In advance of the General Meeting of Gulfsands Petroleum Plc (“Gulfsands” or the “Company”) to be held at 10 am this morning (“Meeting”), the Directors of the Company have received further legal advice concerning the matter of the shares owned by Al-Mashrek Global Invest Limited (“the AM Shares”)
The Directors having been advised by Counsel that the AM Shares should be permitted to vote at the Meeting, Counsel has further advised that it is arguable that the Notice of Meeting may be invalid by virtue of shareholders not having been properly informed of the voting status of the AM Shares at the time of posting of the Notice.
Having regard to the adversarial nature of the Resolutions the subject of the Meeting, the Directors cannot responsibly expose the Company to the risk of legal challenge to the validity of the Meeting.
Accordingly, the Meeting is cancelled.
Directors are aware that this action puts the Company in default of its obligations under Section 304 of the Companies Act 2006. The only course of action open to the Directors to mitigate this default is to call a new Meeting just as soon as is practicable. A date for the new Meeting will be announced just as soon as the requisite Notice and Form of Proxy can be printed and made ready for despatch.
For further information on the matters referred to in this announcement, please refer to the Company’s website www.gulfsands.com
|Gulfsands Petroleum||+44 (0)20 7024 2130|
|Andrew West, Non-Executive Chairman
Mahdi Sajjad, Chief Executive Officer
Kenneth Judge, Commercial Director
|Buchanan||+44 (0)20 7466 5000|
|RBC Capital Markets||+44 (0)20 7653 4000|
|FirstEnergy Capital||+44(0)20 7448 0200|