PTT Exploration and Production Public Company Limited Announcement
The postponement of the Annual General Meeting of Shareholders
for the year 2020 and approval of the interim dividend payment
PTT Exploration and Production Public Company Limited or PTTEP refers to the resolutions to hold the 2020 Annual General Meeting of Shareholders (AGM) on Monday 30 March 2020 at 14:00hrs., which the venue was changed to The Synergy Hall, 6th Floor, Building C, The Energy Complex, 555/3 Vibhavadi-Rangsit Road, Bangkok, as well as to notify precautionary measures for holding the Meeting under the circumstance of coronavirus 2019 (COVID-19), in accordance with the Reference Letter.
Given the announcement made by Bangkok Metropolitan Administration on the temporary closure of premises (No.4), dated 27 March 2020 (Announcement). In order to reduce the widespread of infectious disease in various areas and to provide timely disease control and to limit public mobilization in a large scale, the Board of Directors at the Meeting No. 7/2563/479 on 28 March 2020 considered that PTTEP, as a government unit, should fully cooperate with the government and being socially responsible, and has passed the resolutions as follows;
To postpone the Annual General Meeting of Shareholders for the year 2020 and cancel all the agenda items of the AGM as specified in the resolution of the Meeting of Board of Directors held on 30 January 2020. Such postponement will not cause any significant effect to the Company's business operation. Moreover, the Board of Directors will consider the new date and agenda for 2020 AGM at the appropriate time when the situation has been resolved, which the Company will then inform the shareholders accordingly.
To approve the interim dividend payment for Company performance of the year 2019 according to the audited financial statements ending 31 December 2019, based on the unappropriated retained earnings of the Company under the Petroleum Income Tax at the same rate as previously proposed of 3.75 baht per share. The Record Date for specifying the list of shareholders who have the right to receive this dividend was 14 February 2020, and the dividend will be paid on 10 April 2020, the same date as the shareholders had been previously notified in the resolution of the Meeting of Board of Directors No. 1/2563/473 on 30 January 2020. Together with the interim dividends declared and paid for the first half of 2019 at the rate of 2.25 baht per share, the total interim dividend payments from 2019 operating results are 6 baht per share. In this regard, the Board of Directors will not propose any other dividend payment for 2019 operations.
The Board of Directors consider to approve interim dividend instead of the annual dividend payment to reduce any impacts that may arise to shareholders from the postponement of AGM. This decision is made by virtue of Section 115 of the Public Limited Companies Act, B.E. 2535(1992), 3rd paragraph, which empowers the Board of Directors to pay interim dividends to shareholders and is in line with the guidelines under the Securities and Exchange Commission's Letter No. Gor Lor Tor. Jor Tor.-1(Wor) 9/2563 dated 6 March 2020, Re: Arrangement of the Annual General Meeting of Shareholders by Listed Companies during the Coronavirus Disease (COVID-19) Epidemic and FAQ from Stock Exchange of Thailand through discussions with the Department of Business Development, Ministry of Commerce, regarding the Annual General Meeting of Shareholders during the Coronavirus Disease (COVID-19) Epidemic.
The Company apologizes for the short notice of this announcement on the postponement of the Annual General Meeting of Shareholders. In the meantime, the Company will continue to closely monitor the COVID-19 outbreak and consider holding the Annual General Meeting of Shareholders as soon as reasonably practicable.
Please be informed accordingly.
Issued on 28 March 2020
(Mr. Phongsthorn Thavisin)
President and Chief Executive Officer