TIDMTLW TIDMTTM TIDMTTM
RNS Number : 1130T
Tullow Oil PLC
15 July 2020
TULLOW OIL PLC
SHAREHOLDER APPROVAL
15 JULY 2020 - Tullow Oil plc (Tullow) announces that at its
General Meeting held earlier today, the resolution set out in the
Notice of General Meeting put to the General Meeting seeking
approval for the proposed sale of its entire interests in Blocks 1,
1A, 2 and 3A in Uganda and the proposed East African Crude Oil
Pipeline System to Total (the "Transaction"), as described in the
circular to shareholders dated 18 June 2020 (the "Circular") was
passed by the requisite majority. The resolution put to the General
Meeting was voted on by way of a poll and the results are set out
below.
The Transaction also remains subject to a number of other
conditions, including customary government approvals and the
execution of a binding tax agreement with the Government of Uganda
and the Uganda Revenue Authority that reflects the agreed tax
principles previously announced. Subject to the satisfaction of the
conditions, the Transaction is expected to complete in the second
half of 2020.
Votes FOR % Votes % Votes TOTAL % of ISC Votes
AGAINST voted WITHHELD
==================== ============ ======= ============= ====== ============ ============ ============
To approve the
Transaction 788,781,164 99.93% 565,765 0.07% 789,346,929 55.94% 131,910
==================== ============ ======= ============= ====== ============ ============ ============
Notes:
(1) Proxy appointments which gave discretion to the Chair of the
General Meeting have been included in the "For" total of the
resolution.
(2) A "Vote Withheld" is not a vote in law and is not counted in
the calculation of the proportion of votes "For" or "Against" the
resolution, nor in the calculation of the proportion of "Percentage
of ISC voted" for the resolution.
(3) The percentage of votes "For" and "Against" the resolution
is expressed as a percentage of votes validly cast for the
resolution.
(4) The number of shares in issue at 6.00 p.m. on 13 July 2020
(being the voting record date for the General Meeting) was
1,411,003,726 ordinary shares of 10 pence each (the "Ordinary
Shares") and at that time, Tullow did not hold any Ordinary Shares
in treasury. The proportion of "Percentage of ISC voted" for the
resolution is the total of votes "For" and "Against" in respect of
the resolution expressed as a percentage of the ISC as described in
this note (4).
(5) In accordance with LR 9.6.2, a copy of the resolution passed
at the meeting has been submitted to the FCA's National Storage
Mechanism, and will shortly be available to view at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The full
text of the resolution passed at the General Meeting can be found
in the Notice of General Meeting forming part of the Circular,
which is available for inspection at the National Storage Mechanism
and also on the Company's website at http://www.tullowoil.com.
For further information, contact:
Tullow Oil plc Murrays
(London) (Dublin)
(+44 20 3249 9000) (+353 1 498 0300)
Chris Perry, Matthew Evans (Investors) Pat Walsh
George Cazenove (Media) Joe Heron
======================================== ===================
Notes to editors
Tullow is an independent oil & gas, exploration and
production group, quoted on the London, Irish and Ghanaian stock
exchanges (symbol: TLW). The Group has interests in over 70
exploration and production licences across 15 countries.
For further information, please refer to our website at
www.tullowoil.com.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc
YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc
LinkedIn: www.linkedin.com/company/Tullow-Oil
THIS ANNOUNCEMENT IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR
PROSPECTUS OR EQUIVALENT DOCUMENT AND PROSPECTIVE INVESTORS SHOULD
NOT MAKE ANY INVESTMENT DECISION ON THE BASIS OF ITS CONTENTS.
NOTHING IN THIS ANNOUNCEMENT CONSTITUTES AN OFFER OF SECURITIES FOR
SALE IN ANY JURISDICTION. SHAREHOLDERS ARE ADVISED TO CAREFULLY
READ THE CIRCULAR.
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION. THE DISTRIBUTION OF THIS
ANNOUNCEMENT IN JURISDICTIONS OTHER THAN THE UNITED KINGDOM,
IRELAND AND GHANA MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS
INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES SHOULD INFORM
THEMSELVES ABOUT, AND OBSERVE, SUCH RESTRICTIONS. ANY FAILURE TO
COMPLY WITH THE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
This announcement and the Circular include statements that are,
or may deemed to be, "forward-looking statements" within the
meaning of the securities laws of certain jurisdictions. These
forward-looking statements can be identified by the use of
forward-looking terminology, such as "anticipate", "expect",
"suggests", "plan", "believe", "intend", "estimates", "targets",
"projects", "should", "could", "would", "may", "will", "forecast"
and other similar expressions or, in each case, their negative or
other variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts. They
appear in a number of places throughout this announcement and the
Circular and include statements regarding Tullow's or the Tullow
directors' plans, estimates, intentions, beliefs or current
expectations concerning, among other things, the Transaction,
Tullow's exploration and development plans and the timing and cost
thereof, future production levels and volumes, future operating
cost levels, the grant and timing of future governmental or
commercial or joint venture partner approvals or consents, future
portfolio management plans, the Group's liquidity, financing costs
and reserve base redeterminations, the timing, outcome and
potential scope of liability in any litigation, proceedings or
other disputes and Tullow's business, financial condition, results
of operations and/or prospects and/or the industry in which the
Group operates more generally.
Forward-looking statements are not guarantees of future
performance and the Group's actual business, financial condition,
results of operations and/or prospects and/or the development of
the industry in which it operates, may differ materially from those
made in or suggested by the forward-looking statements contained in
this announcement and the Circular. In addition, even if the
Group's business, financial condition, results of operations and/or
prospects and/or the development of the industry in which it
operates, are consistent with the forward-looking statements
contained in this announcement and the Circular, those results or
developments may not be indicative of results or developments in
subsequent periods.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMUVSURRBUBAAR
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