TIDMWEN

RNS Number : 8534P

Wentworth Resources PLC

22 June 2022

PRESS RELEASE 22 June 2022

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Result of 2022 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 results of the poll conducted at the meeting were as follows:

 
                                        For                   Against               Withheld 
                                        No. of       % of     No. of       % of 
                                         shares       votes    shares       votes 
                                       -----------  -------  -----------  -------  ---------- 
 Ordinary Resolutions 
       To receive the Company's 
        Annual Report and 
 1      accounts 2021                   44,971,168      100            0        0      38,624 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To declare the final 
        dividend for the year 
        31 December 2021 of 
        1.16 pence (GBP GBP0.0116) 
 2      per ordinary share.             42,389,392     94.2    2,620,400      5.8           0 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To receive the director's 
        remuneration report 
        as set out in the 
        financial statements 
 3.     and accounts.                   27,927,257     62.1   17,046,035     37.9      36,500 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To re-appoint Juliet 
        Kairuki as a director 
 4.     of the Company                  44,930,184     99.9       30,484      0.1      49,124 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To re-appoint Iain 
        McLaren as a director 
 5.     of the Company                  42,310,268     94.1    2,650,400      5.9      49,124 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To re-appoint KPMG 
        as auditors of the 
 6.     Company                         44,958,714     99.9       14,578      0.1      36,500 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To authorise the Directors 
        to determine the remuneration 
 7.     of the auditors                 42,338,314     99.9        1,954      0.1   2,669,524 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To authorise the Directors 
 8.     to allot shares                 40,995,456     91.2    3,965,212      8.8      49,124 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
 Special Resolutions 
       To disapply pre-emption 
        rights in respect 
        of the allotment of 
 9.     shares                          42,033,816     93.5    2,926,852      6.5      49,124 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
       To authorise the Company 
        to make market purchases 
 10.    of its own shares               44,999,792     99.9       10,000      0.1           0 
      -------------------------------  -----------  -------  -----------  -------  ---------- 
 

Resolution 3, the advisory vote on the Director's Remuneration Report, was passed with a majority of 62.1% shareholder support, based on a turnout of 25.4%. While pleased the resolution was passed, the Board notes the result of this resolution and the significant vote against it. Over the past number of years and in the lead up to the AGM, we have engaged with shareholders to understand their voting intentions and reasons for voting in this way. The primary driver of the vote against related to the absence of a post vesting shareholding period for the LTIP awards.

The votes cast against this resolution are from a single shareholder that has a longstanding policy on holding periods. Given that Wentworth is a smaller AIM-listed company, it is the view of the Remuneration Committee that the current remuneration arrangements balance adherence to good practice and the business' ability to attract and retain talent. As Wentworth continues to grow and develop its corporate governance structure, the Remuneration Committee will continue to consistently evaluate all aspects of its approach to remuneration to ensure it continues to promote the long-term success of the business.

 
Enquiries:                          Katherine Roe,                             katherine.roe@wentplc.com 
 Wentworth Resources                 Chief Executive Officer                    +44 (0) 7841 087 230 
 
                                     AIM Nominated Advisor and Joint Broker 
                                     Callum Stewart 
                                     Ashton Clanfield 
  Stifel Nicolaus Europe Limited     Simon Mensley                              +44 (0) 20 7710 7600 
 
 
                                     Joint Broker 
                                     Richard Crichton 
  Peel Hunt LLP                      Alexander Allen                            +44 (0) 20 7418 8900 
 
                                     Communications Advisor 
                                     Sara Powell 
  FTI Consulting                     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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June 22, 2022 11:15 ET (15:15 GMT)

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