12 May 2017 13:18
12 May 2017
JKX OIL & GAS PLC
("JKX" or "the Company")
Replacement: Update on request from Eclairs Group Limited
We refer to the announcements issued by the Company on 20 April 2017, 5 May 2017 and 9 May 2017 and the resolutions proposed by Eclairs Group Limited ("Eclairs").
On 18 April 2017 Eclairs requested that an ordinary resolution to appoint Mr Michael Bakunenko as a Director of the Company be proposed at the next Annual General Meeting.
On 5 May 2017 Eclairs requested that ordinary resolutions to remove the seven current Directors from the Board be proposed at the next Annual General Meeting, despite the fact that two of the Directors, Alan Bigman and Bernie Sucher, would already have been up for election.
Noting the apparent inconsistency between the outcome of the above resolutions being passed (i.e. Mr Bakunenko becoming the sole Director of the Company) and the requirements of both UK companies' legislation and the Company's constitution, the Company sought clarification from Eclairs.
In response, yesterday Eclairs notified the Company of its intention to amend its previous requests by withdrawing those proposed resolutions to remove Paul Ostling, Vladimir Tatarchuk, Alan Bigman and Bernie Sucher as directors of the Company but confirming its requisition under section 338 of the Companies Act to appoint Michael Bakunenko as a Director and remove Russell Hoare, Thomas Reed and Vladimir Rusinov as directors of the Company.
The Board will update shareholders with a response to this amended request shortly, and will incorporate the resolutions into the AGM Notices at the appropriate time.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is issued in accordance with the Company's obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Russell Hoare, Chief Financial Officer
Stockdale Securities +44 (0) 20 7601 6100
Robert Finlay, Daniel Harris
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker