REG - UK Oil & Gas PLC - Notice of General Meeting Resumption

UK Oil & GasAnnouncement

23/02/2024 13:15

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RNS Number : 3136E  UK Oil & Gas PLC  23 February 2024

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Notice of General Meeting Resumption

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the
General Meeting ("GM") which was adjourned on Friday 16(th) February, will now
be reconvened at 1100 hrs on Tuesday 5(th) March 2024 at 8(th) Floor, The
Broadgate Tower, 20 Primrose Street, London EC2A 2EW ("Reconvened GM").

Please note that valid proxy instructions that were submitted for the GM of
16(th) February 2024 will remain valid for the Reconvened GM and shareholders
who have already voted via proxy do not need to submit a new proxy unless they
wish to change how their proxy should vote. Proxy forms for the Reconvened GM
may be submitted up to 11 a.m. on 1(st) March 2024. Proxy forms must be
submitted in accordance with the instructions set out in the form of proxy set
out in the notice of the Reconvened GM dated today.

The notice of the Reconvened GM will be made available on the Company's
website at and hard copies www.ukogplc.com (http://www.ukogplc.com) will today
be posted to shareholders.

The Company notes queries from shareholders in relation to the deferred B
shares. The deferred B shares are being created solely as an established
method to facilitate the capital reorganisation, consent for which is sought
by Resolutions 1, 2 and 4. The capital reorganisation seeks to reduce the
number of shares to a more manageable level, to satisfy certain obligations
owed by the Company under the funding facility agreement as announced on 28
June 2023 and to reset the nominal share value so as not to hinder the future
issue of new shares should the share price be below the current nominal value.
The Company confirms that the deferred B shares will have no economic value,
no voting rights and will not be admitted to trading. The Company will seek to
cancel the deferred B shares in the future subject to such cancellation being
permitted and it being cost effective to do so.

Resolutions 3 and 5 are being proposed at the Reconvened GM to allow the
Company to raise funds this year to deliver its stated strategy and growth
objectives, which include progressing both the material Loxley gas development
and the strategic Portland hydrogen storage project, one of the largest
planned in the UK. Failure to carry resolutions 3 and 5 will, therefore, mean
that the Company will not be able to fully implement its operational and
growth strategy.

The Directors therefore seek specific shareholder approval for authority to
undertake the necessary capital reorganisation, issue shares and dis-apply
pre-emption rights in respect of those shares in order that the Company can
raise money for its working capital obligations.

The result of the Reconvened GM will be announced shortly after its conclusion
and published on the UKOG website.

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Guzyal
Mukhametzhanova
                                Tel: 01483
941493

 

WH Ireland Ltd (Nominated Adviser and Broker)
 

James Joyce / Andrew de Andrade / James
Bavister
Tel: 020 7220 1666

 

Communications

Brian
Alexander
Tel: 01483 941493

 

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