21
June 2024
Baron Oil
Plc
("Baron"
or the "Company" or the "Group")
Result of Annual General
Meeting and Change of Name
Baron Oil (AIM: BOIL)
announces that at the
Company's Annual General Meeting ("AGM"), held earlier today, all
resolutions were duly passed with the following table summarising
proxy votes received and votes cast at the meeting:
|
RESOLUTIONS
|
NO OF VOTES
FOR
|
% OF VOTES CAST (EXCLUDING
VOTES WITHELD)
|
NO OF VOTES
AGAINST
|
% OF VOTES CAST (EXCLUDING
VOTES WITHELD)
|
TOTAL VOTES CAST (EXCLUDING
VOTES WITHHELD)
|
NO OF VOTES
WITHHELD
|
|
ORDINARY
|
|
1. To receive
the Accounts for the financial year ended 31 December
2023.
|
4,030,445,851
|
99.95%
|
2,137,205
|
0.05%
|
4,032,583,056
|
8,131,112
|
|
2. To
re-appoint Gravita Audit Limited as auditors to the Company and to
authorise the Directors to determine their remuneration.
|
4,027,982,996
|
99.89%
|
4,324,198
|
0.11%
|
4,032,307,194
|
8,406,974
|
|
3. To
re-appoint Mr Gerry Aherne as a Director of the Company
|
4,006,920,159
|
99.77%
|
9,335,567
|
0.23%
|
4,016,255,726
|
24,458,442
|
|
4. To
re-appoint Mr Keith Bush as a Director of the Company
|
2,307,564,185
|
58.54%
|
1,633,961,803
|
41.46%
|
3,941,525,988
|
99,188,180
|
|
5. To
re-appoint Dr Andrew Butler as a Director of the Company
|
4,025,647,103
|
99.88%
|
4,949,953
|
0.12%
|
4,030,597,056
|
10,117,112
|
|
6. To
re-appoint Dr John Chessher as a Director of the Company
|
4,003,056,636
|
99.71%
|
11,474,952
|
0.29%
|
4,014,531,588
|
26,182,580
|
|
7. To
authorise the Directors to issue and allot new shares.
|
3,854,048,245
|
95.83%
|
167,610,005
|
4.17%
|
4,021,658,250
|
19,055,918
|
|
SPECIAL
|
|
8. To disapply
pre-emption rights for Resolution 7.
|
3,893,351,683
|
96.77%
|
129,890,705
|
3.23%
|
4,023,242,388
|
17,471,780
|
|
9. To approve
the change of name of the Company to Sunda Energy Plc.
|
3,421,719,467
|
99.49%
|
17,441,571
|
0.51%
|
3,439,161,038
|
8,951,687
|
Votes which have been cast at the
discretion of the Chairman have been counted as votes for the
resolutions. Votes withheld are not votes in law and do not count
in the number of votes counted for or against a
resolution.
Although resolution 4 was passed,
the Board notes that this resolution received more than 41% of
votes against the Board's recommendation, equating to approximately
6.4% of the Company's total voting rights. The Board is
committed to continuing an open dialogue with the Company's
shareholders. Where it is able to, the Board will continue to seek
to engage with those shareholders who are understood to have voted
against the resolution to understand their views and/or any
specific concerns. The Board will reflect on any such feedback
ahead of preparing for the Company's next general
meeting.
Change of name
Having received shareholder approval
at the AGM, the Company's name will be changed to Sunda Energy Plc.
The relevant paperwork will be filed with Companies House shortly
and a further announcement will be made when the name change is
formally effective. Upon the change of name becoming effective, the
Company's TIDM will change from "BOIL" to "SNDA".
The ISIN and SEDOL numbers for the
Company's ordinary shares will remain unchanged as GB00B01QGH57 and
B01QGH5 respectively.
Shareholders are unaffected by the
changes and existing share certificates will remain valid and
should be retained.
For
further information, please
contact:
Baron Oil
Plc
+44 (0) 20 7117 2849
Andy Butler, Chief
Executive
Rob Collins, Chief Financial
Officer
Allenby Capital
Limited
+44 (0) 20 3328 5656
Nominated Adviser and Joint
Broker
Nick Athanas, Nick Harriss, George
Payne (Corporate Finance)
Kelly Gardiner, Stefano Aquilino
(Sales and Corporate Broking)
Cavendish Capital Markets
Limited
+44 (0) 131 220 6939 / +44 (0) 207 397
8900
Joint
Broker
Neil McDonald, Pearl Kellie
(Corporate
Finance)
Leif Powis (Sales)
IFC
Advisory
Limited
+44 (0) 20 3934 6630
Financial PR and
IR
baronoil@investor-focus.co.uk
Tim Metcalfe, Florence
Chandler