Result of Extraordinary General Meeting
November 30 2009 - 10:10AM
UK Regulatory
TIDMMRP
RNS Number : 3243D
Meridian Petroleum PLC
30 November 2009
Monday 30 November 2009
MERIDIAN PETROLEUM plc
("Meridian" or "the Company")
Result of Extraordinary General Meeting
The Board of Meridian announces that both Special Resolutions proposed at the
Extraordinary General Meeting held today at 11.00 a.m. were passed without
amendment. thereby enabling the proposed Placing and Open Offer of, in
aggregate, 27,614,498 New Ordinary Shares, the Capital Reorganisation, and
certain other related matters to proceed.
Consequently, the name of the Company shall change to President Petroleum
Company PLC with effect from 30 November 2009, with a new London Stock Exchange
ticker symbol of PPC, a new website address of www.presidentpc.com, and an
issued share capital of 45,446,492 Ordinary Shares of 1 penny each.
The above figure (45,446,492) 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 Company.
Further details of the Resolutions are set out in the circular published by the
Company, announced on 30 November 2009 and sent to Shareholders on 2 November
2009 (the "Circular").
Details of the proxy votes received prior to the Extraordinary General Meeting
are as set out in the table below. The number of Ordinary Shares (each carrying
one vote) in issue on 30 November 2009 was 16,093,494.
+------------+-----------+------------+------------+------------+------------+
| Resolution | For | Against | Withheld |
+------------+------------------------+-------------------------+------------+
| | Number | % | Number | % | Number |
+------------+-----------+------------+------------+------------+------------+
| 1 |2,895,717 | 99.8% | 6,666 | 0.2% | 2,093 |
+------------+-----------+------------+------------+------------+------------+
| 2 |2,902,383 | 100.0% | nil | nil | 2,093 |
+------------+-----------+------------+------------+------------+------------+
Notes:
1. Percentages in table above represent % of votes cast.
2. Any proxy appointments which gave discretion to the Chairman have been included
in the 'for' total.
3. A 'vote withheld' is not a vote in law and is not counted in the calculation of
the proportion of the votes 'for' and 'against' a resolution.
The full text of the Resolutions can be viewed on the Company's website,
currently www.meridianpetroleum.com which will
become www.presidentpc.com following Admission
The Placing and Open Offer, in addition to the amendments to the terms of the
Company's Loan Facility with Macquarie, the cancellation of the Warrants and
Options and the Subscription, the Capital Reorganisation, the proposed Change of
Name and adoption of New Articles, remain conditional upon the Placing Agreement
becoming unconditional in all respects and upon Admission.
Set out below is an expected timetable of principal events in relation to the
Placing and Open Offer.
+--------------------------------------------------+---+--------------------+
| Event | | Time / date |
+--------------------------------------------------+---+--------------------+
| Capital Reorganisation implemented | | 30 November 2009 |
+--------------------------------------------------+---+--------------------+
| Admission and dealings in the Redenominated | | 8.00 a.m. on |
| Shares and the New Ordinary Shares commence | | 1 December 2009 |
+--------------------------------------------------+---+--------------------+
| Expected date for crediting of New Ordinary | | 8.00 a.m. on |
| Shares in uncertificated form to CREST stock | | 1 December 2009 |
| accounts | | |
+--------------------------------------------------+---+--------------------+
| Expected date of despatch of share certificates | | 7 December 2009 |
| in respect of New Ordinary Shares in | | |
| certificated form | | |
+--------------------------------------------------+---+--------------------+
Notes:
1. All references to time in this announcement are to time in London.
2. The times and dates set out in the expected timetable of principal events above
and mentioned throughout this announcement may be adjusted by the Company in
which event details of the new dates will be notified to AIM and, where
appropriate, to Shareholders.
This announcement should be read in conjunction with the full text of the
Circular published by the Company on 2 November 2009. Definitions used in the
Circular shall have the same meanings when used in this announcement unless the
context otherwise requires.
Copies of the Circular are available for a period of twelve months on the
Company's website at www.meridianpetroleum.com
(www.presidentpc.com following Admission) free of charge in accordance with the
requirements of Rule 26 of the AIM Rules.
For further information contact:
+-------------------------------------------+-------------------------------+
| Meridian Petroleum | +44 (0) 207 811 0140 |
+-------------------------------------------+-------------------------------+
| Stephen Gutteridge, Chairman | |
+-------------------------------------------+-------------------------------+
| | |
+-------------------------------------------+-------------------------------+
| Evolution Securities | +44 (0) 207 071 4300 |
+-------------------------------------------+-------------------------------+
| Robert Collins, Tim Redfern, Adam James | |
+-------------------------------------------+-------------------------------+
| | |
+-------------------------------------------+-------------------------------+
| Financial Dynamics | +44 (0) 207 831 3113 |
+-------------------------------------------+-------------------------------+
| Ben Brewerton/Ed Westropp | |
+-------------------------------------------+-------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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