15 Jun 2021 12:38
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 StewartAshton ClanfieldSimon Mensley | +44 (0) 20 7710 7600 |
Peel Hunt LLP | Joint Broker Richard CrichtonAlexander 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.
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