Independent Oil &Gas - AGM Update
In light of the government's ongoing response to the COVID-19 outbreak, banning all non-essential travel and gatherings of more than two people, which includes confirmation by the
Voting will take place as usual on a show of hands and if the Company is of the view that this does not reflect the proxy votes, the Chair will direct voting to be by poll. Shareholders may listen to the formal AGM proceedings by dialling in to +44 (0) 330 336 9411 pin code 1556557 but will not be able to vote by telephone, as the Company's articles of association do not permit this.
Immediately after the formal business of the meeting the Company will on the same call give a corporate update presentation which will be made available on the Company's website at https://www.iog.co.uk/investors/ and shareholders will have the opportunity to ask questions.
As part of the resolutions being proposed, the Company is seeking authority (in resolution 7) to issue ordinary shares for cash on a non pre-emptive basis up to 20 per cent of the Company's current issued share capital. Following discussions with shareholders, the Company has agreed that whilst it will put this resolution to the meeting, the Board will commit that this authority would only be used, if at all, up to an aggregate number of ordinary shares equivalent to 10 per cent of the Company's current issued share capital. Having taken advice in the current climate, the Company deemed a limit of 20 per cent to be appropriate and in line with current guidelines. However, the Board has also listened to the legitimate views of shareholders and has agreed to commit to the lower level of 10 per cent.
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
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IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the
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Quick facts: Independent Oil & Gas PLC
Market Cap: £73.23 m
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