24th Dec 2025 09:33
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".
At the time, Pennpetro also announced the promotion of Mavriky Kalugin to chief executive officer and Richard Spinks to executive chair, effective immediately. It said Kalugin's skillset is needed as the company transitions into "a more operationally focused entity". Earlier this month, Pennpetro said the Polish holding company that will be reversed into Pennpetro has entered into a lease arrangement with the Ukraine government for its first well, Pivdeno Grinkivska 2, in the Limnytskyi licence. Pennpetro previously had been focused on the US state of Texas.
By Tom Waite, Alliance News editor
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