Wentworth Resources PLC Deregistration of securities from Norwegian CSD (6718A)

TIDMWEN

RNS Number : 6718A

Wentworth Resources PLC

04 February 2022

4 February 2022

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Deregistration of securities from Norwegian Central Securities Depository

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company

announces that it has communicated to certain shareholders its plan to deregister its ordinary shares (the "Securities") from the Norwegian Central Securities Depository (the "VPS Register") with effect from 30 April 2022.

The Company delisted its Securities from Oslo Børs on 14 February 2019 to simplify its corporate structure, and committed at that time to maintaining the VPS Register for at least two years, which it has done. Wentworth has chosen to take this step due to challenges relating to liquidity, voting rights, and costs of maintenance.

Liquidity

Since the delisting, the majority of Securities registered in the VPS Register have been transferred to the main share register in CREST. This has caused a further decrease in liquidity for those shareholders who hold their Securities with the VPS Register.

Proxy Services

Wentworth's VPS registrar, Nordea Bank, has informed the Company that it will no longer be able to offer proxy services to shareholders who hold their Securities in the VPS Register. As such, such shareholders will no longer be able to vote their Securities at shareholder meetings of the Company.

Costs of Maintenance

Finally, upcoming regulatory changes in Norway resulting from the implementation of the Central Securities Depositories Regulation will result in significant additional cost to the Company to continue to maintain the VPS Register.

Wentworth has communicated the next step options to those shareholders on the VPS Register. The Company stresses its continuing commitment to all of its shareholders and is appreciative of its Norwegian shareholding. This course of action will ensure that the Company and those shareholders currently holding shares on the VPS Register continue to engage effectively.

Ends

This announcement does not contain inside information.

 
 
 
 
    Enquiries: 
 
    Wentworth Resources            Katherine Roe,                 katherine.roe@wentplc.com 
                                   Chief Executive Officer        +44 (0) 7841 087 230 
                                  AIM Nominated Advisor and 
                                   Joint Broker 
                                   Callum Stewart 
   Stifel Nicolaus Europe          Ashton Clanfield 
    Limited                        Simon Mensley                 +44 (0) 20 7710 7600 
 
                                   Joint Broker 
                                   Richard Crichton 
    Peel Hunt LLP                  Alexander Allen                +44 (0) 20 7418 8900 
 
                                   Communications Advisor 
                                   Sara Powell 
    FTI Consulting                 Ben Brewerton                  +44 (0) 20 3727 1000 
   About Wentworth Resources 
   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.

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