Gulf Keystone Petroleum Ltd. Result of AGM (0332D)

TIDMGKP

RNS Number : 0332D

Gulf Keystone Petroleum Ltd.

21 June 2019

21 June 2019

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Result of Annual General Meeting

The Board of Gulf Keystone is pleased to announce that all the resolutions proposed at the Company's Annual General Meeting ("AGM") held today at 10am (local time) in Frankfurt, were duly passed by shareholders.

The Company continues to analyse its upcoming capital requirements and expects to initiate a buyback shortly, for an initial amount of up to $25 million.

The results of the AGM are as follows:

 
 RESOLUTION                           VOTES FOR     %       VOTES        %       VOTES TOTAL   % of     VOTES WITHHELD 
                                                             AGAINST                            ISC 
                                                                                                VOTED 
            1. THAT Deloitte 
             LLP be re-appointed 
             as the Company's 
             auditor to hold 
             office from the 
             close of this 
             meeting until 
             the close of the 
             Company's next 
             annual general 
             meeting and that 
             the Board of Directors 
             be authorised 
             to determine the 
             auditor's 
             remuneration.            139,288,371   99.25   1,053,030    0.75    140,341,401   61.17%   2,399 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            2. THAT Mr Jaap 
             Huijskes, be and 
             is hereby re-appointed 
             as a Director 
             in accordance 
             with the Byelaws.        137,800,787   98.19   2,542,219    1.81    140,343,006   61.17%   794 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            3. THAT Mr Garrett 
             Soden, be and 
             is hereby re-appointed 
             as a Director 
             in accordance 
             with the Byelaws.        98,166,668    69.95   42,175,140   30.05   140,341,808   61.17%   1,992 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            4. THAT Mr David 
             Thomas, be and 
             is hereby re-appointed 
             as a Director 
             in accordance 
             with the Byelaws.        139,019,143   99.06   1,322,763    0.94    140,341,906   61.17%   1,894 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            5. THAT Mr Jón 
             Ferrier, be and 
             is hereby re-appointed 
             as a Director 
             in accordance 
             with the Byelaws.        139,008,615   99.05   1,333,291    0.95    140,341,906   61.17%   1,894 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            6. THAT Mr Sami 
             Zouari, be and 
             is hereby re-appointed 
             as a Director 
             in accordance 
             with the Byelaws.        138,525,291   98.71   1,816,521    1.29    140,341,812   61.17%   1,988 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            7. THAT Mr Martin 
             Angle be and is 
             hereby appointed 
             as a Director 
             in accordance 
             with the Byelaws.        139,593,307   99.47   748,589      0.53    140,341,896   61.17%   1,904 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            8. THAT Ms Kimberley 
             Wood be and is 
             hereby appointed 
             as a Director 
             in accordance 
             with the Byelaws.        139,612,183   99.48   729,713      0.52    140,341,896   61.17%   1,904 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            9. THAT the Directors' 
             Remuneration Report 
             as set out in 
             the Annual Report 
             for the year ended 
             31 December 2018 
             be and is hereby 
             approved.                133,733,713   95.29   6,607,860    4.71    140,341,573   61.17%   2,227 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            10. THAT the 
             Remuneration 
             Policy be approved.      138,334,384   98.57   2,007,249    1.43    140,341,633   61.17%   2,167 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            11. THAT the dividend 
             is approved.             139,892,754   99.68   449,123      0.32    140,341,877   61.17%   1,923 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
            12. *THAT the 
             Company be generally 
             and unconditionally 
             authorised to 
             make market purchases 
             of its Common 
             Shares for up 
             to 10% of its 
             issued share capital.    139,277,840   99.66   471,083      0.34    139,748,923   60.91%   594,877 
                                     ------------  ------  -----------  ------  ------------  -------  --------------- 
      Special Resolution 
       13. THAT the Byelaws 
       be amended.                    139,881,366   99.67   460,634      0.33    140,342,000   61.17%   1,800 
 
 

The Board notes that a number of shareholders voted against resolution 3, with the result that the resolution did not attain the support of 80% of shareholders who voted. The Board understands that this was because of concerns on over-boarding. In accordance with provision 4 of the 2018 UK Corporate Governance Code, the Board will consult and engage with shareholders as appropriate. The Company will provide an update within six months of the AGM, in accordance with the 2018 UK Corporate Governance Code.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

 
 
 Celicourt Communications:    [phone] 
 Mark Antelme 
  Jimmy Lea 
 

or visit: www.gulfkeystone.com

*In the Notice of Annual General Meeting 2019, Resolution 12 incorrectly stated the figure of 29,210,524 instead of 22,942,956 was used to represent 10% of the Company's issued common share capital. This was noted by the Chairman during the Meeting and corrected. The Resolution remains valid as it stands.

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com

Disclaimer

This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 21, 2019 05:34 ET (09:34 GMT)