Result of AGM

Aquila European Renewables PLC

14 June 2023

 

Aquila European Renewables plc

Results of the Annual General Meeting

LEI: 213800UKH1TZIC9ZRP41

Aquila European Renewables plc (the "Company") announces that all of the resolutions put forward at its Annual General Meeting ("AGM") held earlier today were passed.

Details of the number of proxy votes cast for, against and withheld will shortly be published on the Company's website at https://www.aquila-european-renewables.com

The text of all the resolutions is contained in the notice of meeting in the Company's Annual Report for the year ended 31 December 2022.

The proxy votes received were as follows:

Resolution	Description	In Favour and Discretionary		Against		Withheld
1	Report & Accounts	284,945,460	100.00	0	0.00	0
2	Remuneration Report	284,859,027	100.00	6,206	0.00	80,227
3	Remuneration Policy	284,859,027	100.00	6,206	0.00	80,227
4	Company Continuation	211,198,096	74.12	73,747,364	25.88	0
5	To re-elect Ian Nolan	284,874,144	100.00	11,786	0.00	59,530
6	To re-elect Patricia Rodrigues	281,184,898	98.70	3,701,032	1.30	59,530
7	To re-elect David MacLellan	284,874,144	100.00	11,786	0.00	59,530
8	To re-elect Kenneth MacRitchie	284,874,144	100.00	11,786	0.00	59,530
9	To re-appoint PwC as Auditors	276,622,246	97.10	8,263,684	2.90	59,530
10	To permit the Board to authorise the Auditors fees	284,939,507	100.00	5,953	0.00	0
11	To permit the Board to pay all dividends as interim dividends	284,939,507	100.00	5,953	0.00	0
12	To allot new shares	284,938,087	100.00	7,373	0.00	0
13	To allow shares to be issued for cash up to 10%	284,938,087	100.00	7,283	0.00	90
14	To allow shares to be issued for cash up to a further 10%	276,697,124	97.11	8,247,169	2.89	1,167
15	To make market purchases	284,939,417	100.00	5,953	0.00	90
16	Allow General Meetings to be held at 14 days' notice	284,939,164	100.00	6,043	0.00	253

A vote withheld is not a vote in law and is excluded from the calculation.

On the record date for voting at the meeting, the Company's issued share capital was 408,225,705 ordinary shares. The Company was holding 20,063,452 of these shares in Treasury. Therefore, the total number of ordinary shares with voting rights in the Company was 388,162,253. Each ordinary share held entitled the holder to one vote and there are no restrictions on those voting rights. A "Vote withheld" is not a vote in law and is not counted in the calculation of the % of shares voted "For" or "Against" a resolution.

Continuation Vote

The Board would like to thank those shareholders that voted in favour of resolution 4, being the continuation resolution, which has been duly passed. However, it notes that a total of 73,747,364 shares were voted against the continuation resolution which represents approximately 19.0% of the shares in circulation and 25.9% of those voting at the AGM. Aquila Capital, which holds approximately 2.3% of the issued share capital of the Company, abstained from voting, reflecting their views on good corporate governance.

As outlined in the Chairman's Letter in the 2022 Annual Report and again in the announcement dated 30 May 2023, the Board and its advisers will, over the coming year, continue to explore a number of different initiatives to help address the issues facing the sector and secure recognition in the share price of the real underlying value of the portfolio. The Board also commits to review broader options if that value fails to be reflected in the share price. Notwithstanding this, the Board intends to engage further with shareholders, and in particular those that voted against the resolution and, in accordance with the AIC Code, will publish an update in due course.

As previously announced, shareholders will have a further opportunity to vote on the continuation of the Company during the course of the financial year ending 31 December 2024, expected to be around September 2024.

National Storage Mechanism

Copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Enquiries:

Apex Listed Companies Services (UK) Limited	020 3327 9720
Company Secretary

14 June 2023

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