Borr Drilling Limited - 2020 AGM Results Notification

Rhea-AI Summary

Borr Drilling Limited held its Annual General Meeting on August 10, 2020, in Hamilton, Bermuda. Key resolutions included the re-election of directors Pål Kibsgaard, Tor Olav Trøim, Alexandra Kate Blankenship, Patrick Arnold Henk Schorn, Georgina E. Sousa, and Neil J. Glass. Additionally, the company approved an increase in authorized share capital from US$9.18 million to US$11.18 million by issuing an additional 40 million shares. PricewaterhouseCoopers LLP was appointed as auditors, and the Board of Directors' remuneration was capped at US$950,000 for the year ending December 31, 2020.

Positive

• Re-election of experienced board members enhances corporate governance.
• Increase in authorized share capital could provide flexibility for future financing.

Negative

• None.

OSLO, Aug. 10, 2020 /PRNewswire/ -- Borr Drilling Limited (the "Company") advises that the 2020 Annual General Meeting of the Company was held on August 10, 2020 at 09:30 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2019 were presented to the Meeting.
The following resolutions were passed:

1)    To re-elect Pål Kibsgaard as a Director of the Company.
2)    To re-elect Tor Olav Trøim as a Director of the Company.
3)    To re-elect Alexandra Kate Blankenship as a Director of the Company.
4)    To re-elect Patrick Arnold Henk Schorn as a Director of the Company.
5)    To re-elect Georgina E. Sousa as a Director of the Company.
6)    To re-elect Neil J. Glass as a Director of the Company.
7)    To approve the increase of the Company's authorized share capital from US$9,182,692.30 divided into 183,653,846 common shares of US$0.05 par value each to US$11,182,692.30 divided into 223,653,846 common shares of US$0.05 par value each by the authorization of an additional 40,000,000 common shares of US$0.05 par value each.
8)    To appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.
9)    To approve remuneration of the Company's Board of Directors of a total amount of fees not to exceed US$950,000 for the year ended December 31, 2020.

Hamilton, Bermuda
August 10, 2020

 

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https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---2020-agm-results-notification,c3166507

SOURCE Borr Drilling Limited

 

 

View original content:http://www.prnewswire.com/news-releases/borr-drilling-limited---2020-agm-results-notification-301109501.html

SOURCE Borr Drilling Limited

FAQ

What were the key resolutions passed at Borr Drilling's AGM on August 10, 2020?

The resolutions included the re-election of directors and an increase in authorized share capital.

How much was Borr Drilling's authorized share capital increased to?

The authorized share capital was increased from US$9.18 million to US$11.18 million.

What is the maximum remuneration approved for Borr Drilling's Board of Directors for 2020?

The maximum remuneration approved for the Board of Directors is US$950,000 for 2020.

Who were re-elected as directors during Borr Drilling's AGM?

Pål Kibsgaard, Tor Olav Trøim, Alexandra Kate Blankenship, Patrick Arnold Henk Schorn, Georgina E. Sousa, and Neil J. Glass were re-elected.

Which firm was appointed as auditors for Borr Drilling during the AGM?

PricewaterhouseCoopers LLP was appointed as auditors.