Journey Energy Inc. Reports on Voting from the 2018 Shareholders Meeting

May 24, 2018

CALGARY, May 24, 2018 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") reports the voting results from its Annual General Meeting held on May 23, 2018.

1. Fixing the Number of Directors to be elected at the meeting

On a vote by a show of hands, the number of directors of the Corporation to be elected at the Meeting was fixed at six members. The number in respect of the vote is based on the proxies received.

Votes For

% For

Votes Against

% Against

19,339,817

99.98

3,300

0.02

 

2. Election of Directors

On a vote by ballot, each of the following six nominees proposed by management was elected to serve as a director of the Corporation until the next annual meeting of shareholders, or until their successors are duly elected or appointed, subject to the provisions of the Business Corporations Act (Alberta) and the by-laws of the Corporation:

Nominees

Votes For

% For

Votes Withheld

% Withheld

Howard Crone

13,917,023

71.29

5,605,608

28.71

Dana Laustsen

19,303,331

98.88

219,300

1.12

Ruilin Zhang

7,748,828

39.69

11,773,803

60.31

Ryan Shay

19,349,331

99.11

173,300

0.89

Glenn Hamilton

18,982,636

97.23

539,995

2.77

Alex Verge

19,240,889

98.56

281,742

1.44

 

Pursuant to Journey's Majority Voting Policy, Mr. Zhang will be required to tender his resignation from the Board as he received more withheld votes than votes in favor. The Governance and Compensation Committee of the Board shall consider the offer of resignation and make a recommendation to the Board as to whether or not they should accept it. The Board will act on the committee's recommendation within ninety days and announce its decision in a press release.

3. Appointment of Auditor

On a vote by a show of hands, KPMG LLP, Chartered Professional Accountants, was appointed as auditors of the Corporation until the next annual meeting of shareholders, and the directors of the Corporation were authorized to fix their remuneration as such. The numbers of the vote are based on the proxies received. 

Votes For

% For

Votes Withheld

% Withheld

19,282,417

99.63

70,800

0.37

 

4. Approval of an Amendment to the Award and Stock Option Plans

On a vote by ballot, the proposed amendment to increase the aggregate number of common shares that may be issued pursuant to all security-based compensation plans by an additional 750,000 common shares until the next shareholder approval for these plans which is set to occur on or before May 24, 2020 was approved. The numbers of the vote are based on the proxies received. 

Votes For

% For

Votes Against

% Withheld

12,775,067

66.04

6,568,050

33.96

 

SOURCE Journey Energy Inc.

Alex G. Verge, President and Chief Executive Officer, 403-303-3232, alex.verge@journeyenergy.ca; Gerry Gilewicz, Chief Financial Officer, 403-303-3238, gerry.gilewicz@journeyenergy.ca; Journey Energy Inc., 700, 517 - 10th Avenue SW, Calgary, AB T2R 0A8, 403-294-1635, www.journeyenergy.ca