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Board of Directors resolutions’ disclosure 27 Feb 2018

Board of Directors resolutions’ disclosure

Phoenix Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community that it has resolved the following at the meeting of the Board of Directors held on 27 February 2018:

1. Approval of the audited financial statements for the year ended 31 December 2017 together with the Board of Directors’ Report, Management Discussion and Analysis Report and the Corporate Governance Report.
2. Ratification of the related party transactions in 2017.
3. Approval of the related party transactions in 2018.
4. Approval of the Corporate Social Responsibility Annual Plan and Budget for 2018.
5. Request the Shareholders in forthcoming AGM to authorize the Board of Directors to determine and distribute cash dividends to the Shareholders of the Company (who are registered with the MCDC as of the dates to be decided by the Board of Directors) in July 2018 and January 2019 out of the retained earnings as per the audited financial statements for the year ended 31 December 2017, provided that the aggregate amount shall not exceed 4.8% (four point eight percent) of the paid up share capital of the Company (i.e., 4.8 (four point eight) Baizas per share).
6. Approval of the agenda of the annual general meeting of the Company on 19 March 2018.
7. Request the Shareholders in forthcoming AGM to approve an independent party for the appraisal for the Board of Directors of the Company for the financial year ending 31 December 2018.
8. Acceptance of the resignation of Mr. Peter Kevin Jones from his position as Chief Executive Officer of the Company with effect from 1 April 2018.
9. Approval of the appointment of Mr. Paul Atkinson as Chief Executive Officer with effect from 1 April 2018.
10. Appointment of Ms. Ahlam Al Zadjali as the Company’s Internal Auditor as a replacement of Mr. Ahmed Al Abri with effect from 1 April 2018.
11. Recommend the appointment of the auditors of the Company for the financial year ending 31 December 2018 and determination of their remuneration.