Business
Attempted Requisition of General Meeting
Attempted Requisition of General Meeting.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n\nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n27 November 2023\n \nEuropa Oil & Gas (Holdings) plc\n(\"Europa\" or the \"Company\")\n \nAttempted Requisition of General Meeting\n \nEuropa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil and gas exploration and production company, announces that it has received a letter from a group of shareholders, including Paul Barrett and Erika Syba (the \"Requisitioning Shareholders\"), who own a combined shareholding of approximately 5.24% of the Company's issued share capital, attempting to requisition a general meeting of the Company's shareholders (the \"Requisition\") under section 303 of the Companies Act 2006 (the \"Act\") to consider resolutions to remove William Holland and Alastair Stuart from the Board of directors and to replace them with Paul Barrett and Erika Syba.\nThe Board of Europa notes that both Paul Barrett and Erika Syba are former directors of the Company, who resigned from their respective Board positions on 21 October 2011 and 31 August 2010 respectively, and have previously unsuccessfully attempted to requisition a general meeting, with similar resolutions, as announced on 8 January 2014. \nWhilst the Company recognises certain members have the right to convene a general meeting under the Act, this has to be balanced against due and proper process and the prudent use of shareholder resources. Having taken legal advice, the Board has ascertained that the documentation as received is materially deficient and is therefore not a valid requisition notice under section 303 of the Act. The Company is writing to the Requisitioning Shareholders to explain the deficiencies in the Requisition.\nIf the Company subsequently receives a valid requisition notice from the Requisitioning Shareholders, the Board will respond to it in accordance with the Act and will share its detailed views on the proposals with shareholders. However, in summary, the Board does not believe that the proposed resolutions would be in the best interests of the Company and none of the Directors would vote in favour of such resolutions were they to be proposed. \nOn 24 November 2023, shortly after submitting the Requisition, the Company was informed by a representative of the Requisitioning ...