Wentworth Resources PLC Deregistration of securities (2572J)
26 Avril 2022 - 8:00AM
UK Regulatory
TIDMWEN
RNS Number : 2572J
Wentworth Resources PLC
26 April 2022
PRESS RELEASE
26 April 2022
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Deregistration of securities from the Norwegian Central
Securities Depository
Further to the Company's announcement on 4 February 2022
regarding its plan to deregister its ordinary shares (the
"Securities") from the Norwegian Central Securities Depository (the
"VPS Register") and the related information sent to shareholders on
the VPS Register, Wentworth can confirm that the VPS Register will
close as planned with effect from 30 April 2022.
Details of the rationale for the deregistration decision and a
summary of the options offered to shareholders holding their
Securities in the VPS Register are set out below in the section
marked "Background". In summary, if Securities have not been
transferred to ordinary shares held through CREST or in
certificated form (in the name of the shareholder, as described
below) prior to 30 April 2022 then:
-- holdings of Securities will automatically be deregistered from the VPS Register;
-- upon such deregistration, the legal title to the Securities
will be transferred to the shareholder and recorded in certificated
form on the Company's share register; and
-- the shareholder will be issued with a share certificate which
will be sent by ordinary mail to the name and address of the
shareholder as listed in the VPS Register.
Shareholders can be reassured that they will not lose their
interest in the Securities they hold through the VPS Register but
if they do not wish their shareholding in Wentworth to be in
certificated form then they should take steps to contact
alternative service providers that can offer CREST shareholding
services.
If shareholders have any questions, they can email the Company
at: Info@wentplc.com .
Background:
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 took this step due to challenges
relating to liquidity, voting rights, and costs of maintenance.
Ø 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.
Ø 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.
Ø 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.
Shareholders holding their Securities in the VPS Register were
given two options for holding their Securities in the Company
following the deregistration in that they could transfer their
Securities from the VPS Register into ordinary shares of the
Company to be held either:
1. In certificated form and registered directly on the Company's
share register, which is maintained by the Company's registrar,
Link Asset Management Limited ("Link"); or
2. In CREST which is the UK electronic trading platform where
the Securities will be held in a securities account capable of
holding such Securities.
Securities held in certificated form will not be tradable via
CREST. Shareholders who currently hold their Securities in the VPS
Register are therefore strongly encouraged to transfer such
Securities into ordinary shares to be held through CREST, in order
to ensure tradability of their Securities on CREST. From 30 April
2022 shareholders will be unable to hold or trade their Securities
through the VPS Register.
Securities that have not been transferred to ordinary shares to
the held through CREST or in certificated form (in the name of the
shareholder, as described above) prior to 30 April 2022 will,
without any further action on the part of the shareholder, be
automatically deregistered from the VPS Register. Upon such
deregistration, the legal title to the Securities will be
transferred to the shareholder and recorded in certificated form on
the Company's share register maintained by the Company's registrar,
Link. Link will issue a share certificate to each such shareholder
holding its Securities in the VPS Register as of 30 April 2022,
which will be sent by ordinary mail to the name and address of the
shareholder as reflected on the VPS Register at the time the VPS
Register is terminated.
Ends
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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END
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