RNS Number : 3637R
Gulf Keystone Petroleum Ltd.
08 December 2016
 

 

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction.  This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

 

 

8 December 2016

 

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

 

Results of 2016 Annual General Meeting

 

The Board of Gulf Keystone announces that all the resolutions proposed at the Company's Annual General Meeting ("AGM") held today at 12.00 noon (local time) in Dublin, were duly passed by shareholders.


After receiving feedback from key stakeholders in the Company, Resolutions 9 and 10  were   amended and put to the AGM by the Chairman as permitted by the by laws and were approved at the meeting  as follows.

 

Resolution 9 

 

Resolution 9 is set out in the Notice of Annual General Meeting dated 16 November 2016 and relates to the 2016 Gulf Keystone Value Creation Plan (VCP). The principal terms of the VCP are summarised in Part 2 of the Circular.

 

The changes made to the VCP are as follows:

 

·      A reduction is being made to the percentage of the incremental value created above the hurdle growth rate which is distributed to the Executive. The reduction is from 10% to 8%.

·      A cap of $US20m is being introduced to the total value of the Nil Cost Options, i.e. at each Measurement Date the aggregate value of all Nil Cost Options granted at previous Measurement Dates and at that Measurement Date shall not exceed $20million. The value of Nil Cost Options for these purposes being the value at the Measurement Date in respect of which they were granted.

 

·      The share price for the purposes of measuring the VCP is based on a US$350 million market capitalization; an increase from US$300 million.

 

·      A change to the special provision in the event of a change of control.  If the Company enters into a binding sale agreement before 31st December 2017, the value of the units held by participants shall equal 2% of the acquisition price of the Company, less the value provided under the 2016 Staff Retention Scheme. This date has changed from 13th July 2017. 

 

·      Regarding the distribution of the incentive pot, the discretion is given to the Board to make the distribution that is justified in their view.

 

Resolution 10

 

Resolution 10 is set out in the Notice of Annual General Meeting dated 16 November 2016 and relates to the 2016 Gulf Keystone Staff Retention Plan (SRP). The principal terms of the SRP are summarised in Part 3 of the Circular dated 16 November 2016.

The changes to the SRP related to where the Company enters into a binding sale agreement before 31st December 2017 (instead of 13th July, 2017) and provide that outstanding options become exercisable up to a maximum of 50%.    

 

The results of the AGM are as follows:

 

Resolution 

VOTES
FOR

%

VOTES
AGAINST

%

VOTES
TOTAL

% of ISC VOTED

VOTES
WITHHELD

1. To re-appoint Deloitte LLP as the Company's Auditor and for the Board to determine their remuneration

 

14,805,546,825

93.85

969,449,908

6.15

15,774,996,733

68.76%

5,620,665

2. To  re-appoint Mr Jón Ferrier as a Director

 

15,755,307,480

99.84

25,062,371

0.16

15,780,369,851

68.78%

375,901

3. To  re-appoint Mr Sami Zouari as a Director

 

14,803,713,329

93.81

976,635,941

6.19

15,780,349,270

68.78%

396,482

4. To re-appoint Mr Keith Lough as a Director

 

12,368,548,879

78.38

3,411,819,572

21.62

15,780,368,451

68.78%

377,301

5. To re-appoint Mr Philip Dimmock as a Director

 

14,801,659,234

93.82

974,575,282

6.18

15,776,234,516

68.76%

4,382,882

6. To appoint Mr Garrett Soden as a Director

 

15,754,869,794

99.84

25,478,076

0.16

15,780,347,870

68.78%

397,882

7. To appoint Mr David H Thomas as a Director

 

15,754,871,187

99.84

25,348,329

0.16

15,780,219,516

68.78%

397,882

8. To approve the Annual Report on Remuneration for Director as set out in the Annual Report for the year ended 31 December 2015

 

14,797,916,740

93.77

982,442,239

6.23

15,780,358,979

68.78%

386,773

9. To approve the Value Creation Plan as amended

 

12,359,083,478

78.32

3,421,361,397

21.68

15,780,444,875

68.78%

300,877

10. To approve the Staff Retention Plan as amended

 

12,360,173,562

78.33

3,420,150,260

21.67

15,780,323,822

68.78%

421,930

11. To amend the Directors' Remuneration Policy

 

14,795,572,075

93.76

984,505,091

6.24

15,780,077,166

68.78%

352,473

12. To approve Share Consolidation

 

15,750,435,331

99.84

25,957,984

0.16

15,776,393,315

68.76%

4,352,437

 

 

The total number of shares in issue at 8 December 2016 was 22,942,956,605.

 

The full text of the resolutions may be found in the Notice of the Annual General Meeting, which is available on the Company's website http://www.gulfkeystone.com/.

 

 

Enquiries:

 

Gulf Keystone Petroleum:

+44 (0) 20 7514 1400

Jón Ferrier, CEO


Sami Zouari, CFO


Anastasia Vvedenskaya, Head of Investor Relations




Celicourt Communications:

+44(0) 20 7520 9266

Mark Antelme

Jimmy Lea


 

 

or visit: www.gulfkeystone.com 

 

 

Notes to Editors:

 

·           Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day

·           Further information on Gulf Keystone is available on its website www.gulfkeystone.com

 

 

Disclaimer

 

This announcement contains certain forward-looking statements.  These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information.  This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.


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