REG - Scirocco Energy PLC - Requisition of General Meeting

Scirocco EnergyAnnouncement

02/09/2022 10:30

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RNS Number : 1073Y  Scirocco Energy PLC  02 September 2022

02 September 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Requisition of General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting
attractive assets within the European sustainable energy and circular economy
markets, announces that it has received a letter from a group of shareholders
of the Company requesting the Company to convene a general meeting of the
Company's shareholders pursuant to section 303 of the Companies Act 2006 (the
"Act").

Following a process of engagement with the requisitioning shareholders to
confirm that the requisition is valid in terms of the identity of the
requisitioning shareholders and the number of shares held by them, the Company
can now confirm it is subject to the requirement pursuant to section 304 of
the Act to call a general meeting within 21 days of receipt of a valid
requisition and to hold such a general meeting on a date not more than 28 days
after the date of the notice convening such general meeting.

The board of directors intends to comply with its obligations in accordance
with section 304 of the Act and a circular convening the general meeting will
be posted to Shareholders no later than 15(th) September 2022.

A summary of the five proposed resolutions relate to requests for the
Directors to: 1) explain measures they are going to take to improve share
price performance and to rethink the Company's investment strategy going
forward; 2) provide an audit trail in respect of Company revenues received
since 2018 and explain strategy around funding of the Ruvuma asset; 3)
reassess the strategy of any further investment in anaerobic digestion plants;
4) seek alternative service providers to reduce overhead spending; and 5)
appoint a unnamed representative from the requisitioning shareholders to the
board. The full text of the above proposed resolutions will be set out in the
circular.

Shareholders are advised to take no action at this time. Further announcements
will be made in due course.

 

For further information:

 Scirocco Energy plc                               +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

 Strand Hanson Limited, Nominated Adviser          +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Robert Collins

 WH Ireland Limited, Broker                        +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                            +44 (0) 20 7466 5000

 Ben Romney / Jon Krinks

 

Inside Information

The information contained within this announcement is deemed by Scirocco to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 ("MAR"). On the publication of this announcement via
a Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

 

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