INTL OIL& P NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
The following resolutions were put forward for consideration at the AGM of the Company, which was held today in Guernsey:
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Amendment of Articles of Association
That the Articles of Association of the Company be amended to:-
strike out the provision for a minimum of three directors and that a majority of the directors cannot be resident in the United Kingdom or Canada by deleting Article 75 of the Articles of Association of the Company;
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strike out the provision that meetings of the board of directors cannot be held in the United Kingdom or Canada by deleting the second sentence of Article 107 of the Articles of Association of the Company;
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strike out the following words from Article 109 of the Articles of Association of the Company "save that a quorum shall not be present and a meeting shall not be valid if the chairman is located in the United Kingdom or Canada. No meeting of Directors shall be valid if a majority of Directors attending are resident in or are attending from Canada."; and
- strike out the following words from Article 112 of the Articles of Association of the Company: "(in each case PROVIDED THAT he is not physically present in the United Kingdom or Canada) … save that the chairman may not be located in the United Kingdom or Canada. No meeting of the Directors shall be valid if a majority of Directors attending are resident in or attending the meeting from the United Kingdom or if a majority of Directors attending are resident in or attending the meeting from Canada.".
This resolution was passed with 99.95% of the votes cast. -
strike out the provision for a minimum of three directors and that a majority of the directors cannot be resident in the United Kingdom or Canada by deleting Article 75 of the Articles of Association of the Company;
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Appointment of Director
That David Graeme Fenneck Sefton be appointed a director of the Company;
This resolution was passed with 100% of the votes cast. -
Appointment of Director
That Ian David Tanner be appointed a director of the Company;
This resolution was passed with 100% of the votes cast. -
Appointment of Director
That Miles Hugh Laing Walker be re-appointed a director of the Company;
This resolution was passed with 100% of the votes cast. -
Re-appointment of auditor
To re-appoint Deloitte LLP as auditor of the Company to hold office until the conclusion of the next Annual General Meeting at which the financial statements are laid before the Company.
This resolution was passed with 99.7% of the votes cast. -
Auditor's remuneration
To authorise the directors to agree the remuneration of Deloitte LLP as auditor of the Company.
This resolution was passed with 99.7% of the votes cast.
The AGM then moved to consider the approval of the annual results, but due to such results being incomplete the meeting was then adjourned.
The board is now comprised of Miles Walker, David Sefton and Ian Tanner. The board will now seek to make recovery where possible from the existing assets of the Company, in particular the debt and equity investment in Strata Energy Services Ltd., and further announcements will be made in due course.
For further information:
Miles.Walker@crestenergyservices.com
dsefton@linton-capital.com
ian.tanner@charles-stanley.co.uk
Notes to editors:
International Oil and Gas Technology Limited
International Oil and Gas Technology Limited is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange but the shares have now been delisted.
Further information can be found at www.international-ogt.com.
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