Requisition of General Meeting

Scirocco Energy PLC

06 February 2024

 

 6 February 2024

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Requisition 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 it has received a letter dated 2 February 2024 from Forest Nominees Limited - which is the legal holder of 78,978,978 shares in the Company which are held as nominee on behalf of G.P. (Jersey) Limited - requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").

The Company can confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition (such validity having been confirmed yesterday) and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting.

The board of directors intends to comply with its obligations in accordance with section 304 of the Act and a circular convening the general meeting will be posted to Shareholders no later than 23 February 2024.

The single proposed resolution relates to a request for the Directors to put in place a strategy to distribute cash proceeds from the sale of assets to shareholders. The full text of the above proposed resolution will be set out in the circular.

As previously stated, the Board continues its review of a range of potential alternatives available to it by which it is able to deliver value to Shareholders, which may include the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction. The circular will contain an update on the board's review of these strategic options and voting recommendation.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

For further information:

Scirocco Energy plc Tom Reynolds, CEO	[phone]
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert Collins	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Barry Archer / George Pope	[phone]

 

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