24 June 2024
Trinity
Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Results
of the 2024 Annual General Meeting
Trinity Exploration & Production
plc (AIM: TRIN), the independent E&P company focused on
Trinidad and Tobago, advises that it held
its Annual General Meeting ("AGM") earlier
today.
The resolutions put to the AGM were
voted on by way of a poll and the results are as
follows:
|
Resolutions
|
For
|
%
|
Against
|
%
|
Withheld
|
|
1
|
18,849,598
|
99.40
|
113,648
|
0.60
|
1,590
|
|
2
|
17,614,827
|
92.93
|
1,339,870
|
7.07
|
10,139
|
|
3
|
18,827,025
|
99.28
|
136,221
|
0.72
|
1,590
|
|
4
|
18,825,089
|
99.30
|
132,157
|
0.70
|
7,590
|
|
5
|
18,376,853
|
96.94
|
580,393
|
3.06
|
7,590
|
|
6
|
18,376,853
|
96.94
|
580,393
|
3.06
|
7,590
|
|
7
|
9,412,066
|
49.63
|
9,551,180
|
50.37
|
1,590
|
|
8
|
9,388,518
|
49.51
|
9,574,728
|
50.49
|
1,590
|
|
9
|
18,831,169
|
99.30
|
132,077
|
0.70
|
1,590
|
A
"Vote withheld" is not a vote in law and is not counted in the
calculation of the percentage of shares voted "For" or "Against"
any resolution.
Resolutions 1 to 6 together with Resolution 9
were put to the meeting and passed.
Resolution 7, an Ordinary Resolution granting
the Directors power to allot shares, and which required 50 per
cent. of the votes cast to be in favour in order to pass, has
failed. Resolution 8, a Special Resolution which provides the
Directors under Resolution 7 to allot shares without pre-emptive
rights, and which required 75 per cent. of the votes cast to be in
favour in order to pass, has also failed.
Nicholas Clayton, Non-Executive Chair of
Trinity Exploration & Production plc, commented:
"This is the
second consecutive year that shareholders have been unwilling to
support Resolutions which deal with the Board's ability to raise
new equity, and has been a contributing factor to the Company
evaluating its strategic options which ultimately led to the
Directors recommending the all share offer from
Touchstone."
Enquiries:
|
Trinity Exploration & Production plc
Jeremy Bridglalsingh, Chief
Executive Officer
Julian Kennedy, Chief Financial
Officer
Nick Clayton, Non- Executive
Chairman
Houlihan Lokey UK Limited (Financial Adviser to Trinity)
Tom Hughes
Tim Richardson
|
Via Vigo Consulting
+44 (0)20 7839 3355
|
|
|
|
|
SPARK Advisory Partners Limited (Nominated
Adviser)
Mark Brady
James Keeshan
|
+44 (0)20 3368 3550
|
|
|
|
|
Cavendish Capital Markets
Limited (Broker)
Leif Powis
Derrick Lee
Neil McDonald
|
+44 (0)20 7397 8900
+44 (0)131 220 6939
|
|
|
|
|
Vigo Consulting Limited
Finlay Thomson
Patrick d'Ancona
|
trinity@vigoconsulting.com
+44 (0)20 7390 0230
|
About Trinity (www.trinityexploration.com)
Trinity is an independent oil
production company focused solely on Trinidad and Tobago.
Trinity operates producing and development assets both onshore and
offshore, in the shallow water West and East Coasts
of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low-risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources
growth. The Company operates all of its ten licences and,
across all of the Group's assets, management's estimate of the
Group's 2P reserves as at the end of 2022 was 17.96 mmbbls. Group
2C contingent resources are estimated to be 48.88 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 66.84
mmbbls.
On 1 May 2024, the board of
directors of each of Trinity and Touchstone Exploration Inc (TSX,
LSE: TXP) ("Touchstone") announced that they had reached agreement
on the terms of a recommended all share offer pursuant to which
Touchstone will acquire the entire issued and to be issued ordinary
share capital of Trinity (the "Acquisition"). The Acquisition
is to be effected by means of a scheme of arrangement under Part 26
of the Companies Act. Further information on the Acquisition
can be found on Trinity's website at: https://trinityexploration.com/investors/touchstone-offer/.
Trinity is quoted on AIM, a market
operated and regulated by the London Stock Exchange Plc, under
the ticker TRIN.