Last checked at 24 May 2021 17:30
Energean plc
("Energean" or the "Company")
Results of AGM
London, 24 May 2021 - Energean plc (LSE: ENOG, TASE: אנאג), announces that at its Annual General Meeting ("AGM") held today at the registered office of the Company, all resolutions put before the meeting were duly passed.
Details of the voting by way of a poll at the AGM in respect of each resolution are shown in the table below and will shortly be available on the Company's website, www.energean.com.
Res. Number | Resolution | VOTESFOR | %FOR | VOTESAGAINST | %AGAINST | VOTESTOTAL | % of ISSUED SHARE CAPITALVOTED | VOTESWITHHELD |
1. | REPORT AND ACCOUNTS | 137,449,240 | 99.98% | 32,048 | 0.02% | 137,481,288 | 77.61% | 460,850 |
2.* | REMUNERATION REPORT | 105,565,663 | 76.53% | 32,376,475 | 23.47% | 137,942,138 | 77.87% | 0 |
3.* | REMUNERATION POLICY | 103,849,415 | 75.28% | 34,092,723 | 24.72% | 137,942,138 | 77.87% | 0 |
4. | RE-APPOINT K SIMON | 137,446,596 | 99.97% | 47,292 | 0.03% | 137,493,888 | 77.62% | 448,250 |
5. | RE-APPOINT M RIGAS | 130,224,310 | 94.41% | 7,717,500 | 5.59% | 137,941,810 | 77.87% | 0,328 |
6. | RE-APPOINT P BENOS | 111,570,753 | 80.88% | 26,371,057 | 19.12% | 137,941,810 | 77.87% | 0,328 |
7. | RE-APPOINT A BARTLETT | 137,937,388 | 100.00% | 0 | 0.00% | 137,941,810 | 77.87% | 0,328 |
8. | RE-APPOINT R PECK | 137,463,987 | 99.96% | 54,474 | 0.04% | 137,518,461 | 77.63% | 423,677 |
9. | RE-APPOINT E TOPOUZOGLOU | 137,660,372 | 99.80% | 281,438 | 0.20% | 137,941,810 | 77.87% | 0,328 |
10. | RE-APPOINT A LASHINSKY | 137,933,810 | 99.99% | 8,000 | 0.01% | 137,941,810 | 77.87% | 0,328 |
11. | APPOINT K WOOD | 137,866,618 | 99.95% | 75,520 | 0.05% | 137,942,138 | 77.87% | 0 |
12. | APPOINT A PERSIANIS | 137,941,810 | 100.00% | 0 | 0.00% | 137,941,810 | 77.87% | 0,328 |
13. | RE-APPOINT AUDITORS | 137,940,858 | 100.00% | 0,328 | 0.00% | 137,941,186 | 77.87% | 0,952 |
14. | REMUNERATION OF AUDITORS | 137,936,226 | 100.00% | 5,584 | 0.00% | 137,941,810 | 77.87% | 0,328 |
15 | ALLOT SECURITIES | 115,495,887 | 83.73% | 22,445,923 | 16.27% | 137,941,810 | 77.87% | 0,328 |
16 | DISAPPLY PRE-EMPTION RGTS 1 | 115,684,687 | 83.86% | 22,257,123 | 16.14% | 137,941,810 | 77.87% | 0,328 |
17 | PRE-EMPTION RGTS 2 | 115,625,002 | 83.82% | 22,316,807 | 16.18% | 137,941,809 | 77.87% | 0,329 |
18. | NOTICE OF MEETINGS | 112,249,246 | 81.37% | 25,692,892 | 18.63% | 137,942,138 | 77.87% | 0 |
19. | MARKET PURCHASES | 126,634,701 | 91.81% | 11,301,852 | 8.19% | 137,936,553 | 77.87% | 5,585 |
* The Company notes that resolutions 2 and 3, which sought approval for the Remuneration Report and Remuneration Policy, received less than 80% of the votes in favour. The Company had carried out an extensive consultation with a wide range of shareholders ahead of finalising the said policy and the Board believes that the final policy that has now been approved is in the interests of all stakeholders.
The Company will, however, undertake a detailed review of any further feedback received on these resolutions to ensure it fully understands the reasons behind the voting result and allow it to understand shareholders' concerns. The Board will continue to consider the feedback received from shareholders and stakeholders as the Remuneration Policy is implemented.
The Board takes seriously its responsibilities to represent the interests of shareholders and to uphold the highest standards of corporate governance and is open to constructive dialogue with shareholders and shareholder bodies. Accordingly, it will continue to engage with shareholders over the coming months in respect of the votes received against these resolutions. Further, in line with the provisions of the 2018 UK Corporate Governance Code, the Company will provide an update on the views received from shareholders on these issues and any actions taken in response, no later than six months' from today's date.
Enquiries
Kate Sloan, Head of IR, ECM & Communications
| Tel: +44 (0)7917 608 645 |
About Energean plc
Established in 2007, Energean is a London Premium Listed FTSE 250 and Tel Aviv 35 Listed E&P company with operations in nine countries across the Mediterranean and UK North Sea. Since IPO, Energean has grown to become the leading independent, gas-focused E&P company in the Eastern Mediterranean, with a strong production and development growth profile. The Company explores and invests in new ideas, concepts and solutions to produce and develop energy efficiently, at low cost and with a low carbon footprint.
Energean's production comes mainly from the Abu Qir field in Egypt and fields in Southern Europe and the UK. The company's flagship project is the 3.5 Tcf Karish, Karish North and Tanin development, offshore Israel, where it intends to use the newbuild fully-owned FPSO Energean Power, which will be the only FPSO in the Eastern Mediterranean. Energean expects to deliver first gas in mid-2022. Energean Israel Limited has signed contracts for 7.4 Bcm/yr of gas sales into the Israeli domestic market, which have floor pricing, take-or-pay and/or exclusivity provisions that largely insulate the project's revenues against global commodity price fluctuations and underpin Energean's goal of paying a meaningful and sustainable dividend.
With a strong track record of growing reserves and resources, Energean is focused on maximising production from its large-scale gas-focused portfolio to deliver material free cash flow and maximise total shareholder return in a sustainable way. ESG and health and safety are paramount to Energean; it aims to run safe and reliable operations, whilst targeting carbon-neutrality across its operations by 2050.
www.energean.com