REG - Deltic Energy PLC - Result of AGM and update on share consolidation

Deltic EnergyAnnouncement

24/05/2023 14:15

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RNS Number : 5456A  Deltic Energy PLC  24 May 2023

 

Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources

 

24 May 2023

 

Deltic Energy Plc ("Deltic" or "the Company")

Result of Annual General Meeting and

Update on Share Consolidation

 

Deltic Energy Plc, the AIM-quoted natural resources investing company with a
high impact exploration and appraisal portfolio focused on the Southern and
Central North Sea, announces the results of the voting on the resolutions put
to its Annual General Meeting held earlier today. All resolutions put to
Shareholders at the meeting were successfully passed.

 

Details of the proxy votes received on each resolution are set out below:

 

 Resolution                                                                   Votes For*   % of votes cast**  Votes Against  % of votes cast**  Total votes cast**  Votes withheld**  % of issued share capital voted**
 1.     To receive and adopt the 2022 annual accounts and reports of the      832,477,167  96.9%              26,668,765     3.1%               859,145,932         1,037,716         46.1%
 Directors and auditors thereon.

 2.     To re‐elect Peter Cowley as a Director of the Company.                715,608,734  83.5%              141,449,824    16.5%              857,058,558         3,125,090         46.0%

 3.     To re‐elect Mark Lappin as a Director of the Company.                 813,381,326  94.9%              43,677,232     5.1%               857,058,558         3,125,090         46.0%

 4.     To re‐elect Graham Swindells as a Director of the Company.            820,156,117  95.6%              37,840,978     4.4%               857,997,095         2,186,553         46.1%

 5.     To appoint PKF Littlejohn LLP as auditors of the Company and to       854,129,567  99.6%              3,622,377      0.4%               857,751,944         2,431,704         46.1%
 authorise the Directors to fix their remuneration.

 6.     To approve the share consolidation.                                   819,513,329  98.9%              9,531,852      1.1%               829,045,181         31,138,467        44.5%

 7.     To authorise the Directors to allot shares.                           817,785,606  95.3%              40,336,691     4.7%               858,122,297         2,061,351         46.1%

 8.     To disapply statutory pre‐emption rights.                             788,099,672  91.7%              71,019,795     8.3%               859,119,467         1,064,181         46.1%

 

*Votes "For" include votes giving the Chairman discretion.

**A 'Vote Withheld' is not a vote in law and has not been counted in the
calculation of the proportion of the votes 'For' and 'Against' a resolution.

 

Share Consolidation

 

The Share Consolidation, as detailed in the Notice of Annual General Meeting
Circular dated 27 April 2023 ("AGM Circular"), was approved by Shareholders
pursuant to resolution 6 which was passed at the Annual General Meeting.

 

The Share Consolidation consists of a consolidation of the existing ordinary
shares of 0.5 pence each in the capital of the Company ("Existing Ordinary
Shares"), such that every 20 Existing Ordinary Shares will be consolidated
into one new ordinary share of 10p each ("New Ordinary Shares").  Following
the Share Consolidation, the Company will have a single class of ordinary
shares of 10p each in issue, being the New Ordinary Shares.

 

Admission

 

Application has been made to the London Stock Exchange for the admission to
trading on AIM of the New Ordinary Shares, which is expected to become
effective and dealings commence at 8.00 a.m. on 25 May 2023 ("Admission").

 

Total Voting Rights and other matters

 

The New Ordinary Shares have a new ISIN and SEDOL code, and the number of
total voting rights in the Company's issued ordinary share capital will
decrease as a result of the Share Consolidation. The ISIN and SEDOL code of
the New Ordinary Shares will be GB00BNTY2N01 and BNTY2N0, respectively.

 

Accordingly, upon Admission, the Company's issued ordinary share capital will
consist of 93,096,600 New Ordinary Shares each with one voting right. The
Company does not hold any ordinary shares in treasury. From Admission, this
figure may be used by Shareholders in the Company as the denominator for the
calculation by which they may determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Unless otherwise defined, capitalised terms used in this announcement have the
same meanings as ascribed to them in the AGM Circular and the Company's
announcement of 27 April 2023.

 

 

 

 

**ENDS**

 Deltic Energy Plc                                                              Tel: +44 (0) 20 7887 2630

 Graham Swindells / Andrew Nunn / Sarah McLeod

 Allenby Capital Limited (Nominated                                             Tel: +44 (0) 20 3328 5656
 Adviser)

 David Hart / Alex Brearley (Corporate Finance)

 Stifel Nicolaus Europe Limited (Joint                                          Tel: +44 (0) 20 7710 7600
 Broker)

 Callum Stewart / Simon Mensley / Ashton Clanfield

 Canaccord Genuity Limited (Joint Broker)                                       Tel: +44 (0) 20 7523 8000

 Adam James / Gordon Hamilton

 Vigo Consulting (IR Adviser)                                                   Tel: +44 (0) 20 7390 0230

 Patrick d'Ancona / Finlay Thomson / Kendall Hill

 

About Deltic Energy Plc

Deltic has created a strategically located portfolio of high-quality gas
exploration licences in the Southern North Sea over a number of licensing
rounds.  These licences are located in areas that have been underexplored
despite significant discoveries such as Tolmount, Breagh, Pegasus and Cygnus,
most of which have gone on to be developed and could provide ready access to
export infrastructure for any future developments on Deltic's licence acreage.

 

 

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