Withdrawal of AGM Resolution to Approve FY21 Incentives

Source: www.gulfoilandgas.com 10/26/2021, Location: Not categorized

• Strike’s Managing Director & Chief Executive Officer, Stuart Nicholls has elected to forfeit his FY21 short-term incentives, which were to be considered at the Company’s forthcoming 2021 AGM.
• Resolution 3 as set out in the Company’s Notice of Annual General Meeting is withdrawn.

Strike Energy Limited Managing Director and Chief Executive Officer, Stuart Nicholls has elected to forfeit the short-term incentives awarded to him by the Board of Directors for the Company’s FY21 performance.

The grant of the incentives to Mr Nicholls was subject to shareholder approval to be sought at the Company’s Annual General Meeting to be held on 15 November 2021.

As such, Resolution 3 (Grant of Performance Rights to or for the benefit of Mr Stuart Nicholls, Managing Director) is withdrawn from the items of business to be considered by shareholders at the upcoming AGM. The withdrawal of the Resolution will not affect:
• the validity of the proxy form provided with the 2021 Notice of Annual General Meeting or any proxy votes already submitted. (Shareholders wishing to complete and lodge a proxy at the 2021 AGM do not need to indicate their voting on Resolution 3); or
• the other items of business to be considered at the 2021 AGM, or the validity of votes cast or resolutions passed in respect of the remaining items of business.

Managing Director & Chief Executive Officer, Stuart Nicholls said: “As the Company’s CEO I take responsibility for the operational, and financial performance of the Company and, as such, I am happy to take ownership for the recent market performance and show my alignment with current shareholder outcomes.

“Shareholders’ interests are not just about long-term targets and goals but also include short term financial objectives. Investor reactions post the West Erregulla appraisal campaign has led to a material reduction in the company’s market value, and as such, I am willing to reinforce my undertaking in restoring this value, by waiving my short-term incentive from the previous financial year.

“This was a decision I took myself and offered to the Board of Directors, and believe is a required demonstration of my ongoing commitment to the proposed strategic outcomes of Strike Energy Limited”


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