Zenith Energy Ltd AGM Results and Adoption of Advance Notice Policy (7875U)
January 23 2017 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 7875U
Zenith Energy Ltd
23 January 2017
ZENITH ANNOUNCES AGM RESULTS
AND THE ADOPTION OF ADVANCE NOTICE POLICY
FOR IMMEDIATE RELEASE
(LSE: ZEN, TSX.V: ZEE)
Calgary, Alberta - January 23, 2017 - Zenith Energy Ltd.
("Zenith" or the "Company", LSE: ZEN, TSX.V: ZEE) is pleased to
announce in accordance with section 11.3 of National Instrument
51-102 - Continuous Disclosure Obligations, the matters voted upon
and the outcome of the votes at the annual general meeting of
shareholders of Zenith held on June 20, 2017 in Calgary, Alberta,
all votes of which were conducted by a show of hands.
As disclosed in the Prospectus dated 11, January 2017, the AGM
for the year ending 31, March, 2016 had been convened in December
2016, prior to the listing on the LSE completed on 11, January
2017.
Matter Voted Upon Outcome of Vote
1. Fixing the number of directors Carried
to be elected at six.
2. The individual election
of the following nominees
as directors of the Company
to hold office until the
next annual meeting of shareholders:
Jose Ramon Lopez-Portillo Carried
Luigi (Gino) Regis Milano Carried
Andrea Cattaneo Carried
Dario E. Sodero Carried
Francesco Salimbeni Carried
Erik Larre Carried
3. The approval of an ordinary Carried
resolution to appoint MNP
LLP as auditors of the Company
to hold office until the
next annual meeting of shareholders
4. The approval of an ordinary Carried
resolution approving the
Company's existing stock
option plan
José Ramón López-Portillo, Chairman of the Board of Directors,
commented:
"I am grateful to our shareholders for their renewed support and
their confidence in the Company's management. 44.91% of the
outstanding shares at the record date (64,574,153) voted at the
AGM, either by presence or by proxy. All resolutions presented were
duly approved and Andrea Cattaneo, CEO & President, received an
approval percentage of 100% - a clear vote of confidence by
shareholders in the new trajectory of the Company, and,
specifically, for the Company's most recent transformational
acquisition in Azerbaijan.
The Board of Directors' core priority to enhance shareholders
value will now hold true as we transition to overseeing the
successful expansion of activity and growth in production. This
expansion will centre on the optimisation of our operations in
Azerbaijan, where the Company believes it is able to steadily
increase production volumes by means of a systematic well workover
programme. This process of rehabilitation and development in
Azerbaijan is due to begin imminently and the Company is committed
to keeping stakeholders updated with a steady news flow in this
regard.
Our focus in Azerbaijan will not be to the exclusion of the
Company's other interests, specifically Italy, or indeed new
opportunities that the market may present for Zenith's further
expansion."
Advance Notice Policy
In addition to the above, Zenith is pleased to announce the
approval by its Board of Directors of an Advance Notice Policy (the
"Policy") on January 19, 2017. The purpose of the Policy is to
provide shareholders, directors and management of the Company with
a clear framework for nominating directors.
Among other things, the Policy includes a provision that
requires advance notice to be given to the Company in circumstances
where nominations of persons for election to the Board are made by
shareholders of the Company. The Policy fixes a deadline by which
director nominations must be submitted to the Company prior to any
annual or special meeting of shareholders and sets forth the
information that must be included in the notice to the Company in
order for a nominee to be eligible for election.
The full text of the Policy will be available via SEDAR at
www.SEDAR.com.
About Zenith Energy Ltd.
Zenith focuses on the acquisition and further development of
proven onshore oil and gas fields where production has declined
over time, but which are capable of increased productivity
following an injection of capital and optimization through its
corporate engineering and technical expertise. To maximise
shareholder value, Zenith targets acquisitions of production
opportunities that offer strong logistics and close proximity to
refineries and pipelines. Zenith's management and directors have
extensive international and governmental experience and possess the
technical knowledge to execute this strategy.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
For further information, please contact:
José Ramón López-Portillo Andrea Cattaneo
Chairman CEO & President
Email: info@zenithenergy.ca
Telephone: (587) 315-9031
Telefax: (403) 775-4474
This information is provided by RNS
The company news service from the London Stock Exchange
END
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