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Result of AGM

17 May 2017 16:30

RNS Number : 4615F
Premier Oil PLC
17 May 2017
 

PREMIER OIL PLC

Result of Annual General Meeting

The Annual General Meeting ("AGM") of Premier Oil plc (the "Company") was held today, 17 May 2017, at No. 11 Cavendish Square, London, W1G 0AN at 11.00am. Each of the resolutions contained in the Notice of Meeting were put to the AGM, voted on by way of a poll and duly approved. Furthermore, following the retirement of Joe Darby from the Board, Jane Hinkley has been appointed Senior Independent Director of the Company with effect from the conclusion of the AGM. Jane will also continue to chair the Company's Remuneration Committee.

The total number of votes received on each resolution put to the AGM was as follows:

No.

Resolution

Votes FOR (a)

%

Votes AGAINST

%

Votes WITHHELD (b)

1

Annual Report and Accounts

143,012,120

99.34

945,916

0.66

54,136

2

Remuneration Policy

126,747,108

88.18

16,991,271

11.82

273,793

3

Annual Report on Remuneration

99,381,186

69.51

43,595,136

30.49

1,035,850

4

Re-elect Robin Allan

143,213,985

99.49

736,528

0.51

61,659

5

Re-elect Anne Marie Cannon

142,482,858

98.98

1,467,206

1.02

62,108

6

Re-elect Tony Durrant

143,043,672

99.37

903,013

0.63

65,487

7

Re-elect Jane Hinkley

142,228,542

98.80

1,722,304

1.20

60,380

8

Re-elect Iain Macdonald

143,414,415

99.64

520,580

0.36

62,414

9

Re-elect Richard Rose

143,305,320

99.56

627,962

0.44

63,181

10

Re-elect Mike Welton

143,184,349

99.47

765,901

0.53

61,922

11

Appoint Ernst & Young LLP as Auditor

143,174,768

99.44

811,050

0.56

26,354

12

Auditor remuneration

142,531,224

98.99

1,447,560

1.01

31,748

13

Authorise Company to make political donations

139,067,534

96.64

4,841,906

3.36

102,732

14

Authorise Directors to allot shares

142,451,098

98.96

1,494,656

1.04

66,418

15

Approve the Premier Oil 2017 Long Term Incentive Plan

124,971,037

86.92

18,804,240

13.08

236,895

16

Authority to disapply pre-emption rights (up to 5% of issued share capital) (c)

143,320,399

99.59

592,216

0.41

99,557

17

Authority to disapply pre-emption rights in connection with specific acquisition/ investment (further 5% of issued share capital) (c)

142,038,754

98.69

1,887,806

1.31

85,612

18

Authority to purchase own shares (c)

140,491,940

97.56

3,510,052

2.44

20,180

19

Notice period for General Meetings (c)

139,966,920

97.21

4,010,610

2.79

34,642

NOTES:

(a) The "For" proxy vote includes those giving the Chairman discretion.(b) A vote "Withheld" is not a vote in law and is not counted in the calculation of the proxy votes "For" or "Against" the resolution.(c) Special resolution.

The Board notes that Resolution 3 to approve the remuneration report has received a significant number of votes cast against it (43,595,136 votes, 30.49% of votes validly cast). The Committee will now analyse the voting outcome and will continue to engage with major shareholders to more fully understand their perspectives, as appropriate. We thank those shareholders who have spoken with us to explain their reasons for voting against the Resolution. The Remuneration Committee is committed to continuing dialogue with shareholders to help shape the implementation of our Remuneration Policy over the coming years.

Votes "For" and "Against" are expressed as a percentage of all proxy votes received in advance of the AGM, excluding any "Withheld" votes.

The total number of shares in issue on 15 May 2016, the deadline for casting votes by proxy in advance of the AGM, was 510,824,261 shares. 28.19% of voting capital, including votes withheld, was instructed in respect of the resolutions put to the AGM.

The full text of the resolutions can be found in the Notice of Annual General Meeting, which is available on the Company's website at www.premier-oil.com

In accordance with the UK Listing Authority's Listing Rule 9.6.2, copies of all the resolutions passed by the Company's shareholders, other than ordinary business have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

Enquiries

 

Premier Oil plc

Tel: 020 7730 1111

Company Secretariat:Daniel Rose

 

Investor Relations:Elizabeth Brooks

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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