Afren (AFR)

 

LSE:AFR: Result of AGM

Afren

25 Jun 2015 15:31:28

Afren PLC

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
FOR

%

VOTES AGAINST

%

VOTES
TOTAL

% of ISC VOTED

VOTES WITHHELD

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
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