Shareholders Nix CNOOC Finance Renewal
CNOOC Limited said that the resolution in respect to the Deposit Services and the Proposed Cap provided by CNOOC Finance was not passed following a vote by the independent shareholders.
Votes cast at the Extraordinary General Meeting (EGM) on March 30, 2007 totaled over 6.6 billion, representing about 46% of all the shares entitling independent shareholders to vote at the EGM. Approximately 48% of the votes cast supported and 52% were against the resolution.
Mr. Fu Chengyu, Chairman and Chief Executive Officer of the Company said, "We of course respect the decision of the independent shareholders on this issue. Nonetheless, the Board of Directors strongly believes that our current arrangements with CNOOC Finance, including the Deposit Services, are beneficial to the Company and its shareholders as a whole. They allow the Company to handle transactions flexibly and efficiently, and the interests of the Company are protected by robust checks and balances. Our connected transactions with CNOOC Finance are in full compliance with the Listing Rules of the Stock Exchange of Hong Kong and good corporate governance practices."
"The Company will continue to utilize non-deposit services provided by CNOOC Finance, such as settlement and discounting services, which are exempted from the reporting, announcement and independent shareholders' approval requirements under the Listing Rules. The Company will re-assess the position with respect to the Deposit Services following the shareholders' vote, and will seek a way forward that is in the best interests of all shareholders as well as the Company," Mr. Fu concluded.
- CNOOC 3Q Revenue Rises; Only Halfway To 2017 Spending Goal (Oct 25)
- CNOOC Completes Test Runs at Huizhou Refinery in Guangdong - Report (Oct 09)
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)