Result of AGM

RNS Number : 9724B

Wentworth Resources PLC

15 June 2021

 

PRESS RELEASE        15 June 2021

WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")

Result of 2021 Annual General Meeting

Wentworth (AIM: WEN), the independent, Tanzania-focused natural gas production company, advises that at its Annual General Meeting ("AGM"), held today, all resolutions were passed. 

The Company announces the retirement of Bob McBean who did not seek re-election at this year's AGM.  Mr McBean has been instrumental in the development of the Company over the last 11 years and has guided the Company to the successful, well capitalized and financially robust entity it is today.  We are delighted that Mr McBean remains involved with the business as President of our Tanzanian Company.

Prior to the meeting the following proxy votes were received by the Company from Shareholders:

		For		Against		Withheld
		No. of shares	% of votes	No. of shares	% of votes
Ordinary Resolutions
1	To receive the Company's Annual Report and accounts 2020	70,022,186	100%	0	0%	2,830,073
2	To declare the final dividend for the year 31 December 2020 of one pence (GBP £0.01) per ordinary share.	72,642,313	100%	0	0%	209,673
3.	To receive the director's remuneration report as set out in the financial statements and accounts.	51,516,550	70.71%	21,335,709	29.29%	0
4.	To re-appoint Tim Bushell as a director of the Company	62,914,425	86.61%	9,728,161	13.39%	209,673
5.	To re-appoint KPMG as auditors of the Company	70,017,186	96.39%	2,620,400	3.61%	214,673
6	To authorise the Directors to determine the remuneration of the auditors	72,642,586	100%	0	0%	209,673
7	To authorise the Directors to allot shares	63,531,087	87.21%	9,321,172	12.79%	0
Special Resolutions
8	To disapply pre-emption rights in respect of the allotment of shares	66,763,503	91.64%	6,088,756	8.36%	0
9	To authorise the Company to make market purchases of its own shares	66,140,216	91.05%	6,502,370	8.95%	209,673
10.	To adopt new articles of association.	68,747,747	94.66%	3,879,470	5.34%	225,042

Resolution 3, an advisory vote on the Director's Remuneration Report, was passed with a majority of 70.79% shareholder support.  The Board notes the result of this resolution and the significant vote against this resolution.  We have engaged with shareholders to understand their reasons for voting in this way and understand their concerns, in particular, relating to the post vesting shareholding period for the LTIP awards.  Whilst the Board remains satisfied with the Executive Directors' remuneration we will continue to engage with shareholders and will consider their responses further during the coming year. 

Enquiries:  Wentworth Resources	Katherine Roe, Chief Executive Officer	[e-mail] [phone]
Stifel Nicolaus Europe Limited	AIM Nominated Advisor and Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley	[phone]
Peel Hunt LLP	Joint Broker  Richard Crichton Alexander Allen	[phone]
FTI Consulting	Communications Advisor  Sara Powell  Ben Brewerton	[phone]

About Wentworth

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.

Inside Information

This announcement does not contain inside information.

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