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 16th February, will now be
reconvened at 1100 hrs on Tuesday 5th March 2024 at
8th 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 16th
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
1st 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
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