Business
RE AGM vote on authorisation to allot shares
RE AGM vote on authorisation to allot shares.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1769T\n Nostrum Oil & Gas PLC\n 23 November 2021\n \n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \n \n \n \n \n \n \n London, 23 November 2021\n \n \n \n \n \n \n \n \n Further statement in relation to AGM vote on authorisation to allot shares\n \n \n \n \n \n Nostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or \"the Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, \n notifies that in its 2021 AGM results announcement, the Company's Board of Directors announced that all resolutions proposed at the AGM on 9 June 2021 were passed with the requisite majority, although there was a significant minority vote (37.34%) against approval of the authorisation of the Company to allot shares pursuant to section 551 of the Companies Act 2006.\n \n \n \n \n \n In addition, in response to feedback received from shareholders and shareholder advisory bodies prior to the AGM, the Company withdrew before the AGM, the previously proposed resolutions that authorised the Company to:\n \n \n \n \n \n · \n dis-apply statutory pre-emption rights pursuant to Section 570 of the Companies Act 2006,\n \n \n · \n make market purchases of its own ordinary shares pursuant to section 693(4) of the Companies Act 2006, and\n \n \n · \n make off-market purchases of its own ordinary shares pursuant to Section 693(2) of the Companies Act 2006.\n \n \n \n \n \n Nostrum's Board has consulted with shareholders and has discussed the views of shareholders in relation to these matters. The main themes expressed by some shareholders and shareholder advisers during the engagement process in relation to these matters were that in their view it was inappropriate for the Company to request such authorisations at that time, given that the Company was seeking to agree upon the terms of a restructuring of its debt at the same time and various actions for which authorisation was being sought could affect such a restructuring. \n \n \n \n \n \n Notwithstanding that it is market practice for listed companies to request such authori...