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LUNE - Lundin Energy AB News Story

SEK274 -6.4  -2.3%

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Large Cap
Market Cap £6.76bn
Enterprise Value £9.28bn
Revenue £2.14bn
Position in Universe 113th / 1831

Annual General Meeting of Lundin Energy AB 30 March 2021

Tue 30th March, 2021 12:58pm
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The Annual General Meeting of Shareholders (AGM) of Lundin Energy AB
(Lundin Energy or the Company) was held online today, Tuesday 30 March 2021.

As a consequence of the global COVID-19 pandemic, the Board of Directors
decided to hold the Annual General Meeting as a virtual meeting combined with
an option to vote by post in advance of the Annual General Meeting in
accordance with the Swedish Act on Temporary Exemptions to Facilitate the
Execution of General Meetings in Companies and Associations (SFS 2020:198).

The Company's and the Group's income statements and balance sheets for the
financial year 2020, were adopted and the members of the Board of Directors
and the Chief Executive Officer were discharged from liability for the
financial year 2020.

The AGM resolved that a dividend for the 2020 financial year in the amount of
USD 1.80 per share should be paid in equal quarterly instalments. Before
payment, each quarterly dividend of USD 0.45 per share shall be converted into
a SEK amount based on the USD to SEK exchange rate published by Sweden’s
central bank (Riksbanken) four business days prior to each record date
(rounded off to the nearest whole SEK 0.01 per share). The final USD
equivalent amount received by the shareholders may therefore slightly differ
depending on what the USD to SEK exchange rate is on the date of the dividend
payment. The SEK amount per share to be distributed each quarter will be
announced in a press release four business days prior to each record date.

The key dates for the quarterly dividends are set out in the table below.

 Conversion date    Ex-dividend date  Record date     Expected payment date  
 26 March 2021      31 March 2021     1 April 2021    8 April 2021           
 28 June 2021       1 July 2021       2 July 2021     7 July 2021            
 28 September 2021  1 October 2021    4 October 2021  7 October 2021         
 29 December 2021   4 January 2022    5 January 2022  11 January 2022        

The AGM resolved to approve the Remuneration Report prepared by the Board of

The AGM resolved to remunerate the members of the Board of Directors as
follows: (i) annual fees of the members of the Board of Directors of USD
62,000 (excluding the Chairman of the Board of Directors); (ii) annual fees of
the Chairman of the Board of Directors of USD 130,000; (iii) annual fees for
Committee members of USD 14,700 per Committee assignment (excluding the
Committee Chairs); and (iv) annual fees for Committee Chairs of 20,300; with
the total fees for Committee work, not to exceed USD 193,200.

Peggy Bruzelius, C. Ashley Heppenstall, Ian H. Lundin, Lukas H. Lundin, Grace
Reksten Skaugen, Torstein Sanness, Alex Schneiter, Jakob Thomasen and Cecilia
Vieweg, were re-elected as members of the Board of Directors and Adam I.
Lundin was elected as a new member of the Board of Directors, for a period
until the 2022 AGM.

Ian H. Lundin was re-elected as Chairman of the Board of Directors.

The AGM resolved that auditor's fees shall be paid upon approval of their
invoice. Ernst & Young AB was re-elected as the auditor of the Company for a
period until the 2022 AGM.

Further, the AGM resolved, in accordance with the Board of Directors'
* to approve the long-term incentive plan (LTIP) 2021 for members of Group
Management and a number of key employees, which gives the participants the
possibility to receive shares in Lundin Energy, subject to uninterrupted
employment and the fulfilment of a performance condition over a three year
performance period. The performance condition is based on the share price
growth and dividends (Total Shareholder Return) of the Lundin Energy share,
compared to the Total Shareholder Return of a peer group of companies. The
total number of performance shares under LTIP 2021 as at the date of award may
not exceed 450,000 and the maximum cost for granting awards under LTIP 2021,
excluding costs related to delivery of the performance shares, is
approximately USD 8.9 million (approximately SEK 74.5 million), excluding
social security charges. The total 2021 LTIP cost assumes Lundin Energy share
price of SEK 273.50 as of 24 February 2021;
* to approve delivery of treasury shares held by the Company to the
participants, under the 2021 Long-term, Performance-based Incentive Plan,
subject to applicable terms and conditions;
* to approve an extraordinary cash compensation to a Board member, equally the
former CEO;
* to authorise the Board of Directors to issue new shares and/or convertible
debentures corresponding to in total not more than 28,500,000 new shares, with
or without the application of the shareholders pre-emption rights, in order to
enable the Company to make business acquisitions or other major investments;
* to authorise the Board of Directors to decide on repurchases and sales of
shares in Lundin Energy on Nasdaq Stockholm, where the number of shares
repurchased shall be limited so that shares held in treasury from time to time
do not exceed ten percent of all outstanding shares of the Company.

The two shareholder proposals which were put to the meeting by a minority
shareholder, were both rejected by the shareholders at the AGM.

Lundin Energy is an experienced Nordic oil and gas company that explores for,
develops and produces resources economically, efficiently and responsibly. We
focus on value creation for our shareholders and wider stakeholders through
three strategic pillars: Resilience, Sustainability and Growth. Our high
quality, low cost assets mean we are resilient to oil price volatility, and
our organic growth strategy, combined with our sustainable approach and
commitment to decarbonisation, firmly establishes our leadership role in a
lower carbon energy future. (Nasdaq Stockholm: LUNE). For more information,
please visit us at or download our App

For further information, please contact:

 Edward Westropp VP Investor Relations Tel: +41 22 595 10 14  Robert Eriksson Head of Media Communications Tel: +46 701 11 26 15  

Forward-looking statements 
Certain statements made and information contained herein constitute
“forward-looking information” (within the meaning of applicable securities
legislation). Such statements and information (together, “forward-looking
statements”) relate to future events, including Lundin Energy’s future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and/or resources, future production levels, future capital
expenditures and their allocation to exploration and development activities,
future drilling and other exploration and development activities. Ultimate
recovery of reserves or resources are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves
and resources can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as “seek”, “anticipate”,
“plan”, “continue”, “estimate”, “expect”, “may”,
“will”, “project”, “predict”, “potential”, “targeting”,
“intend”, “could”, “might”, “should”, “believe” and
similar expressions) are not statements of historical fact and may be
“forward-looking statements”. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results
or events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
relied upon. These statements speak only as on the date of the information and
Lundin Energy does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, operational risks (including exploration and development risks),
productions costs, availability of drilling equipment, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading “Risk management” and elsewhere in Lundin Energy’s Annual
Report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from
those expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.

*     Lundin Energy - AGM Decisions 2021 - V5 - 20210330en
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