REG - Scirocco Energy PLC - Result of AGM

Scirocco EnergyAnnouncement

03/08/2022 12:45

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RNS Number : 8075U  Scirocco Energy PLC  03 August 2022

3 August 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Result of Annual General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive
assets within the European sustainable energy and circular economy markets,
provides the results of the AGM which was held today at 10:30am.  Resolutions
1-4 were passed by the requisite majority, but Resolutions 5 and 6 were not
passed.

The defeat of Resolution 5 means that the Company is in default of the terms
of the Prolific Basins facility. The Company will seek to engage in short
order with Prolific Basins as to next steps, which may include Scirocco being
required to settle in the near term the outstanding balance of the facility of
$545,000 from existing cash resources together with interest which now accrues
on the outstanding balance given the event of default. The Company will
provide a further update as and when appropriate.

Commenting on the result, Alastair Ferguson, Non-Executive-Chairman, said:

"It is disappointing that Resolution 5 did not receive the requisite support
given the risks associated with failure to pass that resolution were clearly
articulated to shareholders in the circular.  As such, the votes against that
resolution have weakened the Company's position and the Board will now seek to
engage with Prolific to establish the way forward.

It is clear from the voting results that there is a significant number of
shareholders who are not supportive of the Company and, given the similarity
of votes against the Ruvuma disposal at the recent General Meeting, we assume
that transaction is the crux of their issue.  The Board urges those
shareholders to reassess their position as their tactics are only serving to
undermine the Board's ability to deliver outcomes that are in the best
interest of the Company and its shareholders.  The Board will continue its
efforts to engage with all its shareholders to understand concerns, outline
the long-term growth strategy and emphasise how the decisions undertaken by
the Board support delivery of that strategy."

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

 James Spinney / Ritchie Balmer / Rory Murphy

 WH Ireland Limited, Broker                     +44 (0) 0207 220 1666

 Harry Ansell / Katy Mitchell

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

 Ben Romney / Jon Krinks

 

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