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 2023. | 4,030,445,851 | 99.95% | 2,137,205 | 0.05% | 4,032,583,056 | 8,131,112 |
| 2. To re-appoint Gravita Audit Limited as auditors to the Company and to authorise the Directors to determine their remuneration. | 4,027,982,996 | 99.89% | 4,324,198 | 0.11% | 4,032,307,194 | 8,406,974 |
| 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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