Result of 2022 Annual General Meeting

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 shares	% of votes	No. of shares	% of votes
Ordinary Resolutions
1	To receive the Company's Annual Report and accounts 2021	44,971,168	100	0	0	38,624
2	To declare the final dividend for the year 31 December 2021 of 1.16 pence (GBP £0.0116) per ordinary share.	42,389,392	94.2	2,620,400	5.8	0
3.	To receive the director's remuneration report as set out in the financial statements and accounts.	27,927,257	62.1	17,046,035	37.9	36,500
4.	To re-appoint Juliet Kairuki as a director of the Company	44,930,184	99.9	30,484	0.1	49,124
5.	To re-appoint Iain McLaren as a director of the Company	42,310,268	94.1	2,650,400	5.9	49,124
6.	To re-appoint KPMG as auditors of the Company	44,958,714	99.9	14,578	0.1	36,500
7.	To authorise the Directors to determine the remuneration of the auditors	42,338,314	99.9	1,954	0.1	2,669,524
8.	To authorise the Directors to allot shares	40,995,456	91.2	3,965,212	8.8	49,124
Special Resolutions
9.	To disapply pre-emption rights in respect of the allotment of shares	42,033,816	93.5	2,926,852	6.5	49,124
10.	To authorise the Company to make market purchases 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:  Wentworth Resources	Katherine Roe, Chief Executive Officer	[e-mail] [phone]
Stifel Nicolaus Europe Limited	AIM Nominated Advisor and Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley	[phone]
Peel Hunt LLP	Joint Broker  Richard Crichton Alexander Allen	[phone]
FTI Consulting	Communications Advisor  Sara Powell  Ben Brewerton	[phone]

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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