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LONDON - Pharos Energy plc, an oil and gas exploration and production company, announced the results of its Annual General Meeting (AGM) held today. Shareholders voted in favor of most proposed resolutions, with the exception of three special resolutions which did not receive the required 75% majority.
The AGM saw the approval of the Annual Report and Accounts for the financial year ended December 31, 2024, with a unanimous vote in favor. Additionally, a final dividend of 0.847 pence per share was declared, again receiving unanimous support.
Directors’ appointments and remuneration were also topics of voting, with the Directors’ Remuneration Report receiving 59.51% approval. The reappointment of various board members, including John Martin, Sue Rivett, Geoffrey Green, Dr. Bill Higgs, Lisa Mitchell, and Katherine Roe, was met with a majority of votes ranging from 58.58% to 60.59% in favor.
Ernst & Young LLP was reappointed as the company’s auditors with 99.67% of the votes in favor, and the Audit and Risk Committee was authorized to agree on the auditors’ remuneration with 99.61% approval.
The authorization for the Directors to allot securities was approved with 60.37% of the votes. However, resolutions to disapply pre-emption rights and to authorize the Directors to call general meetings with not less than 14 clear days’ notice did not pass, with votes against these resolutions ranging from 39.51% to 41.14%.
The resolution to authorize the company to repurchase its own shares was passed with nearly unanimous support at 99.99%.
The board expressed gratitude to investors for their participation and noted the strong support for several resolutions. For the resolutions that did not pass, the company acknowledged the need for continued dialogue with shareholders, particularly with the single shareholder who accounted for the majority of votes against these resolutions. Pharos Energy committed to publishing an update on shareholder views and actions taken within six months of the AGM, in accordance with the Corporate Governance Code.
The meeting’s turnout represented 51.08% of the company’s voting rights, with over 212 million shares voted. The detailed voting results will be made available on the company’s website and submitted to the National Storage Mechanism as required by UK regulations.
The information for this report is based on a press release statement from Pharos Energy plc.
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