REG - Trinity Exploration - Results of the 2024 Annual General Meeting

Trinity Exploration & ProductionAnnouncement

24/06/2024 18:00

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RNS Number : 6696T  Trinity Exploration & Production  24 June 2024

24 June 2024

 

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

 

Results of the 2024 Annual General Meeting

 

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, advises that it held its Annual
General Meeting ("AGM") earlier today.

 

The resolutions put to the AGM were voted on by way of a poll and the results
are as follows:

 

 Resolutions  For         %      Against           %      Withheld
 1            18,849,598  99.40  113,648           0.60   1,590
 2            17,614,827  92.93  1,339,870         7.07   10,139
 3            18,827,025  99.28  136,221           0.72   1,590
 4            18,825,089  99.30  132,157           0.70   7,590
 5            18,376,853  96.94  580,393           3.06   7,590
 6            18,376,853  96.94       580,393      3.06   7,590
 7            9,412,066   49.63  9,551,180         50.37  1,590
 8            9,388,518   49.51  9,574,728         50.49  1,590
 9            18,831,169  99.30  132,077           0.70   1,590

 

 

A "Vote withheld" is not a vote in law and is not counted in the calculation
of the percentage of shares voted "For" or "Against" any resolution.

 

Resolutions 1 to 6 together with Resolution 9 were put to the meeting and
passed.

 

Resolution 7, an Ordinary Resolution granting the Directors power to allot
shares, and which required 50 per cent. of the votes cast to be in favour in
order to pass, has failed.  Resolution 8, a Special Resolution which provides
the Directors under Resolution 7 to allot shares without pre-emptive rights,
and which required 75 per cent. of the votes cast to be in favour in order to
pass, has also failed.

 

Nicholas Clayton, Non-Executive Chair of Trinity Exploration & Production
plc, commented:

 

"This is the second consecutive year that shareholders have been unwilling to
support Resolutions which deal with the Board's ability to raise new equity,
and has been a contributing factor to the Company evaluating its strategic
options which ultimately led to the Directors recommending the all share offer
from Touchstone."

 

 

Enquiries:

 Trinity Exploration & Production plc                        Via Vigo Consulting

 Jeremy Bridglalsingh, Chief Executive Officer

 Julian Kennedy, Chief Financial Officer

 Nick Clayton, Non- Executive Chairman

 Houlihan Lokey UK Limited (Financial Adviser to Trinity)    +44 (0)20 7839 3355

 Tom Hughes

 Tim Richardson

 SPARK Advisory Partners Limited (Nominated Adviser)         +44 (0)20 3368 3550

 Mark Brady

 James Keeshan

 Cavendish Capital Markets Limited (Broker)                  +44 (0)20 7397 8900

 Leif Powis                                                  +44 (0)131 220 6939

 Derrick Lee

 Neil McDonald

 Vigo Consulting Limited                                     t (mailto:trinity@vigoconsulting.com) rinity

                                                           (mailto:trinity@vigoconsulting.com) @vigoconsulting.com
 Finlay Thomson                                              (mailto:trinity@vigoconsulting.com)

 Patrick d'Ancona                                            +44 (0)20 7390 0230

 

 

About Trinity (www.trinityexploration.com (http://www.trinityexploration.com)
)

 

Trinity is an independent oil production company focused solely on Trinidad
and Tobago.  Trinity operates producing and development assets both onshore
and offshore, in the shallow water West and East Coasts of Trinidad.
Trinity's portfolio includes current production, significant near-term
production growth opportunities from low-risk developments and multiple
exploration prospects with the potential to deliver meaningful
reserves/resources growth.  The Company operates all of its ten licences and,
across all of the Group's assets, management's estimate of the Group's 2P
reserves as at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources
are estimated to be 48.88 mmbbls.  The Group's overall 2P plus 2C volumes are
therefore 66.84 mmbbls.

 

On 1 May 2024, the board of directors of each of Trinity and Touchstone
Exploration Inc (TSX, LSE: TXP) ("Touchstone") announced that they had reached
agreement on the terms of a recommended all share offer pursuant to which
Touchstone will acquire the entire issued and to be issued ordinary share
capital of Trinity (the "Acquisition").  The Acquisition is to be effected by
means of a scheme of arrangement under Part 26 of the Companies Act.  Further
information on the Acquisition can be found on Trinity's website
at: https://trinityexploration.com/investors/touchstone-offer/
(https://trinityexploration.com/investors/touchstone-offer/) .

 

Trinity is quoted on AIM, a market operated and regulated by the London Stock
Exchange Plc, under the ticker TRIN.

 

 

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