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LONDON - Pennpetro Energy Plc (LON:PPP) announced Thursday that shareholders approved a vote to adjourn all resolutions during its General Meeting, deferring them to the company’s next Annual General Meeting.
According to a company statement, while no formal vote was conducted at the meeting, Pennpetro had received proxy votes ahead of the gathering that indicated significant opposition to the proposed resolutions.
The proxy tallies showed that Resolution 1, which would have granted authority to allot company shares, received only 15.76% support with 2,981,912 votes in favor, while 84.24% of votes (15,938,264) were against the measure.
Similarly, Resolution 2, which proposed the disapplication of pre-emption rights, garnered just 16.62% support with 3,145,083 votes in favor, compared to 83.38% (15,775,093) opposing the resolution.
Both resolutions faced substantial resistance from shareholders based on the proxy indicators, with only three votes withheld for each resolution.
The company did not provide a date for its upcoming Annual General Meeting, when these resolutions will be reconsidered.
The information was disclosed in a regulatory announcement as part of Pennpetro’s market obligations under UK Market Abuse Regulation requirements.
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