George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOPHR.L Regulatory News (OPHR)

  • There is currently no data for OPHR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Result of AGM

10 May 2016 14:15

RNS Number : 8198X
Ophir Energy Plc
10 May 2016
 

 

 

 

Ophir Energy PLC

 

("Ophir" or the "Company")

 

Results of Annual General Meeting 

 

London 10 May 2016: Ophir Energy plc ("Ophir" or "the Company") held its Annual General Meeting today, 10 May 2015, at Linklaters LLP, 1 Silk Street, London, EC2Y 8HQ. All resolutions were put to the meeting on a poll, the full results of which are given below.

 

Resolutions 1 -14 and 18 to 20 were proposed as ordinary resolutions and resolutions 15 to 17 were proposed as special resolutions. A poll was conducted on all resolutions put to the meeting, the full results of which are set out below.

Resolutions

Votes For

Votes Against

Votes

Withheld

Number

%

Number

%

1

To receive the 2015 Annual Report & Accounts

 

569,292,500

100.00

17,400

0.00

398,490

2

To approve the Remuneration Policy

 

501,283,276

87.99

68,411,336

12.01

13,778

3

To approve the Remuneration Report

 

372,083,609

65.73

193,969,389

34.27

3,655,391

4

To re-elect William (Bill) Schrader as a Director

 

567,831,800

99.89

609,545

0.11

1,267,045

5

To re-elect Nicholas Cooper as a Director

 

548,417,059

96.26

21,289,890

3.74

1,441

6

To re-elect William (Bill) Higgs as a Director

 

569,372,584

99.94

333,682

0.06

2,124

7

To elect Anthony (Tony) Rouse as a Director

 

569,270,411

99.94

335,222

0.06

102,757

8

To re-elect Ronald (Ron) Blakely as a Director

 

563,229,607

98.86

6,477,342

1.14

1,441

9

To re-elect Carol Bell as a Director

 

528,182,390

94.13

32,937,221

5.87

8,588,778

10

To re-elect Alan Booth as a Director

 

569,371,821

99.94

335,128

0.06

1,441

11

To re-elect Vivien Gibney as a Director

 

569,368,674

99.94

338,275

0.06

1,441

12

To re-appoint Ernst & Young LLP as Auditor

 

564,983,489

99.17

4,721,109

0.83

3,792

13

To authorise the Directors to set the remuneration of the Auditor

 

568,973,790

99.87

729,490

0.13

5,110

14

To give authority to allot shares

 

524,895,843

92.34

43,534,527

7.66

1,278,020

15

To authorise the Company to allot securities for cash on a pre-emptive basis*

 

443,603,769

90.48

46,648,586

9.52

79,456,035

16

To authorise the purchase of its own shares by the Company*

 

563,884,378

98.98

5,815,603

1.02

8,409

17

To authorise the Company to call a general meeting of shareholders on not less than 14 days' clear notice*

 

554,687,648

97.36

15,015,416

2.64

5,325

18

To authorise the Company and its subsidiaries to make political donations

 

543,884,279

95.47

25,809,371

4.53

14,740

19

To authorise the Company to introduce a new employee share plan - Ophir Energy Long-Term Value Creation Plan 2016

 

538,193,815

94.47

31,510,725

5.53

3,850

20

To authorise the Company to amend the rules of the Ophir Energy Long-term Incentive Plan 2011

 

569,638,983

99.99

58,922

0.01

10,485

* Special Resolution

 

As at the 6 May 2016, being the final date for proxy voting, the Company had 746,019,407 ordinary shares in issue. The Company holds shares in treasury and therefore the number of total voting rights as at the date of the AGM was 706,067,045. In accordance with the Company's Articles of Association, every member who is present in person or by proxy has one vote for every share held. The scrutineer of the poll was Equiniti Limited, the Company's Share Registrar.

 

Note that a "vote withheld" is not a vote in law and has not been included in the calculation of votes "for" and "against" each resolution. Proxy appointments which gave discretion to the Chairman have been included in the "for" total.

 

In accordance with Listing Rule 9.6.2, copies of the resolutions which constitute special business at the AGM will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.Hemscott.com/nsm.do

 

The resolution to approve the Remuneration Report was passed with a vote of 65.73%. There were a significant number of votes opposing this resolution. We have already engaged with a number of shareholders to discuss their concerns which centered around the disclosure of targets in respect of the bonus scheme and the perceived overlap between the LTIP award in 2016 and the new Value Creation Plan (which was approved with a 94.47% vote).

 

We have committed to include a fuller disclosure next year of the 2015 targets and the performance against those targets as well as the 2016 targets (for details see appendix). With regard to the share schemes, the 2016 LTIP awards relate to performance in 2015 and the new Value Creation Plan relates to performance from 2016 onwards. There will be no further LTIP awards. We will continue to engage with our shareholders on such matters.

 

For Further Information please contact:

Ophir Energy plc +44 (0)20 7811 2400

Philip Laing, General Counsel & Company Secretary

 

Notes to Editors

Ophir Energy (OPHR.LN) is an, upstream oil and gas exploration company which is a member of the FTSE 250. The Group's headquarters are located in London (England). Ophir has a large portfolio of assets across Africa and Asia.

For further information on Ophir, please refer to www.ophir-energy.com 

 

 

 

 

 

 

 

Appendix - Performance Target Disclosure

 

We are committed to being open and transparent with our disclosure on annual bonus targets and our intention is to include full disclosure next year of (a) the 2015 targets and (b) performance against the 2015 targets, not fully disclosed in this year's Directors' Remuneration Report (i.e. the actual target ranges where it was appropriate to set and disclose these).

