Kea Petroleum : Results of General Meeting July 2015

Kea Petroleum plc (AIM: KEA) announces that all resolutions put to its shareholders at today's General Meeting were duly passed approving inter-alia the conditional sale of the Company's interest in the PEP51153 licence area and the proposed disposal of PEP381204 licence area, and the adoption of the investing policy as outlined in the shareholder circular dated 26 June 2015.
Following the completion of the disposal of its interests in PEP51153, which remains conditional only on the consent of the New Zealand Minster of the Crown pursuant to the New Zealand Crown Minerals Act, the Company will become an investing company following the investing policy approved today. A further announcement regarding the completion of the disposal of the interest in PEP51153 will be made in due course.
The resolutions included shareholder consent for the Proposed Reorganisation, whereby each Existing Ordinary Share will be subdivided and converted into one New Ordinary Share of 0.1p and one New Deferred Share of 0.9 pence.
Each Shareholder's holding of New Ordinary Shares will be equal to the number of Existing Ordinary Shares held by them on the Record Date and each Shareholder's proportionate interest in the Company's issued ordinary share capital will, and thus the aggregate value of their holding should, remain unchanged as a result of the proposed reorganisation.
The New Ordinary Shares will continue to carry the same rights as attached to the Existing
Ordinary Shares.
The share reorganisation becomes effective at 7am on 14 July 2015.
The Company's issued ordinary share capital will comprise 93,936,187 New Ordinary Shares. The Company holds no shares in treasury and therefore the above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
Share certificates representing the Existing Ordinary Shares will remain valid in respect of the New Ordinary Shares and new certificates will not be issued. No adjustment will be made to the CREST accounts of Shareholders who hold their entitlement to Existing Ordinary Shares in uncertificated form.
The New Deferred Shares will rank pari passu in all respects with the Existing Deferred Shares. They will be effectively valueless as they will not carry any rights to vote or dividend rights. In addition, holders of Deferred Shares will only be entitled to a payment on a return of capital or
on a winding up of the Company after each of the holders of Ordinary Shares have received a payment of £10,000,000 on each such share. The Deferred Shares will not be listed or traded on AIM and will not be transferable without the prior written consent of the Board. No share certificates will be issued in respect of the Deferred Shares, nor will CREST accounts of shareholders be credited in respect of any entitlement to Deferred Shares.
All defined terms in this announcement, unless otherwise specified, have the same meaning as defined in the Notice of GM RNS dated 26 June 2015.

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