Friday, May 25, 2018 09.05AM / NSE
Pursuant to the post-listing requirements of the Nigerian Stock Exchange (NSE) for quoted companies, Forte Oil Plc (the Company) hereby notifies the NSE that at the Thirty-Ninth Annual General Meeting of Forte Oil Plc held on the 23rd day of May, 2018 at the Bespoke Event Centre Lekki-Ajah Expressway, Lagos, the shareholders of the Company duly approved the following resolutions:
1. That the report of the Directors, the Consolidated Statement of Financial Position with the Consolidated Statement of Profit or Loss and other Comprehensive Income for the year ended 31st December, 2017 and the Report of the Auditors and Audit Committee thereon are hereby approved.
2. That upon the retirement of Mr. Anil Dua by rotation from the Board of Directors, pursuant to Article 89 of the Articles of Association of the Company, he is hereby re-elected as a Non-Executive Director of the Company.
3. That pursuant to Section 361 (1) (b) of the Companies and Allied Matters Act of 2004, the Directors of the Company be and are hereby authorized to fix the remuneration of the external auditors for the year ending December 31 , 2018
4. That the under listed shareholder representatives be hereby re-elected unto the Audit Committee:
· Mr. Okoro Emmanuel
· Mr. Ahmed Suleiman
· Mr. Tokunbo Shofolawe-Bakare
While the under listed Directors will serve on the Audit Committee for the year ending December 31, 2018.
· Mr. Anil Dua
· Mrs. Salamatu Suleiman and:
· Mr. Chris Adeyemi
5. That pursuant to Section 267“) of the Companies and Allied Matters Act 2004, the fees payable to the Non-Executive Directors be hereby set at the sum of N600,000 (Six hundred thousand naira) and the sum of N800,000 (Eight Hundred thousand naira) for the Chairman per annum
6. That subject to the approval of all regulatory authorities, the Directors of the Company be and are hereby authorized to restructure the Company by divesting its Upstream Services Business (Forte Upstream Services Limited), its power generating business (Amperion Power Distribution Limited), and its downstream business in Ghana (AP Oil & Gas Ghana Limited) at such time and on such terms and conditions as may be determined by the Directors of the Company.
7. That the proceeds from the divestment of the Upstream Services business and the power generating business be used to fund the downstream marketing business.
8. That the Directors of the Company be and are hereby authorized to take all necessary steps, do all acts and things and to approve, sign and/or execute all documents, appoint such professional parties and advisers, perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.