REG - Europa Oil & Gas - Attempted Requisition of General Meeting

Europa Oil & Gas (Holdings)Announcement

27/11/2023 07:00

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RNS Number : 6722U  Europa Oil & Gas (Holdings) PLC  27 November 2023

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil
& Gas

 

27 November 2023

 

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

 

Attempted Requisition of General Meeting

 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil
and gas exploration and production company, announces that it has received a
letter from a group of shareholders, including Paul Barrett and Erika Syba
(the "Requisitioning Shareholders"), who own a combined shareholding of
approximately 5.24% of the Company's issued share capital, attempting to
requisition a general meeting of the Company's shareholders (the
"Requisition") under section 303 of the Companies Act 2006 (the "Act") to
consider resolutions to remove William Holland and Alastair Stuart from the
Board of directors and to replace them with Paul Barrett and Erika Syba.

The Board of Europa notes that both Paul Barrett and Erika Syba are former
directors of the Company, who resigned from their respective Board positions
on 21 October 2011 and 31 August 2010 respectively, and have previously
unsuccessfully attempted to requisition a general meeting, with similar
resolutions, as announced on 8 January 2014.

Whilst the Company recognises certain members have the right to convene a
general meeting under the Act, this has to be balanced against due and proper
process and the prudent use of shareholder resources.  Having taken legal
advice, the Board has ascertained that the documentation as received is
materially deficient and is therefore not a valid requisition notice under
section 303 of the Act. The Company is writing to the Requisitioning
Shareholders to explain the deficiencies in the Requisition.

If the Company subsequently receives a valid requisition notice from the
Requisitioning Shareholders, the Board will respond to it in accordance with
the Act and will share its detailed views on the proposals with shareholders.
However, in summary, the Board does not believe that the proposed resolutions
would be in the best interests of the Company and none of the Directors would
vote in favour of such resolutions were they to be proposed.

On 24 November 2023, shortly after submitting the Requisition, the Company was
informed by a representative of the Requisitioning Shareholders that a further
requisition was going to be submitted, removing the resolution relating to the
removal of Alastair Stuart, in light of the support he received at the Annual
General Meeting held the previous day.

Shareholders are advised to take no action at this time. Further announcements
will be made in due course as and when appropriate.

 

* * ENDS * *

For further information, please visit www.europaoil.com
(http://www.europaoil.com/)  or contact:

 William Holland / Louise Armstrong  Europa Oil & Gas (Holdings) plc                            mail@europaoil.com
 James Dance / James Spinney         Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494
 Peter Krens                         Tennyson Securities                                        +44 (0) 20 7186 9033
 Patrick d'Ancona / Finlay Thomson   Vigo Consulting                                            + 44 (0) 20 7390 0230

 

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