Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

27 November 2023

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

Attempted Requisition of General Meeting

Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil and gas exploration and production company, announces that it has received a letter from a group of shareholders, including Paul Barrett and Erika Syba (the "Requisitioning Shareholders"), who own a combined shareholding of approximately 5.24% of the Company's issued share capital, attempting to requisition a general meeting of the Company's shareholders (the "Requisition") under section 303 of the Companies Act 2006 (the "Act") to consider resolutions to remove William Holland and Alastair Stuart from the Board of directors and to replace them with Paul Barrett and Erika Syba.

The Board of Europa notes that both Paul Barrett and Erika Syba are former directors of the Company, who resigned from their respective Board positions on 21 October 2011 and 31 August 2010 respectively, and have previously unsuccessfully attempted to requisition a general meeting, with similar resolutions, as announced on 8 January 2014.

Whilst the Company recognises certain members have the right to convene a general meeting under the Act, this has to be balanced against due and proper process and the prudent use of shareholder resources. Having taken legal advice, the Board has ascertained that the documentation as received is materially deficient and is therefore not a valid requisition notice under section 303 of the Act. The Company is writing to the Requisitioning Shareholders to explain the deficiencies in the Requisition.

If the Company subsequently receives a valid requisition notice from the Requisitioning Shareholders, the Board will respond to it in accordance with the Act and will share its detailed views on the proposals with shareholders. However, in summary, the Board does not believe that the proposed resolutions would be in the best interests of the Company and none of the Directors would vote in favour of such resolutions were they to be proposed.

On 24 November 2023, shortly after submitting the Requisition, the Company was informed by a representative of the Requisitioning Shareholders that a further requisition was going to be submitted, removing the resolution relating to the removal of Alastair Stuart, in light of the support he received at the Annual General Meeting held the previous day.

Shareholders are advised to take no action at this time. Further announcements will be made in due course as and when appropriate.

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