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Business News of Friday, 19 June 2020

Source: Laud Business

Coronavirus: Tullow Oil to hold ‘closed-door’ AGM

Tullow Oil has told its shareholders that this year’s Annual General Meeting (AGM) scheduled to take place on 15 July 2020, will be held behind closed doors in view of the COVID-19 situation.

Shareholders however, can participate in the meeting through audio-cast, according to Tullow.

“In light of the social distancing measures aimed at reducing the transmission of the COVID-19 virus in the United Kingdom, please note that attendance at the General Meeting in person is not possible. The General Meeting will be a closed-meeting”, the oil giant said in a circular.

Investors should, instead, vote in advance by proxy by appointing the Chair of the General Meeting as their proxy in respect of all of their shares to vote on their behalf, Tullow said.

It said continued shareholder engagement remains very important to Tullow, adding that shareholders will, therefore, be able to listen to a live audio-cast of the General Meeting and submit questions remotely, as was possible for Tullow’s 2020 AGM.

“Whether participating in the audio-cast or not, shareholders are strongly encouraged to appoint the Chair of the General Meeting as their proxy”, it emphasised.

Last year the company registered a loss of US$1.65 billion in 2019. It however generated US$1.7 billion in revenue and, after US$490 million of capital investment in the business.

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