Bahamas Petroleum Company PLC Result of AGM (0416U)
July 24 2020 - 6:28AM
UK Regulatory
TIDMBPC
RNS Number : 0416U
Bahamas Petroleum Company PLC
24 July 2020
24 July 2020
Bahamas Petroleum Company plc
("BPC", "Bahamas Petroleum" or the "Company")
Result of AGM
Bahamas Petroleum, the oil and gas exploration company with
significant prospective resources in licences in The Commonwealth
of The Bahamas, is pleased to announce that at the Company's Annual
General Meeting held earlier today, all resolutions were passed
with the exception of Resolution 3.
Resolution 3 had proposed the expansion of the Company's
available pool of employee options for future allocation at the
discretion of the Board. Those employee options had been proposed
with performance hurdles linked to delivery of value-creating
business objectives, an exercise price in excess of the current
share price, and a resultant aggregate employee share pool of less
than 8.5% of the Company's fully diluted share capital. In the
Board's view, this thus constituted an entirely normal employee
option proposal, designed to align the interests of employees with
shareholders, and comparable to arrangements in place at many
similar companies. It is for this reason that the Board had
unanimously recommended Resolution 3 to shareholders. Acknowledging
the lack of shareholder support for this resolution at this time,
the Company will seek to develop alternative incentivisation
strategies, so as assist in ongoing processes to recruit,
incentivise and retain high-quality employees.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney / Jack Botros 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs 408 4090
CAMARCO
Billy Clegg / James Crothers / Hugo Liddy
ENDS
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END
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