REG - Scirocco Energy PLC - Result of General Meeting

Scirocco EnergyAnnouncement

19/03/2024 10:45

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RNS Number : 4296H  Scirocco Energy PLC  19 March 2024

19 March 2024

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,
announces that the resolution required to be put forward to Shareholders
today, following the general meeting requisition request as announced on 6
February 2024, and as further detailed in the circular published by the
Company on 23 February 2024 (the "Circular"), was passed.

The resolution stated "that the directors of the Company put in place a
strategy to return the Company's cash to shareholders and to sell the
Company's material assets and return any cash proceeds from such disposals to
shareholders (subject to the requirements of the Act and the AIM rules)".

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           291,308,465  80.19  71,982,983   19.81  441,240   363,291,448

 

Next steps

Following the resolution passing, the directors will clarify the detailed
steps required to return the Company's cash to Shareholders and will update
the market in due course. As set out in the Circular, this process is highly
likely to be implemented via a members' voluntary liquidation ("MVL"), which
will involve a further general meeting being called by the Company in 2-3
months' time to seek approval from Shareholders to appoint liquidators. As
part of the MVL process, the Company will also be required to seek approval
from Shareholders to cancel the Company's admission to trading on AIM
("Cancellation"), which will either be sought at the same time as the MVL
approval is sought from Shareholders, or ahead of time in a separate general
meeting.  Existing and prospective investors are encouraged to read the
Circular for more information on the MVL process.

AIM Rule 15 cash shell classification

As the Company no longer has a mandate to pursue its investing policy, the
Company is now deemed an AIM Rule 15 cash shell. Pursuant to Rule 40 of the
AIM Rules for Companies, the Company's Ordinary Shares will be suspended from
trading on AIM if the abovementioned Cancellation has not been concluded
within six months of today's date.  Should a further six months then elapse
without the Cancellation taking effect, pursuant to Rule 41 of the AIM Rules
for Companies, the Company's admission to trading on AIM will be cancelled.

For further information:

 Scirocco Energy plc                                  +44 (0)20 7466 5000

 Tom Reynolds, CEO
 Strand Hanson Limited, Nominated Adviser and Broker  +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Robert Collins
 Buchanan, Financial PR                               +44 (0)20 7466 5000

 Ben Romney / Barry Archer / George Pope

 

 

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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