
Chris Judd |
|
Jon Krinks |
|
James Husband |
|
dec@buchanan.uk.com |
|
About Diversified Energy Company PLC
Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.