Tue, 23rd Jun 2020 07:00

RNS Number : 7193Q
ADES International Holding PLC
23 June 2020
 

ADES International Holding PLC - AGM Results

 

 

 

(London & Dubai, 23 June 2020) ADES International Holding PLC ("ADES" or the "Company"), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), announces that the resolutions (the "Resolutions") proposed at the annual General Meeting of the Company held on 22 June were duly passed.

 

Details of the Resolutions were set out in the circular to shareholders dated 27 May 2020, which is available on the Company's investor relations website (investors.adihgroup.com).

 

Details of the proxy votes received in respect of the Resolutions are set out below:

 

Resolution

Votes For

Votes Against

Votes Withheld

Number

%

Number

%

Number

1-      THAT the annual accounts for the year ended 31 December 2019, together with the reports of the directors of the Company and independent auditors thereon, be received, approved and adopted.

33,212,536

100%

0

0%

0

2-      THAT Mr Ayman Abbas be re-elected as an executive director of the Company.

33,159,087

99.84%

53,449

0.16%

0

3-      THAT Dr Mohamed Farouk Abdelkhalek be re-elected as an executive director of the Company.

33,212,536

100%

0

0%

0

4-      THAT Mr Yasser Zaki Hashem be re-elected as a non-executive director of the Company.

33,212,536

100%

0

0%

0

5-      THAT Mr Nabil Kassem be re-elected as a non-executive director of the Company.

33,159,087

99.84%

53,449

0.16%

0

6-      THAT Mr Ulf Clemens Ingemar Henriksson be re-elected as a non-executive director of the Company.

33,212,536

100%

0

0%

0

7-      THAT Mr Mohamed Walid Cherif be re-elected as non-executive director of the Company.

 

33,212,536

100%

0

0%

0

8-      THAT Mr Hatem Soliman be re-elected as a non-executive director of the Company.

33,212,536

100%

0

0%

0

9-      THAT Ernst & Young (Dubai Br.) be re-appointed as independent auditors of the Company to hold office until the conclusion of the next annual general meeting at which the audited accounts are laid before the Company.

33,212,536

 

 

100%

0

0%

0

10-    THAT the board of directors of the Company (or a committee thereof) be authorised to agree the remuneration of the independent auditors of the Company.

33,159,087

99.84%

53,449

0.16%

0

11-    THAT the Company be generally and unconditionally authorised by resolution of its board of directors to make market purchases of its ordinary shares of US$1.00 each, each such market purchase being subject to the following conditions:

i.        the maximum aggregate number of shares authorised to be purchased shall be such number of ordinary shares of US$1.00 each as would result in the Company not spending more than US$15,000,000 plus the balance of the unconsumed amount remaining from the 2019 share buyback authorisation approved in the 31 October 2019 Extraordinary General Assembly meeting of the Company (which was equal to US$2,187,691 as of the last such trade made on 19 May 2020), in aggregate on the market purchase of such shares;

ii.       the minimum price (excluding expenses) which may be paid for each share shall be US$1.00 (being the nominal value of each share);

iii.      the maximum price (excluding expenses) which may be paid for each share is the higher of: (i) 105 per cent. of the average of the middle market quotations for the shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which a share is contracted to be purchased; and (ii) an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid for a share as derived from the London Stock Exchange Trading System; and

iv.      such authorisation shall expire at the conclusion of the next Annual General Meeting to be scheduled in the year 2021, unless previously renewed, varied or revoked by the Company.

31,688,947

95.41%

1,523,589

4.59%

0

Notes:

(a)  All resolutions were passed.

(b)  The votes "For" and "Against" are expressed in percentage of the votes received.

(c)  The total number of shares in issue at close of business (UK time) on Wednesday, 17 June 2020 (being the reference time for assessing entitlement to vote on the Resolutions) was 43,793,882 ordinary shares of US$1 each.

-Ends-


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