REG - Wentworth Resources - Result of 2022 Annual General Meeting

Wentworth ResourcesAnnouncement

22/06/2022 16:15

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RNS Number : 8534P  Wentworth Resources PLC  22 June 2022

 

PRESS RELEASE
 
                     22 June 2022

 

 

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Result of 2022 Annual General Meeting

Wentworth (AIM: WEN), the independent, Tanzania-focused natural gas production
company, advises that at its Annual General Meeting ("AGM"), held today, all
resolutions were passed.

The results of the poll conducted at the meeting were as follows:

 

 

                                                                                      For                        Against           Withheld
      No. of shares                                                                   % of votes  No. of shares  % of votes
 Ordinary Resolutions

 1    To receive the Company's Annual Report and accounts 2021                        44,971,168  100            0           0     38,624

 2    To declare the final dividend for the year 31 December 2021 of 1.16 pence (GBP  42,389,392  94.2           2,620,400   5.8   0
      £0.0116) per ordinary share.
 3.   To receive the director's remuneration report as set out in the financial       27,927,257  62.1           17,046,035  37.9  36,500
      statements and accounts.
 4.   To re-appoint Juliet Kairuki as a director of the Company                       44,930,184  99.9           30,484      0.1   49,124

 5.   To re-appoint Iain McLaren as a director of the Company                         42,310,268  94.1           2,650,400   5.9   49,124

 6.   To re-appoint KPMG as auditors of the Company                                   44,958,714  99.9           14,578      0.1   36,500

 7.   To authorise the Directors to determine the remuneration of the auditors        42,338,314  99.9           1,954       0.1   2,669,524

 8.   To authorise the Directors to allot shares                                      40,995,456  91.2           3,965,212   8.8   49,124

 Special Resolutions

 9.   To disapply pre-emption rights in respect of the allotment of shares            42,033,816  93.5           2,926,852   6.5   49,124
 10.  To authorise the Company to make market purchases of its own shares             44,999,792  99.9           10,000      0.1   0

 

 

Resolution 3, the advisory vote on the Director's Remuneration Report, was
passed with a majority of 62.1% shareholder support, based on a turnout of
25.4%. While pleased the resolution was passed, the Board notes the result of
this resolution and the significant vote against it.  Over the past number of
years and in the lead up to the AGM, we have engaged with shareholders to
understand their voting intentions and reasons for voting in this way. The
primary driver of the vote against related to the absence of a post vesting
shareholding period for the LTIP awards.

 

The votes cast against this resolution are from a single shareholder that has
a longstanding policy on holding periods. Given that Wentworth is a smaller
AIM-listed company, it is the view of the Remuneration Committee that the
current remuneration arrangements balance adherence to good practice and the
business' ability to attract and retain talent. As Wentworth continues to grow
and develop its corporate governance structure, the Remuneration Committee
will continue to consistently evaluate all aspects of its approach to
remuneration to ensure it continues to promote the long-term success of the
business.

 

 

 

 Enquiries:

 Wentworth Resources              Katherine Roe,                             katherine.roe@wentplc.com

Chief Executive Officer
+44 (0) 7841 087 230

Stifel Nicolaus Europe Limited
AIM Nominated Advisor and Joint Broker
+44 (0) 20 7710 7600

Callum Stewart

Ashton Clanfield

Simon Mensley

Peel Hunt LLP
Joint Broker
+44 (0) 20 7418 8900

Richard Crichton

Alexander Allen

FTI Consulting
Communications Advisor

Sara Powell
+44 (0) 20 3727 1000

                                  Ben Brewerton

 

 

 

 

 

 

About Wentworth

Wentworth Resources plc (AIM: WEN) is a leading, domestic natural gas producer
in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma
Basin in Southern Tanzania.

Inside Information

This announcement does not contain inside information.

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