REG - Caspian Sunrise plc - Result of AGM and matters discussed

Caspian SunriseAnnouncement

25/06/2025 13:00

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RNS Number : 4076O  Caspian Sunrise plc  25 June 2025

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MJF and South Yelemes shallow structures, would not be published before the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            +44 (0) 203 829 5000

  James Joyce

   James Bavister

   Andrew de Andrade

 

This announcement has been posted to:

www.caspiansunrise.com/investors (http://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 (http://www.caspiansunrise.com/investors)

 

 

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