IN BRIEF: Pennpetro Energy shareholders approve share issue by small majority
Pennpetro Energy PLC - London-based developer of "strategic traditional and transition energy projects" in Ukraine, US and Canada - Shareholders at a general meeting on Tuesday narrowly approve board proposals to issue shares but a proposal to waive pre-emption rights fails due to its higher hurdle. Shareholders vote 53% to 47% in favour of both proposals, passing the first. However, the second required a 75% majority. The positive vote on share allotments allows Pennpetro to issue new shares to meet various obligations. Pennpetro shares have been suspended from trading in London since August 2024, and the board last week had said support for the meeting resolutions will "help us accelerate the return to trading - something that we all want". Read More