TIDMOPHR
RNS Number : 8198X
Ophir Energy Plc
10 May 2016
Ophir Energy PLC
("Ophir" or the "Company")
Results of Annual General Meeting
London 10 May 2016: Ophir Energy plc ("Ophir" or "the Company")
held its Annual General Meeting today, 10 May 2015, at Linklaters
LLP, 1 Silk Street, London, EC2Y 8HQ. All resolutions were put to
the meeting on a poll, the full results of which are given
below.
Resolutions 1 -14 and 18 to 20 were proposed as ordinary
resolutions and resolutions 15 to 17 were proposed as special
resolutions. A poll was conducted on all resolutions put to the
meeting, the full results of which are set out below.
Resolutions Votes For Votes Against Votes
Withheld
----------------------------- --------------------- -------------------- -----------
Number % Number %
--- ------------------------ ------------ ------- ------------ ------ -----------
To receive the
2015 Annual Report
1 & Accounts 569,292,500 100.00 17,400 0.00 398,490
--- ------------------------ ------------ ------- ------------ ------ -----------
To approve the
2 Remuneration Policy 501,283,276 87.99 68,411,336 12.01 13,778
--- ------------------------ ------------ ------- ------------ ------ -----------
To approve the
3 Remuneration Report 372,083,609 65.73 193,969,389 34.27 3,655,391
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect William
(Bill) Schrader
4 as a Director 567,831,800 99.89 609,545 0.11 1,267,045
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect Nicholas
5 Cooper as a Director 548,417,059 96.26 21,289,890 3.74 1,441
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect William
(Bill) Higgs as
6 a Director 569,372,584 99.94 333,682 0.06 2,124
--- ------------------------ ------------ ------- ------------ ------ -----------
To elect Anthony
(Tony) Rouse as
7 a Director 569,270,411 99.94 335,222 0.06 102,757
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect Ronald
(Ron) Blakely
8 as a Director 563,229,607 98.86 6,477,342 1.14 1,441
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect Carol
9 Bell as a Director 528,182,390 94.13 32,937,221 5.87 8,588,778
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect Alan
10 Booth as a Director 569,371,821 99.94 335,128 0.06 1,441
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-elect Vivien
11 Gibney as a Director 569,368,674 99.94 338,275 0.06 1,441
--- ------------------------ ------------ ------- ------------ ------ -----------
To re-appoint
Ernst & Young
12 LLP as Auditor 564,983,489 99.17 4,721,109 0.83 3,792
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
Directors to set
the remuneration
13 of the Auditor 568,973,790 99.87 729,490 0.13 5,110
--- ------------------------ ------------ ------- ------------ ------ -----------
To give authority
14 to allot shares 524,895,843 92.34 43,534,527 7.66 1,278,020
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
Company to allot
securities for
cash on a pre-emptive
15 basis* 443,603,769 90.48 46,648,586 9.52 79,456,035
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
purchase of its
own shares by
16 the Company* 563,884,378 98.98 5,815,603 1.02 8,409
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
Company to call
a general meeting
of shareholders
on not less than
14 days' clear
17 notice* 554,687,648 97.36 15,015,416 2.64 5,325
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
Company and its
subsidiaries to
make political
18 donations 543,884,279 95.47 25,809,371 4.53 14,740
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
Company to introduce
a new employee
share plan - Ophir
Energy Long-Term
Value Creation
19 Plan 2016 538,193,815 94.47 31,510,725 5.53 3,850
--- ------------------------ ------------ ------- ------------ ------ -----------
To authorise the
Company to amend
the rules of the
Ophir Energy Long-term
Incentive Plan
20 2011 569,638,983 99.99 58,922 0.01 10,485
--- ------------------------ ------------ ------- ------------ ------ -----------
* Special Resolution
As at the 6 May 2016, being the final date for proxy voting, the
Company had 746,019,407 ordinary shares in issue. The Company holds
shares in treasury and therefore the number of total voting rights
as at the date of the AGM was 706,067,045. In accordance with the
Company's Articles of Association, every member who is present in
person or by proxy has one vote for every share held. The
scrutineer of the poll was Equiniti Limited, the Company's Share
Registrar.
Note that a "vote withheld" is not a vote in law and has not
been included in the calculation of votes "for" and "against" each
resolution. Proxy appointments which gave discretion to the
Chairman have been included in the "for" total.
In accordance with Listing Rule 9.6.2, copies of the resolutions
which constitute special business at the AGM will shortly be
submitted to the National Storage Mechanism and will be available
for inspection at www.Hemscott.com/nsm.do
The resolution to approve the Remuneration Report was passed
with a vote of 65.73%. There were a significant number of votes
opposing this resolution. We have already engaged with a number of
shareholders to discuss their concerns which centered around the
disclosure of targets in respect of the bonus scheme and the
perceived overlap between the LTIP award in 2016 and the new Value
Creation Plan (which was approved with a 94.47% vote).
We have committed to include a fuller disclosure next year of
the 2015 targets and the performance against those targets as well
as the 2016 targets (for details see appendix). With regard to the
share schemes, the 2016 LTIP awards relate to performance in 2015
and the new Value Creation Plan relates to performance from 2016
onwards. There will be no further LTIP awards. We will continue to
engage with our shareholders on such matters.
For Further Information please contact:
Ophir Energy plc +44 (0)20 7811 2400
Philip Laing, General Counsel & Company Secretary
Notes to Editors
Ophir Energy (OPHR.LN) is an, upstream oil and gas exploration
company which is a member of the FTSE 250. The Group's headquarters
are located in London (England). Ophir has a large portfolio of
assets across Africa and Asia.
For further information on Ophir, please refer to
www.ophir-energy.com
Appendix - Performance Target Disclosure
We are committed to being open and transparent with our
disclosure on annual bonus targets and our intention is to include
full disclosure next year of (a) the 2015 targets and (b)
performance against the 2015 targets, not fully disclosed in this
year's Directors' Remuneration Report (i.e. the actual target
ranges where it was appropriate to set and disclose these).
There will remain a small number of targets that we will not be
in a position to disclose for reasons of continuing sensitivity
(e.g. we cannot provide details of exit strategies for certain
assets as this is, and will remain, price sensitive as we could be
inadvertently inviting bids for our assets at a 'known' minimum
exit price based on what we have disclosed which we would want to
avoid).
The areas of 2015 additional bonus disclosure we are committed
to provide full retrospective disclosure on, as a minimum, in next
year's Remuneration Report (since they will no longer be price
sensitive) include:
-- Stating the names of the acquired seismic data on which we completed our first inspection
-- The TRIR target and actual performance against it
-- Setting out the actual risked additions target versus the additions we made
-- Stating the actual spend against the actual budgeted targets
for cash flow, working capital and G&A
-- Stating the actual divestment target for Mmboe
-- Stating the actual net G&A target and result
Including the above, added to this year's full disclosures,
would in effect provide full retrospective disclosure apart from
asset exit strategies for the reasons noted above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RAGEADSEFFDKEFF
(END) Dow Jones Newswires
May 10, 2016 09:15 ET (13:15 GMT)
Ophir Energy (LSE:OPHR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Ophir Energy (LSE:OPHR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
