- Pine Cliff Energy Ltd. (PNE) held its Annual and Special Meeting of Shareholders with a 37.51% voting turnout.
- Shareholders approved a new Share Unit Plan and annual grant of over 10 million stock options and share units.
- Each nominated director was elected, with Philip B. Hodge receiving 99.88% support.
Pine Cliff Energy Ltd. (PNE) successfully conducted its Annual and Special Meeting of Shareholders on May 20, 2025. The meeting had a voting turnout of 37.51%, representing 134,450,284 common shares. All proposals were passed, including the approval of a new Share Unit Plan and the election of six directors.
The Share Unit Plan allows the company to issue share units and deferred share units, which can be settled in cash or stock. This plan supplements the current stock option plan, adhering to a total compensation limit of 10% of outstanding shares. The board approved the annual grant of 10,097,341 deferred share units, restricted share units, and stock options to directors, officers, and employees. The stock options have an exercise price of $0.55 per share, with expiration dates between May 20, 2027, and May 20, 2029, and they vest over a three-year period.
Among the directors elected, Philip B. Hodge received overwhelming support, with 99.88% of votes in his favor. Deloitte LLP was appointed as auditors for the upcoming year, with the board authorized to set their remuneration. More details on the meeting's voting results can be found on SEDAR.
