The Board of Prospex (the “Board”) announces that it has received a letter from a group of shareholders in the Company, requisitioning a general meeting (“GM”) of the Company’s shareholders (the “Requisition”).
The Requisition proposes that shareholders be asked to consider resolutions related to changes to the Board, including the removal of existing and proposed Directors and the appointment of new Directors, and share authorities.
Zak Mir talks to Mark Routh, CEO Prospex Energy, the AIM quoted investment company focused on European gas and power projects. They discuss Routh’s 40 years in the industry, rising gas prices and the opportunities for growing the business via Vox Markets
Having taken legal advice, the Board has ascertained that the documentation as received is not a valid request under section 303 of the Companies Act 2006 because such a request must be made by a member of the Company recorded on the Company’s register of members and accordingly the Board is not obliged to call the GM.
The Board has engaged with the group of shareholders as to the actions they need to take to validly call a GM and has invited the group of shareholders to procure that a valid request under section 303 is submitted. Further announcements will be made if and when appropriate.
For further information visit www.prospex.energy or contact the following:
Prospex Energy PLC
Tel: +44 (0) 20 3948 1619
About Prospex Energy
Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European gas and power opportunities. The Company acquires undervalued projects and then applies low-cost re-evaluation techniques to identify and de-risk prospects. Prospex currently holds a portfolio of three projects: the Podere Gallina Permit in Italy where first gas at the Selva field is targeted for early 2022; the El Romeral gas and power project in Spain, which includes three producing wells that supply gas to a 100% project-owned 8.1MW power plant; and the large scale Tesorillo gas project in southern Spain, which has the potential to hold gross un-risked Prospective Resources of 830 Bcf of gas (Best Estimate), with upside in excess of 2 Tcf. The Company’s strategy is to rapidly scale up gas production in the short term to generate internal revenues that can then be deployed to develop the asset base and increase production further.
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