REG - Scirocco Energy PLC - Result of General Meeting

Scirocco EnergyAnnouncement

29/06/2022 14:30

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RNS Number : 6811Q  Scirocco Energy PLC  29 June 2022

29 June 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Result of General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive
assets within the European sustainable energy and circular economy markets, is
pleased to announce that the Company received the requisite majority approval
from shareholders at the General Meeting held today in respect of the proposed
divestment of its interest in the Ruvuma Asset to Wentworth Resources.

As a result, the two parties will seek to obtain the requisite final
government and partner approvals to complete the transaction and Scirocco will
provide updates on progress towards completion.

The results of the shareholder vote shown in the table below have been
confirmed by a poll of votes cast carried out by the Company's independent
registrar present at the meeting.

                                  Total Votes
 Resolution  For          %       Against      %       Withheld   Total Cast
 1           183,663,473  63.44%  105,856,205  36.56%  1,987,829  289,519,678

 

Commenting on the result of the vote, Alastair Ferguson, Scirocco's Chairman
said:

"We are pleased that this transaction has been approved by the Company's
shareholders.  Completion of this deal will enable the Company to accelerate
its stated growth strategy within the energy transition sector by reinvesting
the firm and contingent proceeds of the transaction into the compelling
opportunity pipeline that we have been developing in parallel with this sales
process.  Critically, approval of the deal avoids the material dilutionary
impact that would have been associated with the need to fund the impending
work programme on the project.

We fully acknowledge that not all shareholders view this deal through the same
lens as the Board and the significant majority of those shareholders who
voted.  We intend to engage over the coming months with all our shareholders
to reemphasise the significant benefits this transaction brings in
transforming Scirocco's outlook and enabling us to progress down its chosen
strategic path with confidence and certainty."

 

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) 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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