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Business News of Thursday, 18 June 2020

Source: Class FM

You can't attend our AGM in person – Tullow Oil tells shareholders

Tullow Oil Plc says any shareholder (investor) who attempts to attend the upcoming Annual General Meeting (AGM) in person will be refused entry.

“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”, it said in a circular.

The AGM of the oil giant will take place on 15 July 2020.

According to Tullow, 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.

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.

Tullow in 2019 underperformed both operationally and financially.

It 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.