Source - LSE Regulatory
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

 

 

katherine.roe@wentplc.com
+44 (0) 7841 087 230

 

 
Stifel Nicolaus Europe Limited

 
AIM Nominated Advisor and Joint Broker 
Callum Stewart
Ashton Clanfield
Simon Mensley

 
+44 (0) 20 7710 7600

 

Peel Hunt LLP

 

Joint Broker 
Richard Crichton
Alexander Allen

 

+44 (0) 20 7418 8900

 
FTI Consulting

 
Communications Advisor 
Sara Powell  
Ben Brewerton

 

+44 (0) 20 3727 1000

 

 

 

 

 

 

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.

-Ends-

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