Business
Notice of GM and Issue of Shareholder Letter
Notice of GM and Issue of Shareholder Letter.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8546V Prospex Oil and Gas PLC 21 April 2016 \n\nProspex Oil and Gas plc\n \n(\"Prospex\" or the \"Company\")\n \nNotice of General Meeting\nIssue of Shareholder Letter\n \nFurther to the announcement of 13 April 2016, the Company confirms that it has now dispatched a circular (\"Circular) and notice of general meeting (\"Notice of GM\") to all shareholders. The general meeting will be held at the offices of Peterhouse Corporate Finance Ltd, 3rd Floor, New Liverpool House, 15 Eldon Street, London, EC2M 7LD at 9 a.m. on 11th May 2016.\nAt the general meeting shareholders will be asked to re-approve the current investing policy of the Company, with an amendment as set out in the Circular, namely the addition of a new paragraph stating that the Company will undertake an acquisition or acquisitions within the natural resources and/or energy sector, which constitutes a reverse takeover under AIM Rule 14 of the AIM Rules for Companies, within 12 months of the date of the general meeting. This additional paragraph is also set out below.\nThe board is also seeking authority to allot ordinary shares in the capital of the Company, and to disapply pre-emption rights in respect thereof, up to a maximum nominal value of three million pounds (£3,000,000) for a period of five years from the date of the resolution.\nThe Company also confirms its intention to issue a shareholder letter to supplement the Circular, which should be dispatched on or around 21 April 2016. The shareholder letter contains more details of the proposals for the information of shareholders but does not vary the Notice of GM or the text of the resolutions themselves.\nThe information contained in the Circular, Notice of GM and in the shareholder letter can be summarised as follows:\nBackground to and reason for the Proposals\nAs announced on 13 April 2016, Prospex is deemed to have satisfactorily implemented its investing policy (as adopted on 15 April 2015). However, as the Company moves forward into the next stage of its development it is seeking a number of changes to enable it to take the steps that the Directors believe will lead to an increase in shareholder value. Firstly, the directors are seeking shareholder approval for the existing investing policy with an amendment to that investing policy stating that the Company wil...