REG - Baron Oil PLC - Result of AGM and Change of Name

Baron OilAnnouncement

21/06/2024 12:30

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RNS Number : 4355T  Baron Oil PLC  21 June 2024

21 June 2024

 

Baron Oil Plc

("Baron" or the "Company" or the "Group")

 

Result of Annual General Meeting and Change of Name

 

Baron Oil (AIM: BOIL) announces that at the Company's Annual General Meeting
("AGM"), held earlier today, all resolutions were duly passed with the
following table summarising proxy votes received and votes cast at the
meeting:

 

  RESOLUTIONS                                                                   NO OF VOTES FOR  % OF VOTES CAST (EXCLUDING VOTES WITHELD)  NO OF VOTES AGAINST  % OF VOTES CAST (EXCLUDING VOTES WITHELD)  TOTAL VOTES CAST (EXCLUDING VOTES WITHHELD)  NO OF VOTES WITHHELD
 ORDINARY
 1.     To receive the Accounts for the financial year ended 31 December        4,030,445,851    99.95%                                     2,137,205            0.05%                                      4,032,583,056                                8,131,112
 2023.
 2.     To re-appoint Gravita Audit Limited as auditors to the Company and      4,027,982,996    99.89%                                     4,324,198            0.11%                                      4,032,307,194                                8,406,974
 to authorise the Directors to determine their remuneration.
 3.     To re-appoint Mr Gerry Aherne as a Director of the Company              4,006,920,159    99.77%                                     9,335,567            0.23%                                      4,016,255,726                                24,458,442
 4.     To re-appoint Mr Keith Bush as a Director of the Company                2,307,564,185    58.54%                                     1,633,961,803        41.46%                                     3,941,525,988                                99,188,180
 5.     To re-appoint Dr Andrew Butler as a Director of the Company             4,025,647,103    99.88%                                     4,949,953            0.12%                                      4,030,597,056                                10,117,112
 6.     To re-appoint Dr John Chessher as a Director of the Company             4,003,056,636    99.71%                                     11,474,952           0.29%                                      4,014,531,588                                26,182,580
 7.     To authorise the Directors to issue and allot new shares.               3,854,048,245    95.83%                                     167,610,005          4.17%                                      4,021,658,250                                19,055,918
 SPECIAL
 8.     To disapply pre-emption rights for Resolution 7.                        3,893,351,683    96.77%                                     129,890,705          3.23%                                      4,023,242,388                                17,471,780
 9.     To approve the change of name of the Company to Sunda Energy Plc.       3,421,719,467    99.49%                                     17,441,571           0.51%                                      3,439,161,038                                8,951,687

 

 

Votes which have been cast at the discretion of the Chairman have been counted
as votes for the resolutions. Votes withheld are not votes in law and do not
count in the number of votes counted for or against a resolution.

 

Although resolution 4 was passed, the Board notes that this resolution
received more than 41% of votes against the Board's recommendation, equating
to approximately 6.4% of the Company's total voting rights.  The Board is
committed to continuing an open dialogue with the Company's shareholders.
Where it is able to, the Board will continue to seek to engage with those
shareholders who are understood to have voted against the resolution to
understand their views and/or any specific concerns. The Board will reflect on
any such feedback ahead of preparing for the Company's next general meeting.

 

Change of name

 

Having received shareholder approval at the AGM, the Company's name will be
changed to Sunda Energy Plc. The relevant paperwork will be filed with
Companies House shortly and a further announcement will be made when the name
change is formally effective. Upon the change of name becoming effective, the
Company's TIDM will change from "BOIL" to "SNDA".

 

The ISIN and SEDOL numbers for the Company's ordinary shares will remain
unchanged as GB00B01QGH57 and B01QGH5 respectively.

 

Shareholders are unaffected by the changes and existing share certificates
will remain valid and should be retained.

 

 

For further information, please
contact:

Baron Oil
Plc
+44 (0) 20 7117 2849

Andy Butler, Chief Executive

Rob Collins, Chief Financial Officer

 

Allenby Capital
Limited
+44 (0) 20 3328 5656

Nominated Adviser and Joint Broker

Nick Athanas, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

 

Cavendish Capital Markets
Limited                         +44 (0) 131 220 6939 /
+44 (0) 207 397 8900

Joint Broker

Neil McDonald, Pearl Kellie (Corporate Finance)

Leif Powis (Sales)

 

IFC Advisory
Limited
+44 (0) 20 3934 6630

Financial PR and
IR
baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

 

 

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