02:46 PM EST, 11/11/2025 (MT Newswires) -- Kolibri Global Energy ( KGEI ) announced Tuesday afternoon that the two independent proxy advisory firms, Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC, have each recommended that company's shareholders vote against a resolution to cap the number of common shares that the company is authorized to issue to 37,367,894 at the company's special general meeting of shareholders scheduled for November 25, 2025.

It noted the resolution was proposed by a shareholder of the Ccompany, TFG Asset Management UK LLP, which also requisitioned the meeting.

In making its recommendation that shareholders vote against the Share Limit Proposal, ISS said that: "As the board has indicated, the Share Limit Proposal could reduce strategic optionality, increase costs, and impair the company's ability to implement its shareholder-approved equity compensation plans. The board has correctly noted that several stock exchange policies and certain securities laws already limit the company's ability to dilute for certain significant issuances without shareholder approval. At the same time, TFG has not disclosed compelling rationale for implementing a limit which could prove burdensome."

For its part, Glass Lewis added: "In this case, we do not find the incumbent Board's capital allocation practices to be concerning, nor do we believe there currently exists any evident or compelling reason to adopt further measures that would limit the Board's ability to effectively manage the company's share capital. Further, we note that, as of the date of writing this report, TFG has not disclosed a rationale underpinning the need for the company to implement a reduction in its authorized share capital, thus offering no insight as to why such a reduction may be required or beneficial for the company and its unaffiliated shareholders at this time. Accordingly, we recommend shareholders vote on the Management GREEN proxy card AGAINST this proposal."

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