ADM Energy Announces Posting of Circular and Notice of General Meeting

Source: 12/23/2021, Location: Africa

Further to the announcement of 14 December 2021, ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, announces that it will shortly be posting a circular to shareholders convening a General Meeting (the "Circular"). This follows receipt of a letter on behalf of a shareholder who holds in excess of five per cent. of the Company's issued share capital to requisition a general meeting ("GM") of the Company ("Requisition").

The General Meeting will be held at the offices of Luther Pendragon, 48 Gracechurch St, EC3V 0EJ at 10:00 am GMT on 17 January 2022.

The Requisition proposes that shareholders be asked to consider the following resolutions:

1. that Osamede Okhomina be removed as a director of the Company with immediate effect;
2. that Richard Carter be removed as a director of the Company with immediate effect;
3. that Oliver Andrews be removed as a director of the Company with immediate effect; and
4. that Richard Jennings be appointed as a Director of the Company with immediate effect.

The Board's unanimous recommendation is for shareholders to vote AGAINST the proposed resolutions.

The Board has received irrevocable undertakings from a number of shareholders, including its largest shareholder, to vote against ALL the Jennings' Resolutions. In addition, each of the directors intends to vote their respective shares AGAINST all of the Jennings' Resolutions giving an aggregate total AGAINST the Jennings' Resolutions of 66,963,742 ordinary shares representing 32.75 per cent. of the issued share capital of the Company as at the date of this announcement.

Osamede Okhomina, CEO of ADM Energy plc, said: "On behalf of the Board we urge all shareholders to vote against the proposed resolutions. We have a strong board and excellent technical team in place, which combines decades of expertise in the oil and gas arena, aligned with extensive local knowledge of Nigeria and West Africa.

"Our strategy remains to build shareholder value through the pursuit of quality, value-accretive assets in West Africa, adding de-risked 2P reserves at attractive valuations, with significant potential upside. With our technical know-how and access to capital through strong partners such as Trafigura, ADM is very well positioned and we are confident we can deliver our growth strategy for the benefit of all shareholders."

Extracts from the Circular are set out below and should be read in conjunction with the Circular.

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