Annual General Meeting of Lundin Petroleum AB 3 May 2018
03 Mayo 2018 - 7:45AM
Annual General Meeting of Lundin Petroleum AB 3 May 2018
The Annual General Meeting of Shareholders (AGM) of
Lundin Petroleum AB (Lundin Petroleum or the Company) was held
today Thursday 3 May 2018 in Stockholm.
The Company's and the Group's income statements and balance
sheets for the financial year 2017 were adopted and the members of
the Board of Directors and the Chief Executive Officer were
discharged from liability for the financial year 2017.
The AGM resolved that a dividend of SEK 4.00 per share should be
paid for the financial year 2017 and that the record date shall be
7 May 2018. Last day of trading of the Lundin Petroleum share with
the right to receive the dividend is 3 May 2018 and the ex-dividend
date is 4 May 2018. Payment of the dividend is expected to be made
on 11 May 2018 through Euroclear Sweden AB.
Peggy Bruzelius, C. Ashley Heppenstall, Ian H. Lundin, Lukas H.
Lundin, Grace Reksten Skaugen, Alex Schneiter, Cecilia Vieweg and
Jakob Thomasen were re-elected as members of the Board of Directors
and Torstein Sanness was elected as a new member of the Board of
Directors for a period until the 2019 AGM.
Ian H. Lundin was re-elected as chairman of the Board of
Directors.
The AGM resolved to remunerate the members of the Board of
Directors as follows: (i) annual fees of the members of the Board
of Directors of SEK 525,000 (excluding the Chairman of the Board of
Directors and the Chief Executive Officer as a Board member); (ii)
annual fees of the Chairman of the Board of Directors of
SEK 1,100,000; (iii) annual fees for Committee members of SEK
110,000 per Committee assignment (excluding the Committee Chairs);
(iv) annual fees for Committee Chairs of SEK 165,000; and (v)
annual fees for the CR/HSE Board representative of SEK 165,000;
with the total fees for Committee work, including fees for the
Committee Chairs and CR/HSE Board representative fees, not to
exceed SEK 1,155,000.
PricewaterhouseCoopers AB was re-elected as the auditor of the
Company for a period until the 2019 AGM. The AGM resolved that
auditors' fees shall be paid upon approval of their invoice.
Further, the AGM resolved, in accordance with the Board of
Directors' proposals:
- to approve the Company's 2018 Policy on Remuneration for Lundin
Petroleum’s Group Management, which includes four key elements of
remuneration: a) base salary; b) yearly variable salary; c)
Long-term Incentive Plan (LTIP); and d) other benefits, and which
comprises remuneration paid to members of the Board of Directors
for work performed outside the directorship;
- to approve the LTIP 2018 for members of Group Management and a
number of key employees, which gives the participants the
possibility to receive shares in Lundin Petroleum subject to
uninterrupted employment and to the fulfilment of a performance
condition over a three year performance period. The performance
condition is based on the share price growth and dividends (Total
Shareholder Return) of the Lundin Petroleum share compared to the
Total Shareholder Return of a peer group of companies. The total
number of performance shares under LTIP 2018 as at the date of
award may not exceed 460,000 and the maximum cost for granting
awards under LTIP 2018, excluding costs related to delivery of the
performance shares, is approximately USD 8.8 million (approximately
SEK 72.5 million), excluding social security
charges.
- to authorise the Board of Directors to issue new shares and/or
convertible debentures corresponding to in total not more than
34,000,000 new shares, with or without the application of the
shareholders pre-emption rights, in order to enable the Company to
make business acquisitions or other major investments;
and
- to authorise the Board of Directors to decide on repurchases
and sales of shares in Lundin Petroleum on NASDAQ Stockholm, where
the number of shares repurchased shall be limited so that shares
held in treasury from time to time do not exceed ten percent of all
outstanding shares of the Company.
Lundin Petroleum is one of Europe’s leading
independent oil and gas exploration and production companies with
operations focused on Norway and listed on NASDAQ Stockholm (ticker
"LUPE"). Read more about Lundin Petroleum’s business and operations
at www.lundin-petroleum.com
For further information, please contact:
Alex BuddenVP Communications
& Investor RelationsTel: +41 22 595 10
19alex.budden@lundin.ch |
|
Sofia AntunesInvestor
Relations OfficerTel: +41 795 23 60 75sofia.antunes@lundin.ch |
|
Robert ErikssonManager,
Media CommunicationsTel: +46 701 11 26
15robert.eriksson@lundin-petroleum.se |
Forward-Looking Statements
Certain statements made and information contained herein
constitute "forward-looking information" (within the meaning of
applicable securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events,
including the Company's future performance, business prospects or
opportunities. Forward-looking statements include, but are not
limited to, statements with respect to estimates of reserves and/or
resources, future production levels, future capital expenditures
and their allocation to exploration and development activities,
future drilling and other exploration and development activities.
Ultimate recovery of reserves or resources are based on forecasts
of future results, estimates of amounts not yet determinable and
assumptions of management.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and
assumptions will prove to be correct and such forward-looking
statements should not be relied upon. These statements speak
only as on the date of the information and the Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws.
These forward-looking statements involve risks and uncertainties
relating to, among other things, operational risks (including
exploration and development risks), productions costs, availability
of drilling equipment, reliance on key personnel, reserve
estimates, health, safety and environmental issues, legal risks and
regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail
under the heading “Risks and Risk Management” and elsewhere in the
Company’s annual report. Readers are cautioned that the foregoing
list of risk factors should not be construed as exhaustive. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements are
expressly qualified by this cautionary statement.
- Lundin Petroleum - AGM decisions 2018 - V5 20180503en