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Challenger Energy Group PLC shareholders approved the disposal of CEG Trinidad and its subsidiary entities, representing all of the Company's business in Trinidad and Tobago, at an Extraordinary General Meeting on 27 March 2025. The resolution passed with 37,124,240 votes (99.93% of votes cast) for and 27,397 votes (0.07%) against. This disposal, initially announced on 18 February 2025, remains subject to approval from Heritage Petroleum Limited, with anticipated completion by 30 April 2025.
| Date | 27 Mar 2025 |
| Time | 11:35:59 |
| Category | AGMs and other meetings |
| ID | 5297C |
27 March 2025
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
Result Of EGM
Challenger Energy (AIM: CEG), announces that at the extraordinary general meeting ("EGM") held earlier today, the resolution put forward to shareholders to approve the disposal of CEG Trinidad and its various subsidiary entities that collectively represent all of the Company's business, assets, undertakings and operations in Trinidad and Tobago was duly passed.
The poll results were as follows:
|
Resolution |
Votes For |
% of votes cast |
Votes Against |
% of votes cast |
Withheld* |
|
1 - Approval of Trinidad Disposal |
37,124,240 |
99.93% |
27,397 |
0.07% |
8,475,558 |
*A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' or 'Against' any of the resolutions
As a result of the meeting, the disposal of all of the Company's remaining business in Trinidad and Tobago, as announced on 18 February 2025 (the "Transaction"), has now been approved by shareholders but remains subject to obtaining approval from Heritage Petroleum Limited, the state-owned national oil company of Trinidad and Tobago, as a condition precedent to complete the Trinidad Disposal. Anticipated completion is due to occur by 30 April 2025.
Unless otherwise defined, all capitalised terms in this announcement have the meaning given to them in the Notice of EGM published on 28 February 2025.
For further information, please contact:
|
Challenger Energy Group PLC Eytan Uliel, Chief Executive Officer |
Tel: +44 (0) 1624 647 882 |
|
Zeus - Nomad and Joint Broker Antonio Bossi / Darshan Patel / George Duxberry |
Tel: +44 (0) 20 3829 5000 |
|
Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick / Paul Weidman / Doug Rycroft |
Tel: +44 (0) 20 3983 9263 |
|
CAMARCO - Financial PR Billy Clegg / Georgia Edmonds / Emily Hall |
Tel: +44 (0) 20 3757 4980 |
|
Jonathan Paterson - Investor Relations |
Tel: +1 475 477 9401 |
Notes to Editors
Challenger Energy is an Atlantic-margin focused energy company, with a current high-impact position in Uruguay, where the Company holds two offshore exploration licences, totalling 19,000km2 (gross) and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM market of the London Stock Exchange.
ENDS