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At its AGM on June 25, 2025, Caspian Sunrise PLC shareholders carried all seven proposed resolutions, with 'for' votes ranging from 99.75% to 99.87%. The resolutions included the re-election of Kuat Oraziman and Aibek Oraziman and the reappointment of PKF Littlejohn LLP as auditors. The Company confirmed its 2024 Audited Financial Statements will not be published before the end of June 2025, leading to a suspension of trading in its shares from July 1, 2025, until their publication.
| Date | 25 Jun 2025 |
| Time | 12:57:37 |
| Category | AGMs and other meetings |
| ID | 4076O |
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company" and together with its subsidiaries, the "Group")
AGM voting and matters discussed
Voting results
At the AGM held today all resolutions were carried with the following votes cast:
|
Resolution |
Votes for |
% |
Votes against |
% |
|
|
|
|
|
|
|
|
|
1 |
Re-election of Kuat Oraziman |
1,283,037,899
|
99.78
|
2,809,760 |
0.22 |
|
2 |
Re-election of Aibek Oraziman |
1,283,037,899
|
99.78
|
2,809,760
|
0.22
|
|
3 |
Reappointment of PKF Littlejohn LLP as auditors |
1,284,100,656
|
99.87
|
1,646,332
|
0.13
|
|
4 |
Directors to set audit fees |
1,283,732,687
|
99.84
|
2,014,301
|
0.16
|
|
5 |
Disapplication of S 551 |
1,282,966,279
|
99.77
|
2,910,709
|
0.23
|
|
6 |
Directors allowed to allot shares |
1,283,009,444
|
99.78
|
2,838,215
|
0.22
|
|
7 |
Share buy-back authority |
1,282,819,294
|
99.75
|
3,158,365
|
0.25
|
Publication of the 2024 Audited Financial Statements
Clive Carver confirmed that the Financial Statements for the year ended 31 December 2024, which the Company had previously announced were being delayed pending the completion of the $88 million disposal of the BNG Contract Area's MJF and South Yelemes shallow structures, would not be published before the end of June 2025. Therefore from 1 July 2025 until the 2024 Financial Statements are published, and in accordance with the AIM Rules, trading in the Company's shares would be suspended until such time as the 2024 Financial Statements are published.
Comments made in connection with the costs and benefits of maintaining the Company's AIM quotation
In response to a shareholder question regarding the costs and benefits for the Company in maintaining the AIM quotation, Clive Carver estimated the external costs to be in the order of $0.7 million, with additional significant internal costs. He also noted the extremely illiquid market, which effectively denies existing shareholders the ability to trade even relatively small holdings, and the very large discount of the share price compared to the board's commercial assessment of the value of the Company's underlying assets.
He believed given the current state of the market the benefits were mostly intangible.
Contacts:
|
Zeus
James Joyce |
+44 (0) 203 829 5000 |
James Bavister
Andrew de Andrade
This announcement has been posted to:
www.caspiansunrise.com/investors
The person responsible for arranging the release of this announcement on behalf of the Company is Clive Carver, Chairman of the Company.
This announcement has been posted to:
www.caspiansunrise.com/investors