- Kelt Exploration (TSX: KEL) held its Annual and Special Meeting of Shareholders on April 23, 2025, with 67.5% of shares represented.
- Retirement of Michael R. Shea and election of Ray Kwan to the board of directors were significant changes announced.
- Shareholders approved all resolutions, including a new performance share unit plan with over 98% support.
Kelt Exploration (TSX: KEL), a prominent player in the energy sector, successfully conducted its Annual and Special Meeting of Shareholders on April 23, 2025. The meeting saw robust participation with 67.5% of its common shares being represented. Key agenda items included significant changes to its board composition, shareholder approvals on strategic plans, and the appointment of auditors.
Michael R. Shea, after seven years of service, retired from the board, leaving a legacy of leadership and commitment. Ray Kwan, an independent businessman with over 20 years of experience in capital markets and the energy industry, was elected as a new director. His election promises to bring fresh insights as he takes on the role of chair of the audit committee and becomes a member of the reserves committee.
In addition to board changes, shareholders approved fixing the number of directors at six, with all nominated directors receiving strong majority votes exceeding 97%. Furthermore, amendments to Kelt's restricted share unit plan and a new performance share unit plan were passed with overwhelming support, securing over 98% approval. Similarly, the appointment of PricewaterhouseCoopers LLP as the company's auditors was ratified with 99.2% of votes in favor.
David J. Wilson, President and CEO, who won the highest approval among board nominees, expressed gratitude for the shareholders' continued trust and highlighted Kelt's commitment to its strategic objectives.
