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SCIR Scirocco Energy Plc

0.25
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Scirocco Energy Plc LSE:SCIR London Ordinary Share GB00BF1BK408 ORD 0.20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.25 0.20 0.30 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Scirocco Energy PLC Result of General Meeting

19/03/2024 10:44am

RNS Regulatory News


RNS Number : 4296H
Scirocco Energy PLC
19 March 2024
 

19 March 2024

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Result of General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that the resolution required to be put forward to Shareholders today, following the general meeting requisition request as announced on 6 February 2024, and as further detailed in the circular published by the Company on 23 February 2024 (the "Circular"), was passed.

The resolution stated "that the directors of the Company put in place a strategy to return the Company's cash to shareholders and to sell the Company's material assets and return any cash proceeds from such disposals to shareholders (subject to the requirements of the Act and the AIM rules)".

The results of the Shareholder vote shown in the table below have been confirmed by a poll of votes cast carried out by the Company's independent registrar present at the meeting.




Total Votes




Resolution

For

%

Against

%

Withheld

Total Cast

1

291,308,465

80.19

71,982,983

19.81

441,240

363,291,448

 

Next steps

Following the resolution passing, the directors will clarify the detailed steps required to return the Company's cash to Shareholders and will update the market in due course. As set out in the Circular, this process is highly likely to be implemented via a members' voluntary liquidation ("MVL"), which will involve a further general meeting being called by the Company in 2-3 months' time to seek approval from Shareholders to appoint liquidators. As part of the MVL process, the Company will also be required to seek approval from Shareholders to cancel the Company's admission to trading on AIM ("Cancellation"), which will either be sought at the same time as the MVL approval is sought from Shareholders, or ahead of time in a separate general meeting.  Existing and prospective investors are encouraged to read the Circular for more information on the MVL process.

AIM Rule 15 cash shell classification

As the Company no longer has a mandate to pursue its investing policy, the Company is now deemed an AIM Rule 15 cash shell. Pursuant to Rule 40 of the AIM Rules for Companies, the Company's Ordinary Shares will be suspended from trading on AIM if the abovementioned Cancellation has not been concluded within six months of today's date.  Should a further six months then elapse without the Cancellation taking effect, pursuant to Rule 41 of the AIM Rules for Companies, the Company's admission to trading on AIM will be cancelled.


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

 

 

Inside Information

The information contained within this announcement is deemed by Scirocco to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

 

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