7th Jun 2019 14:48
LONDON (Alliance News) - MX Oil PLC on Friday said three of the six resolutions put to vote at a general meeting were not passed, including the adoption of a share option plan.
Shares in oil and gas investor MX Oil were up 13% at 0.33 pence in afternoon trade.
Shareholders rejected a resolution to renew authority to allot shares and to adopt a share option plan - resolutions 2 and 3 respectively. Also rejected was resolution 4, the disapplication of pre-emption rights.
MX Oil said it will post further details, including its intended course of action given the rejection of these resolutions, on its website.
Resolution 1, a proposed share capital consolidation, was passed. Resolution 5 to change the company's name was passed, as was resolution 6 for the amendment of MX Oil's articles of association.
As a result of resolution 1 being passed, MX Oil's share capital will be reorganised with ever 100 existing shares consolidated into a single ordinary share and shrinking the total number of shares in issue down to 44.7 million from 4.47 billion.
With the passing of resolution 5, MX Oil's name will change to ADM Energy PLC, which will be reflected in a website update.
Resolution 6 having passed, 36 new shares will be admitted immediately upon the consolidation. 100.0 million shares, which have been issued and announced but not admitted because of "an administrative oversight" will be admitted.