9 August 2023
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, today announces that at the Annual General Meeting held today at 11am, Resolutions 1-5 were passed by the requisite majority. Resolutions 6,7 & 8 were withdrawn from the agenda of the AGM prior to the event following consultation with a number of shareholders.
As set out in the AGM Circular, the purpose of Resolution 7 was to provide a specific authority to issue shares to satisfy options issued to directors and former directors to settle fee deferrals during 2020 - 2022. With the withdrawal of Resolution 7 the company will now be required to cash settle any options if and when exercised. The actual cash liability is linked to prevailing share price at the time of potential exercise but is estimated to be c. £280k - £560k (at a share price range of 0.6p - 1.0p per share).
| Resolution | FOR | % | AGAINST | % | Discretionary | WITHHELD | TOTAL CAST |
| 1 | 263,432,541 | 98.6% | 1,613,576 | 0.6% | 2,777 | 2,131,591 | 267,180,485 |
| 2 | 253,971,174 | 95.1% | 2,515,637 | 0.9% | 0 | 10,693,674 | 267,180,485 |
| 3 | 253,974,507 | 95.1% | 2,515,637 | 0.9% | 0 | 10,690,341 | 267,180,485 |
| 4 | 253,090,773 | 94.7% | 3,999,371 | 1.5% | 0 | 10,090,341 | 267,180,485 |
| 5 | 194,466,645 | 72.8% | 70,021,972 | 26.2% | 2,777 | 2,689,091 | 267,180,485 |
Commenting, Tom Reynolds, CEO of Scirocco, said:
"The decision to withdraw certain resolutions followed consultation with a number of shareholders who expressed opposition to them at this time. The Board will continue to engage with our shareholders to articulate why we tabled these resolutions, and why we believe they're required to deliver long-term value for our shareholders as we move forward."
For further information:
| Scirocco Energy plc Tom Reynolds, CEO | +44 (0)20 7466 5000 |
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| Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert Collins | +44 (0) 20 7409 3494 |
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| WH Ireland Limited, Broker Harry Ansell / Katy Mitchell | +44 (0) 207 220 1666 |
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| Buchanan, Financial PR Ben Romney / Barry Archer / George Pope | +44 (0)20 7466 5000 |
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