IN BRIEF: Pennpetro Chair Stephen Lunn ousted from board at AGM

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Pennpetro Energy PLC - Texas-focused oil and gas company - Announces that at its annual general meeting, resolutions 2, 8 and special resolution 7 were not passed. Out of eight resolutions, six received less than 80% support. Failed resolution 2 was regarding the re-appointment of chair Stephen Lunn as director to the board, which received around 46% support, with just below 54% votes against. Lunn departs the board, with Chief Executive Officer Richard Spinks assuming the role of interim chair. Other failed resolution 8 was on authorising directors to take action to implement proposals the firm had set out, with 53% votes against. Failed special resolution 7 required a majority of 75% of shares cast in favour, with only around 58% voting in favour, in regard of calling a general meeting on less than 14 clear days’ notice.

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