Scirocco Energy PLC Result of General Meeting (6811Q)

TIDMSCIR

RNS Number : 6811Q

Scirocco Energy PLC

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 
  Tom Reynolds, CEO                                +44 (0) 20 7466 
  Doug Rycroft, COO                                 5000 
 
   Strand Hanson Limited, Nominated Adviser          +44 (0) 20 7409 
   James Spinney / Ritchie Balmer / Rory Murphy      3494 
 
   WH Ireland Limited, Broker                        +44 (0) 207 220 
   Harry Ansell / Katy Mitchell                      1666 
 
   Buchanan, Financial PR                            +44 (0) 20 7466 
   Ben Romney / Jon Krinks                           5000

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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