Petroneft Resources Plc

Pre-Annual General Meeting Information • Apr 5, 2016

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 2453U

Petroneft Resources PLC

05 April 2016

PetroNeft Resources plc

5 April 2016

PetroNeft Resources plc ('PetroNeft' or 'the Company')

ISS recommends vote AGAINST ALL Natlata EGM Resolutions

The Board of PetroNeft welcomes the report of the leading corporate governance advisory institution, ISS (Institutional Shareholder Services) which has recommended that shareholders vote AGAINST ALL resolutions proposed by Natlata Partners Limited at the Extraordinary General Meeting ("EGM") due to take place on 18 April 2016. Another corporate governance advisory institution, Glass Lewis, recommends against the removal of any directors.

The ISS report supports the view of the Board set out in the EGM Circular dated 18 March 2016 that Shareholders should vote AGAINST ALL the resolutions.

The Company has been engaging extensively with shareholders since the EGM Circular was issued and is very encouraged by the support to date.

David Golder, Chairman of PetroNeft stated:

"These independent Corporate Governance groups have completed detailed analysis of the situation and have taken the views of both sides into consideration. We welcome these conclusions and would urge all shareholders to submit their votes for the EGM in accordance with the Board's recommendations."

The recommendations can be summarised as follows:

	PTR Board	ISS	Glass Lewis
Resolution 1	AGAINST	AGAINST	AGAINST
Resolution 2	AGAINST	AGAINST	AGAINST
Resolution 3	AGAINST	AGAINST	AGAINST
Resolution 4	AGAINST	AGAINST	AGAINST
Resolution 5	AGAINST	AGAINST	AGAINST
Resolution 6	AGAINST	AGAINST	In Favour
Resolution 7	AGAINST	AGAINST	In Favour
Resolution 8	AGAINST	AGAINST	In Favour

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc	+1 713 988 2500
Paul Dowling, CFO, PetroNeft Resources plc	+353 1 647 0280
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)	+353 1 679 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)	+44 207 523 8000
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson	+44 207 638 9571
Joe Heron / Douglas Keatinge, Murray Consultants	+353 1 498 0300

End

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBXGDSUXGBGLU