16 May 2024
Scirocco Energy plc
("Scirocco Energy" or "the Company")
Cancellation of Listing on AIM
Scirocco Energy (AIM: SCIR), the AIM Rule 15 cash shell, today provides an update with regards to the cancellation from trading on AIM ("Cancellation") following shareholder approval for the Cancellation at the Company's General Meeting ("GM") on 7 May 2024.
The Company reminds Shareholders that today, 16 May 2024, will be the last day of dealings in the Company's ordinary shares on AIM. Admission to trading on AIM will be cancelled at 7am BST on Friday 17 May 2024.
As discussed in the circular, published on 17 April 2024, the Company stated it would update shareholders on the selection of service provider that can facilitate a secondary market trading platform. Scirocco Energy can confirm that its ordinary shares will be admitted to trade on JP Jenkins (https://jpjenkins.com/) share dealing platform on Friday 17 May 2024.
JP Jenkins provides a share trading venue for unlisted or unquoted assets in companies, enabling shareholders and prospective investors to buy and sell equity on a matched bargain basis. JP Jenkins is a trading name of InfinitX Limited and Appointed Representative of Prosper Capital LLP (FRN453007). Shareholders wishing to trade these securities can do so through their stockbroker. Trades will be conducted at a level that JP Jenkins is able to match a willing seller and a willing buyer.
The Board is now engaged with pre-liquidation preparation and expects to notify shareholders in late June of a further (and final) GM to enter Members Voluntary Liquidation ("MVL") with the aim of distributing cash to Shareholders over the 2024 - 2026 (and potentially 2027) period in accordance with the outcome of the 19 March 2024 GM. The matched bargain trading platform will cease if the Company enters an MVL. Shareholders are reminded that the timing of any distributions pursuant to the MVL - which are not guaranteed - will depend on a number of factors, most predominantly the development of the Ruvuma asset (in line with the expected plan of its owners which the Company has no control over), and will be under the control of the liquidator, if the Company enters an MVL.
The Company will issue notices via the JPJ platform and post them on its website site which will remain live.
For further information:
| Scirocco Energy plc Tom Reynolds, CEO | +44 (0)20 7466 5000 |
| Strand Hanson Limited, Nominated Adviser and Broker Ritchie Balmer / James Spinney / Robert Collins | +44 (0) 20 7409 3494 |
| Buchanan, Financial PR Ben Romney / Barry Archer / George Pope | +44 (0)20 7466 5000 |
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