FLEX - 2025 AGM Results Notification

Rhea-AI Summary

FLEX LNG (FLNG) held its 2025 Annual General Meeting on May 8, 2025, in Hamilton, Bermuda, where several key resolutions were passed. The company set a maximum of eight Directors and approved Board re-elections for Ola Lorentzon, Nikolai Grigoriev, Steen Jakobsen, and Susan Sakmar, while Mikkel Storm Weum was newly elected. Notably, shareholders approved the delisting of the company's common shares from the Oslo Stock Exchange. Other approved resolutions included the re-appointment of Ernst & Young AS as auditor and a Board remuneration cap of US$500,000 for the year ending December 31, 2025.

Positive

• None.

Negative

• Planned delisting from Oslo Stock Exchange reduces trading venue options and could impact stock liquidity

Insights

Corporate Governance Specialist

FLEX LNG shareholders approved delisting from Oslo Stock Exchange, significantly impacting stock liquidity and trading dynamics for investors.

FLEX LNG's Annual General Meeting has produced a critical development that will substantially impact investor access to the company's shares. The most significant outcome is the approved delisting from the Oslo Stock Exchange, authorizing the Board to implement this major market change. This decision fundamentally alters how investors can trade FLEX LNG shares and typically signals a strategic shift in the company's capital markets approach.

The delisting process has several immediate implications for shareholders. First, it will reduce trading liquidity for existing investors who previously relied on the Oslo exchange. Second, it suggests the company is consolidating its listing venues, likely focusing on its NYSE listing (though the company maintains Bermuda incorporation). This streamlining approach often aims to reduce compliance costs and administrative overhead associated with maintaining dual listings.

Other routine but necessary governance matters were addressed, including setting the maximum board size at eight directors, re-electing four existing directors, electing one new director (Mikkel Storm Weum), reappointing Ernst & Young as auditor, and approving board compensation not exceeding $500,000 for 2025. The meeting also approved a reduction of the share premium account, which could have implications for the company's capital structure.

The delisting decision represents a fundamental shift in FLEX LNG's market accessibility and suggests management is pursuing a more focused capital markets strategy, which will significantly impact how investors can access and trade company shares going forward.

HAMILTON, Bermuda, May 9, 2025 /PRNewswire/ -- FLEX LNG LTD. (the "Company") advises that the 2025 Annual General Meeting of the Shareholders of the Company was held on 8 May 2025 at 14:00 hrs, at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HMCX, Bermuda. The audited consolidated financial statements for the Company for the year ended 31 December 2024 were presented to the Meeting.

In addition, the following resolutions were passed:

1. To set the maximum number of Directors to be not more than eight.
2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit.
3. To re-elect Ola Lorentzon as a Director of the Company.
4. To re-elect Nikolai Grigoriev as a Director of the Company.
5. To re-elect Steen Jakobsen as a Director of the Company.
6. To re-elect Susan Sakmar as a Director of the Company.
7. To elect Mikkel Storm Weum as a Director of the Company.
8. To re-appoint Ernst & Young AS of Oslo, Norway, as auditor 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$500,000 for the year ended December 31, 2025.
10. Reduction of share premium account.
11. To approve the delisting of the Company's common shares from the Oslo Stock Exchange and to authorize the Board of Directors to take steps to implement the delisting including filing an application to the Oslo Stock Exchange on behalf of the Company.

8 May 2025

The Board of Directors
FLEX LNG LTD.
Hamilton, Bermuda

For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/flex-lng/r/flex---2025-agm-results-notification,c4147885

View original content:https://www.prnewswire.com/news-releases/flex--2025-agm-results-notification-302450951.html

SOURCE Flex LNG

FAQ

What are the key resolutions passed at FLEX LNG's 2025 AGM?

Key resolutions included setting a maximum of 8 directors, re-electing four directors and electing one new director, re-appointing Ernst & Young AS as auditor, setting board remuneration cap at $500,000, and approving delisting from Oslo Stock Exchange.

Why is FLEX LNG (FLNG) delisting from the Oslo Stock Exchange?

The press release does not provide specific reasons for the delisting decision, only stating that shareholders approved the delisting and authorized the Board to implement it.

Who are the directors re-elected to FLEX LNG's board in 2025?

The re-elected directors are Ola Lorentzon, Nikolai Grigoriev, Steen Jakobsen, and Susan Sakmar. Mikkel Storm Weum was newly elected to the board.

What is the approved board remuneration for FLEX LNG in 2025?

The approved board remuneration is capped at US$500,000 for the year ending December 31, 2025.