Business
Result of GM
Result of GM.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 2470G Rockhopper Exploration plc 04 June 2013 \n\nFor immediate release: 4 June 2013\nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\nResult of General Meeting:\nShareholders Approve Cancellation of Share Premium Account and Authority to Purchase Own Shares\nRockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas company, announces that the resolutions proposed at the General Meeting of the Company, held today, were duly passed. \nShareholders voted in favour of the cancellation of the Company's Share Premium Account which, subject to Court approval, would create distributable reserves. In addition shareholders voted to allow the Company, subject to Court approval of the cancellation of the Share Premium Account, to make purchases of its own Ordinary Shares in the market on such terms and in such manner as the Directors may determine.\nThe Court hearing to confirm the cancellation of the Share Premium Account is expected to be held on 3 July 2013 with the cancellation becoming effective the following day.\nWhile the Directors have no immediate plans to make any purchase of the Company's own Ordinary Shares they would like to have the ability to act swiftly if circumstances arise where they consider that any such purchase would be desirable and appropriate. In addition, the Directors wish to avoid a situation where they feel able from a commercial standpoint to recommend the payment of or to declare a dividend but are precluded from doing so because the Company has insufficient distributable reserves. It is the Directors current intention that no decision for the Company to make dividend payments or to purchase its own shares would be made before the Company has completed an evaluation of its medium-term funding requirements. Concept selection for the Sea Lion development, which is anticipated to develop substantially during the coming months, will be a key part of this evaluation as the choices made are expected to provide greater clarity on the expected cost and schedule of the project, and therefore the availability of capital that might be deployed in any share buy back or dividend payment should the Directors consider it appropriate. \nDefined terms used in this announcement have the same meaning as those set out in the Company's announcement of 30 April 2013...