Result of Shareholder General Meeting (0045L)
25 Julio 2011 - 8:51AM
UK Regulatory
TIDMDPL
RNS Number : 0045L
Dominion Petroleum Limited
25 July 2011
25 July 2011
Dominion Petroleum Limited ("Dominion" or the "Company")
Result of Shareholder General Meeting ("SGM")
At the SGM held earlier today Resolutions 1 and 2 were passed,
thereby enabling James Keyes and Gregory Tolaram to be appointed to
the Board which enabled the ratification by the Board of its
decisions since 28 November 2008.
The remaining Resolutions 3 to 8, which were interconditional,
were not passed due to Resolution 3 failing to receive votes in
favour representing 66% of the Company's issued share capital as
required by Company Bye-laws. The final total of votes in favour
was 63.5% and 99.7% of all votes received were in favour of this
resolution. As a result, the Placing announced on 27 June 2011 will
not be completed and the 150,134,241 common shares issued to
BlueGold Global Fund L.P. ("BlueGold", the "BlueGold Shares") as
announced earlier today will be repurchased at the same price, such
that the number of shares in issue returns to the level prior to
the issue of the BlueGold Shares.
In addition, James Keyes and Gregory Tolaram will remain on the
Board until further notice. Andrew Cochran will maintain his
executive role as Chief Executive Officer and both Dennis Crema and
Atul Gupta will continue to support the Company in an advisory
capacity. It remains the intention of the Company to ensure that
they are all properly appointed to the Board in due course.
In the absence of the funds that would have been received from
the Placing, the Company will progress farm-out discussions as
planned and remains confident of its ability to fund all its
existing obligations. .
ENQUIRIES
For further information please contact:
Dominion Petroleum Limited +44 (0) 20 7349
5900
Andrew Cochran, Chief Executive Officer
Rob Shepherd, Finance Director
RBC Capital Markets, NOMAD +44 (0) 20 7653
4000
Jeremy Low
Martin Eales
Paul Stricker
Pelham Bell Pottinger Limited +44 (0) 20 7861
3112
Archie Berens/Clare Gilbey
This information is provided by RNS
The company news service from the London Stock Exchange
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