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Share Name Share Symbol Market Type Share ISIN Share Description
Premier Oil Plc LSE:PMO London Ordinary Share GB00B43G0577 ORD 12.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.43 -5.01% 27.11 27.07 27.49 28.00 27.11 28.00 1,054,127 08:05:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1,194.9 77.3 15.0 1.9 251

Premier Oil PLC Result of General Meeting

12/01/2021 2:30pm

UK Regulatory (RNS & others)


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RNS Number : 4349L

Premier Oil PLC

12 January 2021

Premier Oil plc

"Premier" or the "Company"

Result of General Meeting and Update on the Proposed Merger with Chrysaor

12 January 2021

A General Meeting of the Company was held today at 23 Lower Belgrave Street, London, SW1W 0NR in connection with the all share merger between Premier and Chrysaor and the reorganisation of Premier's existing debt and cross currency swaps (together, the "Transaction").

Premier is pleased to announce that each of the resolutions were put to the General Meeting, voted on by way of a poll and duly approved. Details of the resolutions were set out in the circular posted to shareholders on 16 December 2020 (the "Circular"). Shareholder approval for the Transaction has now been received.

Premier is also pleased to announce that it has received Vietnam antitrust approval in relation to the Transaction. In addition, the regulatory condition to the Transaction regarding Premier's licence interests in the Falkland Islands has been satisfied.

The Transaction remains subject to, amongst other things, formal approval by the Company's creditors and sanction by the Scottish Court of the Scottish restructuring plans in respect of the Company and Premier Oil UK Limited. The Scottish convening hearing is expected to take place on 25 January 2021, with the creditor vote expected on 22 February 2021. As previously announced, the requisite level of Premier's creditors have irrevocably undertaken to vote in favour of the restructuring plans.

All of Premier's cross currency hedge counterparties have entered into a binding support letter which means that the English restructuring plan in respect of Premier Oil Holdings Limited is no longer required.

Premier continues to expect the Transaction to complete by the end of Q1 2021.

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

 
 No.   Resolution                For(1)                Against            Votes Withheld(2) 
                                 Votes         %       Votes       % 
                                ------------  ------  ----------  -----  ------------------ 
       To approve the 
        proposed merger 
        of Chrysaor and 
  1     the Company              257,346,789   98.75   3,265,182   1.25   542,963 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
       To approve the 
        Rule 9 waiver 
        granted by the 
  2     Takeover Panel           256,032,753   98.38   4,227,730   1.62   894,451 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
       To authorise the 
        Directors to allot 
        relevant securities 
        in connection 
        with the Merger 
  3     and Debt Restructuring   256,809,562   98.62   3,596,621   1.38   748,751 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
       To approve the 
        Subdivision of 
        existing Ordinary 
  4     Shares                   257,616,945   99.01   2,577,309   0.99   960,681 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
       To authorise the 
        Directors to allot 
        relevant securities 
        in substitution 
        for the similar 
        authority provided 
  5     at the 2020 AGM          257,694,582   99.03   2,515,960   0.97   944,393 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
       To authorise the 
        Directors to disapply 
        pre-emption rights 
        in respect of 
        the Merger and 
  6     Debt Restructuring(3)    256,402,593   98.56   3,739,296   1.44   1,013,045 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
       To authorise the 
        Directors to disapply 
        pre-emption rights 
        in substitution 
        for the similar 
        authority provided 
  7     at the 2020 AGM(3)       257,931,610   99.13   2,272,559   0.87   980,586 
      ------------------------  ------------  ------  ----------  -----  ------------------ 
 

(1) The "For" proxy vote includes those giving the Chairman discretion.

(2) 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.

(3) Special resolution.

The total number of shares in issue on 8 January 2021, the deadline for casting votes by proxy in advance of the General Meeting, was 925,532,676 shares. 28.22% of voting capital, including votes withheld, was instructed in respect of the resolutions put to the General Meeting.

The full text of the resolutions can be found in the Circular, which is available on the Company's website at www.premier-oil.com along with a recording of today's General Meeting.

In accordance with the UK Listing Authority's Listing Rule 9.6.2, copies of all the resolutions passed by the Company's shareholders will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism . The poll result will also be available on the Company's website at www.premier-oil.com .

Enquiries

Premier Oil plc Tel: 020 7824 1067

Rachel Rickard, Company Secretariat

Elizabeth Brooks, Investor Relations

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 rns@lseg.com or visit www.rns.com.

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END

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January 12, 2021 09:30 ET (14:30 GMT)

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