Last checked at 21 Jun 2019 10:34
21 June 2019
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Result of Annual General Meeting
The Board of Gulf Keystone is pleased to announce that all the resolutions proposed at the Company's Annual General Meeting ("AGM") held today at 10am (local time) in Frankfurt, were duly passed by shareholders.
The Company continues to analyse its upcoming capital requirements and expects to initiate a buyback shortly, for an initial amount of up to $25 million.
The results of the AGM are as follows:
RESOLUTION | VOTES FOR | % | VOTES AGAINST | % | VOTES TOTAL | % of ISC VOTED | VOTES WITHHELD |
1. THAT Deloitte LLP be re-appointed as the Company's auditor to hold office from the close of this meeting until the close of the Company's next annual general meeting and that the Board of Directors be authorised to determine the auditor's remuneration.
| 139,288,371 | 99.25 | 1,053,030 | 0.75 | 140,341,401 | 61.17% | 2,399 |
2. THAT Mr Jaap Huijskes, be and is hereby re-appointed as a Director in accordance with the Byelaws.
| 137,800,787 | 98.19 | 2,542,219 | 1.81 | 140,343,006 | 61.17% | 794 |
3. THAT Mr Garrett Soden, be and is hereby re-appointed as a Director in accordance with the Byelaws.
| 98,166,668 | 69.95 | 42,175,140 | 30.05 | 140,341,808 | 61.17% | 1,992 |
4. THAT Mr David Thomas, be and is hereby re-appointed as a Director in accordance with the Byelaws.
| 139,019,143 | 99.06 | 1,322,763 | 0.94 | 140,341,906 | 61.17% | 1,894 |
5. THAT Mr Jón Ferrier, be and is hereby re-appointed as a Director in accordance with the Byelaws.
| 139,008,615 | 99.05 | 1,333,291 | 0.95 | 140,341,906 | 61.17% | 1,894 |
6. THAT Mr Sami Zouari, be and is hereby re-appointed as a Director in accordance with the Byelaws.
| 138,525,291 | 98.71 | 1,816,521 | 1.29 | 140,341,812 | 61.17% | 1,988 |
7. THAT Mr Martin Angle be and is hereby appointed as a Director in accordance with the Byelaws.
| 139,593,307 | 99.47 | 748,589 | 0.53 | 140,341,896 | 61.17% | 1,904 |
8. THAT Ms Kimberley Wood be and is hereby appointed as a Director in accordance with the Byelaws.
| 139,612,183 | 99.48 | 729,713 | 0.52 | 140,341,896 | 61.17% | 1,904 |
9. THAT the Directors' Remuneration Report as set out in the Annual Report for the year ended 31 December 2018 be and is hereby approved.
| 133,733,713 | 95.29 | 6,607,860 | 4.71 | 140,341,573 | 61.17% | 2,227 |
10. THAT the Remuneration Policy be approved.
| 138,334,384 | 98.57 | 2,007,249 | 1.43 | 140,341,633 | 61.17% | 2,167 |
11. THAT the dividend is approved.
| 139,892,754 | 99.68 | 449,123 | 0.32 | 140,341,877 | 61.17% | 1,923 |
12. \* THAT the Company be generally and unconditionally authorised to make market purchases of its Common Shares for up to 10% of its issued share capital.
| 139,277,840 | 99.66 | 471,083 | 0.34 | 139,748,923 | 60.91% | 594,877 |
Special Resolution 13. THAT the Byelaws be amended. | 139,881,366 | 99.67 | 460,634 | 0.33 | 140,342,000 | 61.17% | 1,800 |
The Board notes that a number of shareholders voted against resolution 3, with the result that the resolution did not attain the support of 80% of shareholders who voted. The Board understands that this was because of concerns on over-boarding. In accordance with provision 4 of the 2018 UK Corporate Governance Code, the Board will consult and engage with shareholders as appropriate. The Company will provide an update within six months of the AGM, in accordance with the 2018 UK Corporate Governance Code.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Celicourt Communications: | +44 (0) 20 7520 9266 |
Mark Antelme Jimmy Lea |
or visit: www.gulfkeystone.com
*In the Notice of Annual General Meeting 2019, Resolution 12 incorrectly stated the figure of 29,210,524 instead of 22,942,956 was used to represent 10% of the Company's issued common share capital. This was noted by the Chairman during the Meeting and corrected. The Resolution remains valid as it stands.
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.