Providence Resources P.l.c — Shareholder Meeting (May 2020)
27 slides from Providence Resources P.l.c's shareholder meeting presentation, May 5, 2020
Slide 1: Providence Resources P.l.c EGM
Apply to All Providence Resources P.l.c EGM May 5th, 2020
Slide 2: Agenda
Apply to All Agenda Introduction by Chairman Summary of Business Strategy Answers to Shareholder general questions Chairman Calls Poll Present questions and vote upon resolutions 1-4 Any other business Close Meeting
Slide 3: COVID-19
Apply to All COVID -19 In light of current and anticipated public health guidelines related to COVID-19, and the importance of the health and safety of shareholders, staff and others, shareholders were asked to comply with certain unprecedented but important recommendations for the Extraordinary Gen
Slide 4: Purpose of Meeting
Apply to All Purpose of Meeting On 6 April 2020, Providence Resources P.l.c. announced its intention to conditionally raise approximately $3.0 million (before expenses) through the issue of Placing Securities and Subscription Securities. The Company is pleased to announce that it has, conditionally,
Slide 5: Providence Resources Strategy
Apply to All Providence Resources Strategy Our core strategy focuses upon economically appraising and developing the Barryroe Field. A Phased Barryroe development is expected to maximise field development returns by accelerating cash flow and progressively increasing reserves. Fully developed, the B
Slide 6: Shareholder General Questions and Answers
Apply to All Shareholder General Questions and Answers Note: question with specific relevance to the resolutions will be answered when the resolution is be brought forward for voting.
Slide 7: Question 1: SpotOn Energy and Barryroe farmout
Apply to All Question 1. For Chairman from Stephen Carroll. Please identify the principal persons within SpotOn Energy who will be directly engaged on the Barryroe farmout effort. Please provide a brief overview of their relevant experiences in other similar previous farmouts and explain WHY do you
Slide 8: Chairman Calls Poll
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Slide 9: EGM Resolutions
O PROVIDENCE EGM Resolutions
Slide 10: Ordinary Resolution 1 - Authorise Directors to allot securities
Apply to All Ordinary Resolution Resolution 1 - To authorise the Directors to allot relevant securities This Resolution will grant a general authority to the Directors to allot relevant securities (within the meaning of section 1021 of the Companies Act 2014) (which includes the Fundraising Securiti
Slide 11: Question Res 1: Redirecting strategy to renewables
Apply to All Question Res 1. Question to Chair Pat Plunkett from Ian Lumley is . " In view of the purpose of the proposed resolution to facilitate continued hydrocarbon exploration and having regard to the most recent UNITED NATIONS ENVIRONMENT PROGRAMME data that global Greenhouse Gases needs to be
Slide 12: Special Resolution 2 - Disapply pre-emption restrictions
Apply to All Special Resolution Resolution 2 – To disapply statutory pre-emption restrictions in respect of the allotment of shares in connection with the Fundraising This is to authorise the Directors to allot equity securities in connection with the Fundraising as if the statutory pre- emption res
Slide 13: Ordinary Resolution 3 - Increase authorised capital
Apply to All Ordinary Resolution Resolution 3 - To increase the authorised capital of the Company It is proposed to increase the share capital to €111,184,722.15 divided into 1,800,000,000 Ordinary Share of €0.001 each and 9,944,065,650 Deferred shares of €0.011 each by the creation of 813,152,948 a
Slide 14: Question Resolution 3 to CEO
Apply to All [1] Question Resolution 3. to Alan Linn CEO from Ian Lumley: "In view of the objective of the resolution in funding continued hydrocarbon exploration and having regard to the growing litigation across the world against fossil fuel exploration and extraction companies, climate damaging a
Slide 15: Question 3 continues
Apply to All Question 3 continues: with Cities like Paris, Capetown, and San Francisco; pension funds like the California Public Employees' Retirement System; faith-based groups like the Church of England; philanthropies like the Rockefeller Family Fund; and universities like Oxford, Stanford, and G
Slide 16: Question Res 3 continues
Apply to All [1] Question Res 3 continues. a very stable climate, due to very steady natural CO2 levels, enabled agricultural civilisation to emerge and to thrive, but the remaining less than 2oC global carbon budget will be entirely exhausted within as little as 15 to 30 years. Moreover, there is e
Slide 17: Question Res 3 continues
Apply to All Question Res 3 continues; whereby there is no doubt though, that the greatest responsibility to act for change, and act fast, lies with wealthy nations and institutions, so that Arguments justifying the continued exploration for fossil gas as a ”transition” are also unjustified with in
Slide 18: Question Res 3 continues
Apply to All Question Res 3 continues. We show that development of resources in the Arctic and any increase in unconventional oil production are incommensurate with efforts to limit average global warming to 2 °C. Our results show that policy makers’ instincts to exploit rapidly and completely their
Slide 19: Question Res 3 continues
Apply to All Question Res 3 continues; Carbon Tracker Initiative and the Grantham Research Institute on Climate Change and the Environment (2013). Unburnable Carbon 2013: Wasted capital and stranded assets. London: Carbon Tracker & The Grantham Research Institute.[1] This assessed the consequence of
Slide 20: Question Res 3 continues
Apply to All Question Res 3 continues. This report assesses the scientific data on the implications of allowing emissions to exceed a 2 degree threshold. The abstract for the report states: ‘This report focuses on the risks of climate change to development in Sub-Saharan Africa, South East Asia and
Slide 21: Question Res 3 continues
Apply to All Question Res 3 continues; The 6th Annual index published by PWC shows the mounting failure in global action on decarbonisation to meet the 2 degree target: ‘The 2014 Low Carbon Economy Index (LCEI) shows an unmistakeable trend. For the sixth year running, the global economy has missed t
Slide 22: Question Res 3 continues
Apply to All Question Res 3 continues; ‘If global warming is to be limited in this century to the much-publicized 2 °C rise compared to pre-industrial levels, fossil fuel use and the associated release of greenhouse gases will need to be severely limited. This raises questions regarding the specific
Slide 23: Answer Res 3
Apply to All Answer Res 3. Providence Resources is an AIM and EURONEXT listed company and complies with all laws, rules and regulations which govern our business. To this end we regularly seek legal advice in relation to the various laws, rules and regulations which govern our business, ensuring we
Slide 24: Special Resolution 4 - 2020 Share Option Scheme
Apply to All Special Resolution Resolution 4 - To authorise the Directors to adopt and implement the 2020 Share Option Scheme
Slide 25: Question Resolution 4
Apply to All Question Resolution 4 Question to Pat Plunkett Chair from Ian Lumley " in view of the objective of the motion to reward Directors and staff for pursuing the company’s current investment strategy of continued hydrocarbon exploration is he satisfied that the Directors are not exposed to l
Slide 26: Any other Business / Meeting Close
Apply to All Any other Business Meeting Close
Slide 27: Apply to All
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Providence Resources P.l.c — Shareholder Meeting (May 2020) on 6ix