TIDMPHAR
RNS Number : 5086N
Pharos Energy PLC
20 May 2020
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
RESULTS OF ANNUAL GENERAL MEETING
The Company announces that at its Annual General Meeting ("AGM")
held today, all resolutions put before the meeting were duly
passed.
In accordance with LR 9.6.2, copies of resolutions concerning
items other than ordinary business are being submitted to the
National Storage Mechanism and will shortly be available for
inspection at
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.
On the date of the meeting, Pharos' issued share capital
consisted of 406,637,952 ordinary shares of GBP0.05 each with
voting rights; 9,122,268 shares were in Treasury and therefore, the
total number of voting rights was 397,515,684.
Voting was conducted on a poll, the results of which are shown
in the table below and will shortly be available on the Company's
website, www.pharos.energy .
Resolution Votes in Total
Favour % Votes % Votes Votes
(Including Against (excluding Withheld
Discretionary) votes
withheld)
1. To receive
the Annual
Report
and Accounts
for the
financial
year ended 31
December 2019. 234,737,202 99.91% 216,436 0.09% 234,953,638 182,319
======================= ====== ================== ====== ===================== ===================
2. To approve
the
Remuneration
Policy
included in
the Annual
Report and
Accounts for
the
financial year
ended 31
December
2019. 217,778,159 92.62% 17,354,025 7.38% 235,132,184 3,773
======================= ====== ================== ====== ===================== ===================
3. To approve
the Directors'
Remuneration
Report
included
in the Annual
Report and
Accounts
for the
financial year
ended
31 December
2019. 186,249,683 79.21% 48,882,501 20.79% 235,132,184 3,773
======================= ====== ================== ====== ===================== ===================
4. To reappoint
John E Martin,
who is Chair
of the
Nominations
and ESG
Committees, as
a Director. 234,196,158 99.63% 869,802 0.37% 235,065,960 69,997
======================= ====== ================== ====== ===================== ===================
5. To reappoint
Edward T
Story,
who is a
member of the
Nominations
and ESG
Committees, as
a Director. 233,355,107 99.27% 1,710,853 0.73% 235,065,960 69,997
======================= ====== ================== ====== ===================== ===================
6. To reappoint
Janice M
Brown,
who is a
member of the
ESG
Committee, as
a Director. 233,753,041 99.44% 1,324,924 0.56% 235,077,965 57,992
======================= ====== ================== ====== ===================== ===================
7. To reappoint
Dr Michael
J Watts as a
Director. 234,098,337 99.58% 979,628 0.42% 235,077,965 57,992
======================= ====== ================== ====== ===================== ===================
8. To reappoint
Robert G Gray,
who is Chair
of the
Remuneration
Committee and
a member of
the
Audit and
Risk,
Nominations
and ESG
Committees, as
a Director. 219,168,950 93.22% 15,938,068 6.78% 235,107,018 28,939
======================= ====== ================== ====== ===================== ===================
9. To reappoint
Marianne
Daryabegui,
who is a
member of the
Audit
and Risk,
Remuneration
and
Nominations
Committees, as
a Director. 225,043,278 95.72% 10,055,440 4.28% 235,098,718 37,239
======================= ====== ================== ====== ===================== ===================
10. To
reappoint Lisa
Mitchell,
who is Chair
of the Audit
and
Risk Committee
and a member
of the
Nominations
and ESG
Committees, as
a Director. 234,595,656 99.81% 444,587 0.19% 235,040,243 95,714
======================= ====== ================== ====== ===================== ===================
11. To
reappoint
Deloitte LLP
as Auditors to
hold office
until the
conclusion of
the
next Annual
General
Meeting
at which
accounts are
laid
before the
Company. 234,886,619 99.92% 182,621 0.08% 235,069,240 66,717
======================= ====== ================== ====== ===================== ===================
12. To
authorise the
Audit
and Risk
Committee, for
and
on behalf of
the Directors,
to agree the
Auditors'
remuneration. 234,320,643 99.68% 743,828 0.32% 235,064,471 71,486
======================= ====== ================== ====== ===================== ===================
13. To
authorise the
Directors
