30 June 2023
i3 Energy plc
("i3" or the "Company")
Result of AGM
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, notes that at its annual general meeting (AGM) held on 30 June 2023, all resolutions, save resolution 11, duly passed. Resolution 11, a special resolution, did not pass.
Special resolution 11, to authorize the Directors to disapply pre-emption rights. Section 561(1) of the Companies Act 2006 provides that if the Directors wish to allot any equity securities or sell any treasury shares (if it holds any), for cash, the Company must first offer them to existing shareholders in proportion to their existing shareholdings. Section 561 does not apply in connection with allotments made pursuant to an employee share scheme.
The purpose of this resolution was to seek power for the Directors to allot equity securities or sell any treasury shares for cash as if Section 561(1) of the Companies Act 2006 did not apply in connection with rights issues, open offers and other pre-emptive and non-pre-emptive offers and issues pursuant to the authority granted by resolution 10, to authorize the Directors to allot Ordinary Shares.
As a result of the resolution not passing the Company will seek shareholder approval to disapply pre-emptive rights if and as required.
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| RESOLUTION
| VOTES | % | VOTES | % | VOTES | % of ISSUED SHARE CAPITAL VOTED | VOTES |
| 1 | 433,694,910 | 99.05 | 4,143,618 | 0.95 | 437,838,528 | 36.43% | 6,352 |
| 2 | 438,897,673 | 99.99 | 60,668 | 0.01 | 438,958,341 | 36.52% | 56,139 |
| 3 | 438,748,952 | 99.94 | 258,726 | 0.06 | 439,007,678 | 36.53% | 6,802 |
| 4 | 437,429,501 | 99.99 | 58,554 | 0.01 | 437,488,055 | 36.40% | 359,940 |
| 5 | 437,421,681 | 99.99 | 58,554 | 0.01 | 437,480,235 | 36.40% | 367,760 |
| 6 | 437,475,496 | 100.00 | 13,554 | 0.00 | 437,489,050 | 36.40% | 358,945 |
| 7 | 326,809,431 | 74.70 | 110,676,634 | 25.30 | 437,486,065 | 36.40% | 361,930 |
| 8 | 433,333,166 | 99.05 | 4,162,042 | 0.95 | 437,495,208 | 36.40% | 352,787 |
| 9 | 437,468,916 | 100.00 | 17,134 | 0.00 | 437,486,050 | 36.40% | 361,945 |
| 10 | 300,296,975 | 68.59 | 137,544,668 | 31.41 | 437,841,643 | 36.43% | 6,352 |
| 11 | 295,714,017 | 67.54 | 142,127,626 | 32.46 | 437,841,643 | 36.43% | 6,352 |
| 12 | 437,646,215 | 99.96 | 195,428 | 0.04 | 437,841,643 | 36.43% | 6,352 |
| 13 | 437,460,419 | 99.99 | 62,056 | 0.01 | 437,522,475 | 36.40% | 325,520 |
END
Enquiries:
| i3 Energy plc Majid Shafiq (CEO) | c/o Camarco Tel: +44 (0) 203 781 8331
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| WH Ireland Limited (Nomad and Joint Broker) James Joyce, Darshan Patel |
Tel: +44 (0) 207 220 1666
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| Tennyson Securities (Joint Broker) Peter Krens |
Tel: +44 (0) 207 186 9030
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| Stifel Nicolaus Europe Limited (Joint Broker) Ashton Clanfield, Callum Stewart |
Tel: +44 (0) 20 7710 7600
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| Camarco Georgia Edmonds, Violet Wilson, Sam Morris |
Tel: +44 (0) 203 757 4980 |
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices. i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications to long-term value creation, as these benefits extend beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit https://i3.energy
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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