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LONDON - Challenger Energy Group PLC (AIM: CEG) has announced the successful passage of a resolution during an extraordinary general meeting (EGM) held today, authorizing the sale of its Trinidad and Tobago operations. The disposal includes CEG Trinidad and its subsidiary entities, effectively divesting the company of all its business, assets, undertakings, and operations within the country.
The resolution received overwhelming support from shareholders, with 37,124,240 votes in favor, accounting for 99.93% of the total votes cast, and only 27,397 votes, or 0.07%, against the proposal. Additionally, there were 8,475,558 withheld votes, which are not counted in the final tally of votes for or against the resolutions.
The approval by shareholders is a significant step towards completing the transaction initially disclosed on February 18, 2025. However, the finalization of the sale, known as the Trinidad Disposal, is contingent upon securing approval from Heritage Petroleum Limited, Trinidad and Tobago’s state-owned national oil company. The anticipated completion date for the disposal is set for no later than April 30, 2025.
This strategic move by Challenger Energy is part of broader corporate restructuring efforts. The approval by shareholders indicates confidence in the company’s direction and decision-making process regarding its operations in Trinidad and Tobago.
The information reported here is based on a press release statement by Challenger Energy Group PLC.
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