Brooge Energy Limited Announces Extraordinary Meeting of Shareholders

Core Viewpoint - Brooge Energy Limited is holding an extraordinary general meeting for shareholders to approve a significant transaction involving the sale of its subsidiaries, which will lead to substantial distributions to shareholders [1][5][12]. Group 1: Meeting Details - The extraordinary general meeting is scheduled for around September 30, 2025, with a record date of September 10, 2025, to determine shareholder eligibility to vote [1][2]. Group 2: Transaction Overview - On May 27, 2025, Brooge Energy announced a conditional sale and purchase agreement with Gulf Navigation Holding PJSC for the sale of 100% of the share capital of BPGIC FZE and BPGIC Phase III FZE [3]. - The transaction is expected to generate significant proceeds, allowing the company to settle debts and distribute funds to shareholders [4]. Group 3: Distribution to Shareholders - Following the completion of the transaction, the company anticipates distributing nearly all proceeds to shareholders of record, with an expected distribution of approximately USD 7.70 per share [6][10]. - U.S. shareholders will receive cash payments, while non-U.S. shareholders will receive GulfNav shares and/or Mandatory Convertible Bonds [7][8][14]. Group 4: Shareholder Considerations - BPGIC Holdings Limited, the majority shareholder, has agreed to assume specific liabilities to facilitate the transaction, which will affect its dividend [11]. - The board has determined that the distribution structure complies with legal constraints, ensuring a fair allocation of value among shareholders [13][14][15]. Group 5: Meeting Results - The results of the voting at the extraordinary general meeting will be posted on the company's website shortly after the meeting [16].