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| Date | 6 Jun 2023 |
| Time | 09:02:05 |
| Category | AGMs and other meetings |
| ID | 7931B |
EnQuest PLC ("EnQuest" or the "Company")
Voting results of the Annual General Meeting held on 5 June 2023
EnQuest announces that at the Company's Annual General Meeting held today, all resolutions set out in the Notice of Annual General Meeting and put to the meeting were passed by the requisite majority by way of a poll.
The results of the poll are set out below. The number of ordinary shares in issue is 1,885,924,339.
|
Resolution |
For * |
% |
Against |
% |
Withheld ** |
|
|
1
|
Annual Report & Accounts 2022 |
893,535,854 |
99.95 |
469,813 |
0.05 |
4,634,354 |
|
The Directors are required to lay the Annual Report and Accounts before the shareholders each year at the AGM, including the reports of the Directors and Auditor. |
||||||
|
2
|
Re-election of Amjad Bseisu |
877,132,916 |
97.61 |
21,489,151 |
2.39 |
17,954 |
|
3
|
Election of Salman Malik |
897,233,764 |
99.86 |
1,259,153 |
0.14 |
147,104 |
|
4
|
Election of Gareth Penny |
889,007,532 |
98.94 |
9,487,484 |
1.06 |
145,005 |
|
5
|
Re-election Farina Khan |
827,571,564 |
92.11 |
70,921,353 |
7.89 |
147,104 |
|
6
|
Re-election of Rani Koya |
888,099,235 |
99.23 |
6,852,314 |
0.77 |
3,688,472 |
|
7
|
Re-election of Liv Monica Stubholt |
895,883,440 |
99.71 |
2,600,576 |
0.29 |
156,005 |
|
The Directors have the power to appoint a Director during the year but any person so appointed must stand for election at the next AGM. A retiring Director is eligible to stand for re-election and, in accordance with best practice, each continuing Director stands for election or re-election at each AGM. Salman Malik and Gareth Penny stood for election having both been appointed during the year. Amjad Bseisu, Farina Khan, Rani Koya and Liv Monica Stubholt stood for re-election. Carl Hughes, John Winterman and Howard Paver did not stand for re-election and, accordingly, have stepped down from the Board following the conclusion of the 2023 AGM. |
||||||
|
8 |
Re-Appointment of auditor
|
898,123,993 |
99.96 |
377,965 |
0.04 |
138,063 |
|
9 |
Authority to set auditor remuneration |
898,007,077 |
99.95 |
487,603 |
0.05 |
145,341 |
|
The above resolutions serve to re-appoint Deloitte LLP as auditor of the Company to hold office from the conclusion of the AGM until the conclusion of the next AGM, at which accounts are laid before the Company, and to authorise the Audit Committee to set the auditor's remuneration. |
||||||
|
10 |
Directors' Remuneration Report |
765,121,393 |
85.73 |
127,331,465 |
14.27 |
6,187,163 |
|
This resolution approves the Directors' Remuneration Report, other than the part containing the Directors' Remuneration Policy for the financial year ended 31 December 2022. The current Directors' Remuneration Policy was approved at the 2021 AGM. The Report gives details of the payments and share awards made to Directors during the year ended 31 December 2022. This resolution constituted an advisory vote and no entitlement of a Director to remuneration is conditional upon it. |
||||||
|
11 |
Political Donations |
893,887,182 |
99.88 |
1,053,618 |
0.12 |
3,699,221 |
|
The Company does not make, nor intends to make, any political expenditure or donations. However, the Directors decided to seek shareholders' authority for political expenditure and donations incurred by the Company and its subsidiaries as the definition of political expenditure and donations under the Companies Act is very broad and could encompass activities in the normal course of business. The authority is capped at £60,000 for the year and expires at the next AGM or 30 June 2024, if earlier. |
||||||
|
12 |
Authority to allot shares |
894,029,107 |
99.49 |
4,602,507 |
0.51 |
8,407 |
|
Directors may only allot shares and grant rights to subscribe for, or convert any security into, shares if authorised to do so. This resolution allows Directors to allot ordinary shares up to one-third of the existing share capital or two- thirds of the existing share capital in connection with a rights issue. This authority will expire at the conclusion of the next AGM or 30 June 2024, if earlier. |
||||||
|
13*** |
Disapplication of pre-emption rights |
883,995,569 |
98.39 |
14,466,626 |
1.61 |
177,826 |
|
This resolution permits the Directors to allot equity securities or sell treasury shares for cash and otherwise than to existing shareholders pro rata to their holdings up to 5% of the Company's issued share capital as at 27 April 2023. This authority will expire at the next AGM or 30 June 2024, if earlier. |
||||||
|
14*** |
Authority to purchase own shares |
894,697,737 |
99.58 |
3,791,006 |
0.42 |
151,278 |
|
This resolution gives the Company authority to purchase its own shares in the market up to a limit of 10% of its issued ordinary share capital. This authority will expire at the next AGM or 30 June 2024, if earlier. |
||||||
|
15*** |
Authority to call a general meeting not less than 14 days' notice
|
877,500,726 |
97.66 |
20,996,895 |
2.34 |
142,400 |
|
This resolution permits the Company to call a general meeting, other than an Annual General Meeting, on short notice, provided electronic voting is made available to all shareholders for that meeting. |
||||||
* Includes discretionary votes
** A vote withheld is not a vote in law and is not counted for the purposes of the calculation of the proportion of votes 'For' or 'Against' a resolution
*** Indicates a Special Resolution
The full text of each resolution can be found in the Notice of Meeting which is available on the Company's website, www.enquest.com
The Company will submit to the National Storage Mechanism copies of the Resolutions passed at the Annual General Meeting and these will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
EnQuest remains focused on its strong balance sheet and its ongoing deleveraging strategy. As part of this financial policy, the Group will continue to assess funding opportunities to optimise the capital structure and manage its debt facilities, including engagement with sterling fixed income investors regarding a tap issue and exchange offer related to its retail bonds, which may follow subject to market conditions.
ENDS
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Chris Sawyer (Company Secretary)
Notes to editors
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent production and development company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the operator of choice for maturing and underdeveloped hydrocarbon assets by focusing on operational excellence, differential capability, value enhancement and financial discipline.
EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.
Please visit our website www.enquest.com for more information on our global operations.