Gazexport Challenges the Legitimacy of Tethys’ 2025 AGM Voting and Demands Protection of Its Voting Rights at the 2026 AGM
TORONTO, Aug. 26, 2026 (GLOBE NEWSWIRE) --
Gazexport Limited (“Gazexport” or the “Company”) announces that, through its Canadian counsel, it has formally demanded that Tethys Petroleum Limited (“Tethys”) confirm Gazexport’s right to vote its shares at Tethys’ upcoming Annual General Meeting of Shareholders scheduled for September 29, 2026.
Gazexport has also raised serious concerns regarding the conduct of Tethys’ 2025 Annual General Meeting (“2025 AGM”), at which Gazexport was prevented from exercising voting rights attached to its shares and a substantial number of Gazexport’s votes were excluded from the voting results potentially affecting the results of the meeting.
Gazexport’s Voting Rights at the 2026 AGM
Gazexport holds 17,536,269 ordinary shares of Tethys, as reflected in the records of TSX Trust Company, Tethys’ registrar and transfer agent. The Company was the registered and beneficial owner of these shares as of the August 17, 2026, the record date established for the 2026 Annual General Meeting and is therefore entitled to vote those shares at the meeting. Gazexport’s Canadian counsel has formally requested confirmation from Tethys that Gazexport will be permitted to exercise its voting rights at the September 29, 2026 AGM, either in person or through a duly authorized proxy. The letter further makes clear that the events of the 2025 AGM cannot be repeated. If Tethys does not provide the requested confirmation by September 1, 2026, Gazexport has instructed its counsel to seek appropriate relief from the courts to ensure that Gazexport is not again disenfranchised at the meeting.
Serious Concerns Regarding the 2025 AGM Voting Process
The Company considers the conduct of the 2025 AGM to raise serious and unresolved questions concerning the validity and reliability of the voting results announced by Tethys. Gazexport was the holder of the relevant shares on the record date for the 2025 AGM. Its duly authorized representatives attended the meeting in accordance with Tethys’ constitutional documents and applicable Cayman Islands law. Nevertheless, the Company was prevented from voting its shares by order of the Chair of the meeting.
Gazexport Seeks Transparent and Lawful Shareholder Voting
Gazexport believes that every shareholder entitled to vote must be permitted to exercise that right and that every valid vote must be properly recorded and counted.
The Company believes that the integrity of shareholder voting is essential to investor confidence, proper corporate governance and the legitimacy of decisions taken by a public company.
Gazexport Will Protect Its Shareholder Rights
Gazexport has made clear that it intends to take all necessary steps to protect its rights as a shareholder of Tethys.
If Tethys fails to confirm Gazexport’s voting rights by September 1, 2026, Gazexport will seek appropriate court orders to prevent a recurrence of the disenfranchisement that occurred at the 2025 AGM. Gazexport considers the protection of shareholder voting rights to be a matter of fundamental corporate governance and will continue to pursue all available legal and regulatory remedies.
About Gazexport Limited
Gazexport Limited is an energy investment company focused on oil and gas opportunities in Central Asia. The Company also operates in the trading and transportation of crude oil and petroleum products and is a significant shareholder of Tethys Petroleum Limited.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. Such statements reflect current expectations, estimates, assumptions, and projections of the Company and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such statements. Forward-looking statements in this release include, but are not limited to, statements regarding estimated reserves, potential future revenues, legal assessments, shareholder impact, and possible regulatory or legal actions. Readers are cautioned not to place undue reliance on such statements.
For further information, please contact:
Gazexport Limited
www.gazexport.com
info@gazexport.com
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