Kea Petroleum PLC Result of AGM (3381Y)

TIDMKEA

RNS Number : 3381Y

Kea Petroleum PLC

28 November 2014

 
 For Immediate Release   28 November 2014 
 

Kea Petroleum plc

("Kea" or "the Company")

Result of 2014 Annual General Meeting

Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, announces that all resolutions put to its shareholders at today's Annual General Meeting were duly passed.

The resolutions included shareholder consent for the proposed capital reorganisation, as follows:

(i) a Consolidation of every 10 Existing Ordinary Shares into one Consolidated Ordinary Share; and

(ii) an immediate Sub-Division of each of those Consolidated Ordinary Shares into one New Ordinary Share and one New Deferred Share.

The expected timetable for the remaining events related to the capital reorganisation is outlined below:

 
                                                                 2014 
 Expected effective time and date of the Consolidation     5pm, 28 November 
  and Sub-Division 
 Expected date of admission of New Ordinary Shares            1 December 
  to trading on AIM 
 Expected date of admission of New Ordinary Shares            1 December 
  to CREST 
 Expected date CREST accounts are to be credited with         1 December 
  New Ordinary Shares 
 Expected dispatch date of share certificates in respect     12 December 
  of New Ordinary Shares 
 

Although resolutions 7 and 8 in the notice of meeting were passed in the form set out in the notice, the form of those resolutions contained typographical errors which overstated the powers and authorities actually intended to be sought. Accordingly, the Directors have resolved to limit their exercise of the powers and authorities given to them so that:

(i) their general authority to issue shares under s551 Companies Act 2006 ("the Act") is limited to shares with a nominal value of GBP313,289.86 generally, and a further GBP313,289.86 pursuant to a pre-emptive offering (and not GBP3,132,898.60 as stated in resolution 7), and otherwise in accordance with the provisions of resolution 7; and

(ii) their power to issue equity shares other than in accordance with the statutory pre-emption rights contained in s561 of the Act, is limited to equity shares with a nominal value of GBP187,973.92 (and not GBP1,879,739.20 as stated in resolution 8) and otherwise in accordance with the provisions of resolution 8.

For further information please contact:

 
 Kea Petroleum plc                 Tel: [phone] 
  David Lees, Executive Director 
 WH Ireland Limited (Nomad)        Tel: [phone] 
  James Joyce 
  James Bavister 
 Buchanan                          Tel: [phone] 
  Mark Court 
  Sophie Cowles 
 

Notes to Editors:

Kea Petroleum is an AIM listed oil and gas exploration company with interests in three petroleum exploration permits in the Taranaki Basin of New Zealand. Kea listed on the London AIM market in February 2010.

This information is provided by RNS

The company news service from the London Stock Exchange

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