to allot
securities
(s.551
of the
Companies Act
2006). 233,946,000 99.61% 924,981 0.39% 234,870,981 264,976
======================= ====== ================== ====== ===================== ===================
14. To disapply
pre-emption
rights (s.570
and s.573 of
the Companies
Act 2006) 232,817,740 99.13% 2,041,608 0.87% 234,859,348 276,609
======================= ====== ================== ====== ===================== ===================
15. To disapply
pre-emption
rights (s.570
and s.573 of
the Companies
Act 2006) up
to a further
5% for
acquisitions
or specified
capital
investments. 234,556,190 99.87% 303,158 0.13% 234,859,348 276,609
======================= ====== ================== ====== ===================== ===================
16. To
authorise the
Company
to repurchase
its own Shares
(s.701 of the
Companies Act
2006). 225,537,069 96.03% 9,328,837 3.97% 234,865,906 270,051
======================= ====== ================== ====== ===================== ===================
17. To
authorise the
Directors
to call
general
meetings of
the Company
(other than an
annual general
meeting) on
not less than
14 clear days'
notice. 233,193,832 99.29% 1,676,418 0.71% 234,870,250 265,707
======================= ====== ================== ====== ===================== ===================
The Board thanks all investors for their support through
participation in the AGM votes and is pleased that resolutions 1-2
and 4-17, including the Company's Remuneration Policy, were
approved by shareholders representing over 90% of the share capital
voted. The Remuneration Policy followed consultation with investors
and is intended to be applied over the next three years.
In the context of approval of its Remuneration Policy, and the
Director salary and fee reductions announced on 12 May, the Company
is disappointed at the vote of 20.79% against resolution 3, the
advisory vote on the Directors' Remuneration Report. The
Remuneration Committee intends to consider the position again once
the market has normalised. In accordance with provision 4 of the
Corporate Governance Code, the Company will publish an update on
views received from shareholders, and actions taken, within six
months of the AGM. It will also publish a final summary together
with any further steps in the next annual report.
For further information, please contact:
Pharos Energy plc Tel: 0207 603 1515
Tony Hunter, Company Secretary
Notes to editors
Pharos Energy is an independent oil and gas exploration and
production company with a focus on sustainable growth and returns
to stakeholders, headquartered in London and listed on the London
Stock Exchange.
Pharos has production, development and exploration interests in
Egypt, Israel and Vietnam.
In Egypt, Pharos holds a 100% working interest in the El Fayum
oil concession in the low-cost and highly prolific Western Desert,
one of Egypt's most established and prolific hydrocarbon basins.
The concession produces from 10 fields and is located 80 km south
west of Cairo and close to local energy infrastructure. It is
operated by Petrosilah a 50/50 JV between Pharos and Egyptian
General Petroleum Corporation (EGPC). Pharos is also an operator
with 100% working interest in the North Beni Suef (NBS) Concession
which is located immediately south of the El Fayum concession.
In Israel, Pharos together with Cairn Energy plc and Israel's
Ratio Oil Exploration, were successful in their bid for eight
blocks in the second offshore bid round in Israel. Each party has
an equal working interest and Cairn is the operator.
In Vietnam, Pharos holds a 30.5% working interest in the Te Giac
Trang (TGT) Field in Block 16-1, which is operated by the Hoang
Long Joint Operating Company. Block 16-1 is located in the shallow
water Cuu Long Basin, offshore southern Vietnam and a 25% working
interest in the Ca Ngu Vang (CVN) Field in Block 9-2, which is
operated by the Hoan Vu Joint Operating Company. Block 9-2 is
located in the shallow water Cuu Long Basin, offshore southern
Vietnam. Pharos also holds a 70% interest in and is designated
operator of Blocks 125 & 126, located in the moderate to deep
water Phu Khanh Basin, north east of the Cuu Long Basin, offshore
central Vietnam.
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END
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