Last checked at 6 Jun 2017 14:35
6 June 2017
Genel Energy plc
Results of Annual General Meeting
The Annual General Meeting of Genel Energy plc was held today, Tuesday 6 June 2017, and the results of the poll vote by shareholders are set out below. The number of ordinary shares of £0.10p each in the Company in issue at the date of the meeting was 278,784,305 and each share attracted one vote.
Resolutions 6 and 9 to re-elect Simon Lockett and Nathaniel Rothschild respectively were withdrawn prior to the meeting.
The results were as follows:
Resolutions | For | % | Against | % | Withheld | Total lodged |
1. To receive the Accounts and the Reports of the Directors and the Auditors for the year ended 31 December 2016. | 188,411,997 | 89.49 | 22,120,203 | 10.51 | 2,500 | 210,532,200 |
2. To approve the Remuneration Policy for Directors. | 144,818,609 | 69.31 | 64,135,726 | 30.69 | 4,000 | 208,954,335 |
3. To approve the Annual Report on Remuneration for the year ended 31 December 2016. | 144,825,765 | 69.31 | 64,130,069 | 30.69 | 2,501 | 208,955,834 |
4. To re-elect Mr Murat Özgül as an Executive Director. | 146,307,797 | 69.49 | 64,224,403 | 30.51 | 2,500 | 210,532,200 |
5. To elect Mr Ümit Tolga Bilgin as a Non-Executive Director. | 101,082,526 | 48.39 | 107,795,977 | 51.61 | 79,832 | 208,878,503 |
7. To re-elect Mr Mehmet Öğütçü as a Non-Executive Director. | 188,307,797 | 89.44 | 22,224,403 | 10.56 | 2,500 | 210,532,200 |
8. To re-elect Mr George Rose as a Non-Executive Director. | 188,309,849 | 89.45 | 22,220,851 | 10.55 | 4,000 | 210,530,700 |
10. To elect Mr Stephen Whyte as a Non-Executive Director | 208,945,300 | 99.99 | 10,535 | 0.01 | 2,500 | 208,955,835 |
11. To re-elect Mrs Gulsun Nazli Karamehmet Williams as a non-executive director. | 146,307,849 | 69.49 | 64,224,351 | 30.51 | 2,500 | 210,532,200 |
12. To re-appoint PricewaterhouseCoopers LLP as the Company's Auditors. | 188,311,643 | 89.45 | 22,220,557 | 10.55 | 2,500 | 210,532,200 |
13. To authorise the Board of Directors to set the Auditors' fees. | 188,315,544 | 89.45 | 22,216,656 | 10.55 | 2,500 | 210,532,200 |
14. To give the Company limited authority to make political donations and incur political expenditure. | 165,092,660 | 78.42 | 45,439,539 | 21.58 | 2,501 | 210,532,199 |
15. To authorise the Company to purchase its ordinary shares. | 188,412,079 | 89.49 | 22,120,121 | 10.51 | 2,500 | 210,532,200 |
16. To permit the Company to hold general meetings, other than an annual general meeting, on not less than 14 clear days' notice | 188,326,549 | 89.45 | 22,205,651 | 10.55 | 2,500 | 210,532,200 |
Following the result of the resolution in relation to the re-election of the Chief Executive Officer, the Board of Genel Energy retains full confidence in Murat Özgül's ability to successfully deliver the Company strategy and create value for shareholders.
Tolga Bilgin has not received the required 50% majority of votes in favour of his election and accordingly has not been appointed as a Director.
The Board of Directors notes that, although the resolutions to approve the Directors' Remuneration Policy and Annual Report on Remuneration were passed with the requisite majority, c.31% of votes were cast against them. The Board will take note of the voting and review accordingly.
The full text of the resolutions may be found in the Notice of the Annual General Meeting, copies of which are available on both the Company's website, www.genelenergy.com, and on the National Storage Mechanism www.hemscott.com/nsm.do.
A copy of the special resolutions (resolutions 15 and 16) passed at the Annual General Meeting, have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.
The Company also announces that Stephen Mitchell, General Counsel, has been appointed Company Secretary with immediate effect.
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For further information, please contact:
Genel Energy Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations | +44 20 7659 5100 |
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Vigo Communications Patrick d'Ancona | +44 20 7830 9700 |
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed oil producers and the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.