Monday 14 June 2010

Another interesting oil company AGM

Again I've done some heavy duty investigative journalism. I looked through a list of recent AGMs, picked one - JKX Oil - at random and Googled "JKX Oil AGM result rns". Phew!

Anyhow, the AGM statement is here. What's interesting at this one? Well, look down the column of total votes cast, and look at resolutions 9 & 13. The turnout increases by 50%, and if you look at the oppose votes you can see that without the increased turnout the company would have (narrowly) lost both votes.

The resolutions were seeking authority to issues shares so could be mainstream investors opposing them, but how do we explain the massively increased turnout? Might be worth a dig around.

UPDATE: thanks to AM for the following: "JKX actually lost the vote on res. 13 as it was a special resolution – the obvious suspect is the large Ukrainian shareholder (under the name of Ralkon) that presumably did not want to be diluted anymore."

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