Tullow Oil plc has failed to win shareholders’ approval to buy back its own shares.
DIRECTORS
At today’s general meeting a total of 246,564,929 shareholders, equal to 27.29%, voted against resolution 19.
Of an aggregate 903,642,231 shareholders, those who abstained numbered 670,045.
All other 18 resolutions were passed although with some dissent over re-election of three directors including chairman Phuthuma Nhleko (10.57%); and non-executive directors Martin Greenslade (9.11%) and Roald Goethe (6.03%).
Additionally, a total of 2.61% of shareholders refused to approve the rules of Tullow’s 2023 executive share plan.
DIALOGUE
“The board notes that resolution 19 is a special resolution and had 27.29%, of votes cast against it, and therefore did not pass,” said Tullow in a statement.
“The board will continue its ongoing dialogue with shareholders and consult as appropriate to fully understand any concerns in relation to these resolutions.”
Tullow will report on the talks within six months of the general meeting.