Business
Statement on Agreement with M&G
Statement on Agreement with M&G.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 7987J Gulf Keystone Petroleum Ltd. 22 July 2013 \n \n\nNot for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.\n \n \n \n21 July 2013\n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nStatement on Agreement with M&G \nGulf Keystone is pleased to announce that the Company has reached a constructive agreement with M&G Recovery Fund (\"M&G\"), a 5.1% shareholder in the Company and other major shareholders in the Company, regarding the current and future composition of Gulf Keystone's Board of Directors (\"Agreement\"). \nThe Agreement follows a number of discussions between the Company and its largest shareholders, during which the concerns expressed by the Company about the four nominees for Independent Non-Executive Directorships of the Company proposed by M&G, were fully aired and addressed to the satisfaction of the Company's Chairman, Mr Simon Murray and Field Marshal the Lord Guthrie of Craigiebank, Chairman of the Nominations Committee. \nBoth M&G and Capital Research Global Investors have confirmed to the Company that they will vote all of the shares in the Company over which they have control or are able to control the exercise of rights attaching thereto to both approve the election of Mr Simon Murray as the Independent Non-Executive Chairman of the Company and to endorse the appointment of two further Independent Non-Executive Directors. The Board has agreed with M&G that the size of the Board should be limited to a maximum of twelve Directors in the future. \nThe Board has therefore decided that it will no longer oppose the candidates proposed by M&G and will endorse the choice to be made by shareholders at the Company's Annual General Meeting to be held on 25 July 2013 (\"AGM\"). \nMessrs Ali Al-Qabandi and Mehdi Varzi have informed the Board that they wish to withdraw their consent to be considered for re-election as directors of the Company and will, therefore, retire by rotation with effect from the close of the forthcoming AGM. The Board would like to thank Mr Ali Al-Qabandi, the co-founder of the Company, and Mr Mehdi Varzi, a long-stan...