TIDMBPC

RNS Number : 0416U

Bahamas Petroleum Company PLC

24 July 2020

24 July 2020

Bahamas Petroleum Company plc

("BPC", "Bahamas Petroleum" or the "Company")

Result of AGM

Bahamas Petroleum, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, is pleased to announce that at the Company's Annual General Meeting held earlier today, all resolutions were passed with the exception of Resolution 3.

Resolution 3 had proposed the expansion of the Company's available pool of employee options for future allocation at the discretion of the Board. Those employee options had been proposed with performance hurdles linked to delivery of value-creating business objectives, an exercise price in excess of the current share price, and a resultant aggregate employee share pool of less than 8.5% of the Company's fully diluted share capital. In the Board's view, this thus constituted an entirely normal employee option proposal, designed to align the interests of employees with shareholders, and comparable to arrangements in place at many similar companies. It is for this reason that the Board had unanimously recommended Resolution 3 to shareholders. Acknowledging the lack of shareholder support for this resolution at this time, the Company will seek to develop alternative incentivisation strategies, so as assist in ongoing processes to recruit, incentivise and retain high-quality employees.

For further information, please contact:

 
  Bahamas Petroleum Company plc               Tel: +44 (0) 1624 
   Simon Potter, Chief Executive Officer       647 882 
 Strand Hanson Limited - Nomad                Tel: +44 (0) 20 
  Rory Murphy / James Spinney / Jack Botros    7409 3494 
 Shore Capital Stockbrokers Limited           Tel: +44 (0) 207 
  Jerry Keen / Toby Gibbs                      408 4090 
 CAMARCO 
  Billy Clegg / James Crothers / Hugo Liddy

ENDS

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END

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July 24, 2020 06:28 ET (10:28 GMT)

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