Result of AGM

RNS Number : 8075U

Scirocco Energy PLC

03 August 2022

 

3 August 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Result of Annual General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, provides the results of the AGM which was held today at 10:30am.  Resolutions 1-4 were passed by the requisite majority, but Resolutions 5 and 6 were not passed.

The defeat of Resolution 5 means that the Company is in default of the terms of the Prolific Basins facility. The Company will seek to engage in short order with Prolific Basins as to next steps, which may include Scirocco being required to settle in the near term the outstanding balance of the facility of $545,000 from existing cash resources together with interest which now accrues on the outstanding balance given the event of default. The Company will provide a further update as and when appropriate.

Commenting on the result, Alastair Ferguson, Non-Executive-Chairman, said:

"It is disappointing that Resolution 5 did not receive the requisite support given the risks associated with failure to pass that resolution were clearly articulated to shareholders in the circular.  As such, the votes against that resolution have weakened the Company's position and the Board will now seek to engage with Prolific to establish the way forward. 

It is clear from the voting results that there is a significant number of shareholders who are not supportive of the Company and, given the similarity of votes against the Ruvuma disposal at the recent General Meeting, we assume that transaction is the crux of their issue.  The Board urges those shareholders to reassess their position as their tactics are only serving to undermine the Board's ability to deliver outcomes that are in the best interest of the Company and its shareholders.  The Board will continue its efforts to engage with all its shareholders to understand concerns, outline the long-term growth strategy and emphasise how the decisions undertaken by the Board support delivery of that strategy."

For further information:

Scirocco Energy plc Tom Reynolds, CEO Doug Rycroft, COO	[phone]
Strand Hanson Limited, Nominated Adviser James Spinney / Ritchie Balmer / Rory Murphy	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Jon Krinks	[phone]

 

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