Egdon Resources plc (AIM:EDR) announces that the North Lincolnshire County Council’s Planning Committee has today refused planning consent for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.
At the same meeting the application for the installation of groundwater monitoring boreholes was approved.
Mark Abbott Managing Director of Egdon Resources plc, said:
“We are very disappointed by the decision of the Committee that goes against the positive recommendation of their Planning Officer which was determined after an extensive and thorough review of our proposals.
Our business has been operating exploration and production sites in a safe and environmentally sensitive manner across the region for many years, engaging with communities, employing local people and investing in the local supply chain.
We will now take time to consider our options including our right to bring forward an appeal.”
The Directors of Egdon Resources plc announce the results of the Annual General Meeting held at the offices of Norton Rose Fulbright on 8 December 2016.
Resolutions 1 to 6 were duly passed by shareholders unanimously.
A Poll was called for Resolution 7, being a Special Resolution in respect of the waiver of pre‑emption rights on the issue of a limited number of shares for cash, and was defeated by 109,198,514 (73.18%) to 40,025,137 (26.82%) out of a total number of shares in issue of 258,979,583.
At the meeting, Managing Director Mark Abbott presented a review of the business. The presentation will be available and can be accessed from the Company’s website: www.egdon-resources.com.
The Company has been informed of the following recent transactions by Directors:
In the Open Offer Philip Stephens, Non-executive Chairman, purchased 12,890 shares; Mark Abbott, Managing Director, purchased 50,563 ordinary shares; Andrew Lodge, non-executive Director purchased 31,250 shares and Kenneth Rafcliff, non-executive Director purchased 9,984 shares; all at the Open Offer price of 13.5p.
A trust of which Walter Roberts, non-executive director and company secretary, is a trustee distributed 70,182 shares to each of the two beneficiaries thus reducing his beneficial holding although none of these shares have been sold.
Following these transactions and in order to update the percentages following the recent placing and open offer, the holdings of those Directors holding shares in the Company are as set out in the following table.
|Director||Holding of Ordinary Shares||Percentage of Enlarged Share Capital|
Egdon announces the result of the Open Offer for up to approximately £2.06 million at 13.5 pence per share, further details of which were set out in the Open Offer Circular (the “Circular”) despatched to Shareholders on 8 November 2016.
The Open Offer has been 1.3 times oversubscribed and valid acceptances have been received in respect of the entirety of the Open Offer Shares.