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Zenith Announces AGM results and the adoption of advance notice policy

Calgary, Alberta - January 23, 2017 - Zenith Energy Ltd. ("Zenith" or the "Company", LSE: ZEN, TSX.V: ZEE) is pleased to announce in accordance with section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations, the matters voted upon and the outcome of the votes at the annual general meeting of shareholders of Zenith held on January 20, 2017 in Calgary, Alberta, all votes of which were conducted by a show of hands. As disclosed in the Prospectus dated 11, January 2017, the AGM for the year ending 31, March, 2016 had been convened in December 2016, prior to the listing on the LSE completed on 11, January 2017.

 

Matter Voted Upon

Outcome of Vote

 

 

 

1.         Fixing the number of directors to be elected at six.

Carried

 

2.         The individual election of the following nominees as directors of the Company to hold office until the next annual meeting of shareholders:

 

 

 

 

 

Jose Ramon Lopez-Portillo

Carried

 

Luigi (Gino) Regis Milano

Carried

 

Andrea Cattaneo

Carried

 

Dario E. Sodero

Carried

 

Francesco Salimbeni

Carried

 

Erik Larre

Carried

 

3.         The approval of an ordinary resolution to appoint MNP LLP as auditors of the Company to hold office until the next annual meeting of shareholders

 

Carried

 

4.         The approval of an ordinary resolution approving the Company's existing stock option plan

Carried

 

 

José Ramón López-Portillo, Chairman of the Board of Directors, commented:

 

"I am grateful to our shareholders for their renewed support and their confidence in the Company's management. 44.91% of the outstanding shares at the record date (64,574,153) voted at the AGM, either by presence or by proxy. All resolutions presented were duly approved and Andrea Cattaneo, CEO & President, received an approval percentage of 100% - a clear vote of confidence by shareholders in the new trajectory of the Company, and, specifically, for the Company's most recent transformational acquisition in Azerbaijan.

 

The Board of Directors' core priority to enhance shareholders value will now hold true as we transition to overseeing the successful expansion of activity and growth in production. This expansion will centre on the optimisation of our operations in Azerbaijan, where the Company believes it is able to steadily increase production volumes by means of a systematic well workover programme.  This process of rehabilitation and development in Azerbaijan is due to begin imminently and the Company is committed to keeping stakeholders updated with a steady news flow in this regard. 

 

Our focus in Azerbaijan will not be to the exclusion of the Company's other interests, specifically Italy, or indeed new opportunities that the market may present for Zenith's further expansion."

 

Advance Notice Policy

 

In addition to the above Zenith is pleased to announce the approval by its Board of Directors of an Advance Notice Policy (the "Policy") on January 19, 2017.  The purpose of the Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors.

 

Among other things, the Policy includes a provision that requires advance notice to be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company.  The Policy fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company in order for a nominee to be eligible for election.

 

The full text of the Policy will be available via SEDAR at www.SEDAR.com.