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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