 

There will remain a small number of targets that we will not be in a position to disclose for reasons of continuing sensitivity (e.g. we cannot provide details of exit strategies for certain assets as this is, and will remain, price sensitive as we could be inadvertently inviting bids for our assets at a 'known' minimum exit price based on what we have disclosed which we would want to avoid).

 

The areas of 2015 additional bonus disclosure we are committed to provide full retrospective disclosure on, as a minimum, in next year's Remuneration Report (since they will no longer be price sensitive) include:

 

· Stating the names of the acquired seismic data on which we completed our first inspection

 

· The TRIR target and actual performance against it

 

· Setting out the actual risked additions target versus the additions we made

 

· Stating the actual spend against the actual budgeted targets for cash flow, working capital and G&A

 

· Stating the actual divestment target for Mmboe

 

· Stating the actual net G&A target and result

 

Including the above, added to this year's full disclosures, would in effect provide full retrospective disclosure apart from asset exit strategies for the reasons noted above.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RAGEADSEFFDKEFF
Date   Source Headline
21st May 20193:23 pmBUSForm 8.3 - OPHIR ENERGY PLC - AMENDMENT
21st May 20193:20 pmRNSForm 8.3 - Ophir Energy plc
21st May 20193:09 pmRNSForm 8.3 - Ophir Energy plc
21st May 20192:12 pmRNSForm 8.3 - Ophir Energy PLC
21st May 20191:26 pmRNSForm 8.3 - Ophir Energy plc
21st May 20191:06 pmRNSForm 8.3 - Ophir Energy Plc
21st May 201912:29 pmBUSForm 8.3 - Ophir Energy plc
21st May 201912:11 pmRNSForm 8.5 (EPT/RI) - Replacement of Ophir Energy
21st May 201910:20 amRNSStatement re Court Sanction of Scheme
21st May 201910:19 amRNSForm 8.3 - OPHIR ENERGY PLC
21st May 20199:49 amRNSForm 8.5 (EPT/RI) - Ophir Energy plc
21st May 20199:48 amRNSForm 8.5 (EPT/RI) - Ophir Energy plc
21st May 20198:51 amRNSHolding(s) in Company
21st May 20198:34 amRNSForm 8.3 - [LMR Partners/Ophir Energy plc]
20th May 20193:20 pmRNSForm 8.3 - Ophir Energy plc
20th May 20192:58 pmRNSForm 8.3 - Ophir Energy PLC
20th May 20192:50 pmRNSForm 8.3 - Ophir Energy plc
20th May 20191:25 pmRNSForm 8.3 - Ophir Energy plc
20th May 20191:15 pmBUSForm 8.3 - OPHIR ENERGY PLC
20th May 201912:00 pmRNSForm 8.5 (EPT/RI) - Ophir Energy Plc
20th May 201911:43 amRNSForm 8.3 - Ophir Energy plc
20th May 201910:50 amRNSForm 8.5 (EPT/RI) - Ophir Energy plc
20th May 201910:48 amRNSForm 8.5 (EPT/RI) - Ophir Energy plc
20th May 201910:27 amRNSForm 8.3 - OPHIR ENERGY PLC
20th May 20199:21 amRNSForm 8.3 - Ophir Energy plc
20th May 20198:57 amGNWForm 8.5 (EPT/RI) - Ophir Energy plc
20th May 20198:38 amRNSHolding(s) in Company
20th May 20198:37 amRNSHolding(s) in Company
20th May 20198:37 amRNSHolding(s) in Company
20th May 20198:30 amRNSForm 8.3 - [LMR Partners/Ophir Energy plc]
20th May 20198:23 amRNSForm 8.3 - [Ophir Energy Plc]
20th May 20197:00 amRNSForm 8.3 - Ophir Energy plc
17th May 20193:20 pmRNSForm 8.3 - Ophir Energy plc
17th May 20193:15 pmRNSOphir Energy
17th May 20192:35 pmRNSForm 8.3 - Ophir Energy plc
17th May 20191:15 pmRNSStatement re Court Meeting
17th May 20191:03 pmBUSForm 8.3 - OPHIR AMENDMENT - AMENDMENT
17th May 201912:27 pmRNSForm 8.3 - Ophir Plc
17th May 201912:16 pmRNSForm 8.3 - OPHIR ENERGY PLC
17th May 201912:02 pmBUSForm 8.3 - OPHIR ENERGY PLC
17th May 201912:00 pmRNSForm 8.5 (EPT/RI) - Ophir Energy Plc
17th May 201910:55 amBUSForm 8.3 - OPHIR ENERGY PLC - AMENDMENT
17th May 201910:51 amBUSFORM 8.3 - OPHIR ENERGY PLC - AMENDMENT
17th May 201910:23 amRNSForm 8.5 (EPT/RI) - Ophir Energy plc
17th May 201910:21 amRNSForm 8.5 (EPT/RI) - Ophir Energy plc
17th May 20198:28 amRNSForm 8.3 - [LMR Partners/Ophir Energy Plc]
16th May 20194:39 pmRNSSale of Block 5, Mexico
16th May 20193:20 pmRNSForm 8.3 - Ophir Energy plc
16th May 20193:18 pmEQSForm 8.3 - The Vanguard Group, Inc.: Ophir Energy plc
16th May 20192:55 pmRNSForm 8.3 - Ophir Energy plc

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.