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AFR Afren

1.785
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Afren LSE:AFR London Ordinary Share GB00B0672758 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.785 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Afren PLC Result of AGM (2729R)

25/06/2015 3:31pm

UK Regulatory


Afren (LSE:AFR)
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TIDMAFR

RNS Number : 2729R

Afren PLC

25 June 2015

Result of Annual General Meeting ('AGM')

London, 25 June 2015

Afren plc ("Afren" or the "Company" (LSE: AFR) announces that at its Annual General Meeting held on 25 June 2015 all the resolutions set out in the Notice of Annual General Meeting, with the exception of resolutions 12, 13 and 14, were passed by the requisite majority.

The Company notes the vote against resolutions 12, 13 and 14, regarding the ability of the Company to issue shares and make market purchases of its own shares in the next 12 months, and will re-engage with its shareholders to get a better understanding of their concerns. These resolutions are related to the Company's normal course of business and are not linked to the proposed refinancing, which is unaffected by today's vote. Afren's shareholders will have a separate opportunity to vote on the Company's authority to issue shares in the relation to the Open Offer and the restructuring at the General Meeting on 24 July 2015, where the proposed refinancing and restructuring will be proposed for approval.

Alan Linn, Chief Executive Officer, commented:

"We would like to thank our shareholders for the continued dialogue about the future of Afren. With a new team in charge we will be well positioned to implement the new strategy. The proposed restructuring and refinancing is the only route available to Afren.

There should be no doubt: this is the only viable option and there is no room for renegotiation. If the proposed plan is not approved then the alternative restructuring process will proceed, with no scope for flexibility . We count on the support of all our shareholders to allow Afren to secure its future recovery and growth."

Each of the resolutions put to the AGM was voted on by way of a poll. As announced today, following the decision of certain directors not to seek re-election, none of the resolutions for the proposed re-election of these directors were put to the meeting and no poll was taken on such resolutions.

The results of the poll for each resolution were as follows:

 
      RESOLUTION           VOTES        %     VOTES AGAINST     %        VOTES      % of ISC   VOTES WITHHELD 
                            FOR                                          TOTAL        VOTED 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  1 
  To approve 
  the financial 
  statements 
  and reports 
  for the year 
  ended 31 
  December 
  2014                  115,964,582   75.82    36,977,402     24.18   152,941,984    13.81%      88,803,465 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  2 
  To approve 
  the Director's 
  Remuneration 
  Report for 
  the year 
  ended 31 
  December 
  2014                  109,821,548   73.38    39,839,953     26.62   149,661,501    13.51%      92,074,448 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  3 
  To approve 
  the Director's 
  Remuneration 
  Policy                109,207,339   71.27    44,020,624     28.73   153,227,963    13.83%      88,503,470 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  4 
  To re-elect 
  Mr Alan Linn 
  as a director         202,275,246   87.96    27,700,262     12.04   229,975,508    20.76%      10,841,949 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 
   Resolutions 5-10 withdrawn 
------------------------------------------------------------------------------------------------------------- 
 Resolution 
  11 
  To re-appoint 
  Deloitte 
  LLP as auditors 
  and authorise 
  the Directors 
  to agree 
  their remuneration    190,000,347   82.56    40,137,233     17.44   230,137,580    20.78%      10,679,877 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  12 
  To authorise 
  directors 
  to allot 
  relevant 
  securities            60,043,566    25.98    171,097,501    74.02   231,141,067    20.87%      10,758,969 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  13* 
  To authorise 
  directors 
  for disapplication 
  of pre-emption 
  rights                60,242,914    26.07    170,795,912    73.93   231,038,826    20.86%      10,861,210 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  14* 
  To authorise 
  the Company 
  to make market 
  purchases             120,222,307   52.02    110,885,603    47.98   231,107,910    20.87%      10,637,539 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 Resolution 
  15* 
  To allow 
  general meetings 
  to be called 
  on not less 
  than 14 days' 
  notice                194,693,461   84.27    36,351,323     15.73   231,044,784    20.86%      10,700,664 
---------------------  ------------  ------  --------------  ------  ------------  ---------  --------------- 
 
   *   Special resolution 

Notes

 
 1.   Any proxy arrangements which gave discretion to the Chairman 
       have been included in the "for" totals 
 2.   A "vote withheld" is not a vote in law and is not counted 
       in the calculation of the proportion of votes "for" or "against" 
       a resolution. 
 3.   The issued share capital of Afren ("ISC") as at 25 June 2015 
       is 1,107,560,524 ordinary shares. 
 4.   All percentages are shown to two decimal points. 
 

In accordance with Listing Rule 9.6.2, copies of resolution 15 will shortly be available for inspection on the National Storage Mechanism which can be accessed at www.hemscott.com/nsm.do.

Details of the proxy votes received will also shortly be available for viewing on Afren's website at www.afren.com.

Contacts

Afren plc

Tel.: +44 20 7864 3700

Natalia Erikssen, Investor Relations

Bell Pottinger (public relations adviser to Afren plc)

Tel.: +44 20 3772 2500

Gavin Davis

Henry Lerwill

This information is provided by RNS

The company news service from the London Stock Exchange

END

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