REG - Scirocco Energy PLC - Result of Annual General Meeting

Scirocco EnergyAnnouncement

09/08/2023 12:45

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RNS Number : 8304I  Scirocco Energy PLC  09 August 2023

9 August 2023

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,
today announces that at the Annual General Meeting held today at 11am,
Resolutions 1-5 were passed by the requisite majority.  Resolutions 6,7 &
8 were withdrawn from the agenda of the AGM prior to the event following
consultation with a number of shareholders.

 

As set out in the AGM Circular, the purpose of Resolution 7 was to provide a
specific authority to issue shares to satisfy options issued to directors and
former directors to settle fee deferrals during 2020 - 2022. With the
withdrawal of Resolution 7 the company will now be required to cash settle any
options if and when exercised. The actual cash liability is linked to
prevailing share price at the time of potential exercise but is estimated to
be c. £280k - £560k (at a share price range of 0.6p - 1.0p per share).

 

 Resolution  FOR          %      AGAINST     %      Discretionary  WITHHELD    TOTAL CAST
 1           263,432,541  98.6%  1,613,576   0.6%   2,777          2,131,591   267,180,485
 2           253,971,174  95.1%  2,515,637   0.9%   0              10,693,674  267,180,485
 3           253,974,507  95.1%  2,515,637   0.9%   0              10,690,341  267,180,485
 4           253,090,773  94.7%  3,999,371   1.5%   0              10,090,341  267,180,485
 5           194,466,645  72.8%  70,021,972  26.2%  2,777          2,689,091   267,180,485

 

Commenting, Tom Reynolds, CEO of Scirocco, said:

"The decision to withdraw certain resolutions followed consultation with a
number of shareholders who expressed opposition to them at this time. The
Board will continue to engage with our shareholders to articulate why we
tabled these resolutions, and why we believe they're required to deliver
long-term value for our shareholders as we move forward."

 

 

For further information:

 Scirocco Energy plc                               +44 (0)20 7466 5000

 Tom Reynolds, CEO

 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 / Barry Archer / George Pope

 

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