EnQuest PLC Result of AGM (7931B)

TIDMENQ

RNS Number : 7931B

EnQuest PLC

06 June 2023

EnQuest PLC ("EnQuest" or the "Company")

Voting results of the Annual General Meeting held on 5 June 2023

EnQuest announces that at the Company's Annual General Meeting held today, all resolutions set out in the Notice of Annual General Meeting and put to the meeting were passed by the requisite majority by way of a poll.

The results of the poll are set out below. The number of ordinary shares in issue is 1,885,924,339.

 
 Resolution                              For *         %       Against       %       Withheld 
                                                                                      ** 
           Annual Report & Accounts 
   1                  2022               893,535,854   99.95     469,813     0.05    4,634,354 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 The Directors are required to lay the Annual Report and Accounts 
  before the shareholders each year at the AGM, including the reports 
  of the Directors and Auditor. 
   2      Re-election of Amjad Bseisu    877,132,916   97.61   21,489,151    2.39     17,954 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
   3       Election of Salman Malik      897,233,764   99.86    1,259,153    0.14     147,104 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
   4       Election of Gareth Penny      889,007,532   98.94    9,487,484    1.06     145,005 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
   5        Re-election Farina Khan      827,571,564   92.11   70,921,353    7.89     147,104 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
   6       Re-election of Rani Koya      888,099,235   99.23    6,852,314    0.77    3,688,472 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
           Re-election of Liv Monica 
   7                Stubholt             895,883,440   99.71    2,600,576    0.29     156,005 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 The Directors have the power to appoint a Director during the 
  year but any person so appointed must stand for election at the 
  next AGM. A retiring Director is eligible to stand for re-election 
  and, in accordance with best practice, each continuing Director 
  stands for election or re-election at each AGM. Salman Malik 
  and Gareth Penny stood for election having both been appointed 
  during the year. Amjad Bseisu, Farina Khan, Rani Koya and Liv 
  Monica Stubholt stood for re-election. Carl Hughes, John Winterman 
  and Howard Paver did not stand for re-election and, accordingly, 
  have stepped down from the Board following the conclusion of 
  the 2023 AGM. 
   8       Re-Appointment of auditor     898,123,993   99.96     377,965     0.04     138,063 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
           Authority to set auditor 
   9              remuneration           898,007,077   99.95     487,603     0.05     145,341 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 The above resolutions serve to re-appoint Deloitte LLP as auditor 
  of the Company to hold office from the conclusion of the AGM 
  until the conclusion of the next AGM, at which accounts are laid 
  before the Company, and to authorise the Audit Committee to set 
  the auditor's remuneration. 
            Directors' Remuneration 
  10                 Report              765,121,393   85.73   127,331,465   14.27   6,187,163 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 This resolution approves the Directors' Remuneration Report, 
  other than the part containing the Directors' Remuneration Policy 
  for the financial year ended 31 December 2022. The current Directors' 
  Remuneration Policy was approved at the 2021 AGM. The Report 
  gives details of the payments and share awards made to Directors 
  during the year ended 31 December 2022. This resolution constituted 
  an advisory vote and no entitlement of a Director to remuneration 
  is conditional upon it. 
  11          Political Donations        893,887,182   99.88    1,053,618    0.12    3,699,221 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 The Company does not make, nor intends to make, any political 
  expenditure or donations. However, the Directors decided to seek 
  shareholders' authority for political expenditure and donations 
  incurred by the Company and its subsidiaries as the definition 
  of political expenditure and donations under the Companies Act 
  is very broad and could encompass activities in the normal course 
  of business. The authority is capped at GBP60,000 for the year 
  and expires at the next AGM or 30 June 2024, if earlier. 
  12       Authority to allot shares     894,029,107   99.49    4,602,507    0.51      8,407 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 Directors may only allot shares and grant rights to subscribe 
  for, or convert any security into, shares if authorised to do 
  so. This resolution allows Directors to allot ordinary shares 
  up to one-third of the existing share capital or two- thirds 
  of the existing share capital in connection with a rights issue. 
  This authority will expire at the conclusion of the next AGM 
  or 30 June 2024, if earlier. 
         Disapplication of pre-emption 
 13***               rights              883,995,569   98.39   14,466,626    1.61     177,826 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 This resolution permits the Directors to allot equity securities 
  or sell treasury shares for cash and otherwise than to existing 
  shareholders pro rata to their holdings up to 5% of the Company's 
  issued share capital as at 27 April 2023. This authority will 
  expire at the next AGM or 30 June 2024, if earlier. 
             Authority to purchase 
 14***             own shares            894,697,737   99.58    3,791,006    0.42     151,278 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 This resolution gives the Company authority to purchase its own 
  shares in the market up to a limit of 10% of its issued ordinary 
  share capital. This authority will expire at the next AGM or 
  30 June 2024, if earlier. 
          Authority to call a general 
             meeting not less than 
 15***          14 days' notice          877,500,726   97.66   20,996,895    2.34     142,400 
        ------------------------------  ------------  ------  ------------  ------  ---------- 
 This resolution permits the Company to call a general meeting, 
  other than an Annual General Meeting, on short notice, provided 
  electronic voting is made available to all shareholders for that 
  meeting. 
 

* Includes discretionary votes

** A vote withheld is not a vote in law and is not counted for the purposes of the calculation of the proportion of votes 'For' or 'Against' a resolution

*** Indicates a Special Resolution

The full text of each resolution can be found in the Notice of Meeting which is available on the Company's

website,   www.enquest.com 

The Company will submit to the National Storage Mechanism copies of the Resolutions passed at the Annual General Meeting and these will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

EnQuest remains focused on its strong balance sheet and its ongoing deleveraging strategy. As part of this financial policy, the Group will continue to assess funding opportunities to optimise the capital structure and manage its debt facilities, including engagement with sterling fixed income investors regarding a tap issue and exchange offer related to its retail bonds, which may follow subject to market conditions.

ENDS

For further information please contact:

EnQuest PLC Tel: [phone]

Chris Sawyer (Company Secretary)

Notes to editors

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an independent production and development company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the operator of choice for maturing and underdeveloped hydrocarbon assets by focusing on operational excellence, differential capability, value enhancement and financial discipline.

EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.

Please visit our website www.enquest.com for more information on our global operations.

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June 06, 2023 04:02 ET (08:02 GMT)