Update on Shareholder Consultation

RNS Number : 0926J

Wentworth Resources PLC

18 December 2020

 

PRESS RELEASE     18 December 2020

WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")

Update on Shareholder Consultation following Delisting from Oslo Børs

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company, confirms the following share buyback.

Following the Company's delisting from the Oslo Børs, the Company notified the market via an RNS announcement dated 1 November 2018 that certain shareholders had exercised their Dissent Rights under Canadian law (the "Dissenting Shareholders") which required the Company to buy back their equity holdings at fair value. The Company has agreed fair value with one of those shareholders and has entered into a Settlement Agreement with one Dissenting Shareholder to purchase 702,874 ordinary shares in the capital of the Company at NOK 2.91 (US$0.34) per ordinary share less all dividend payments made in respect of those shares whilst negotiations were ongoing.  The total cost to the Company in respect of this buyback is NOK 1,892,875 (US$220,634). 

The Company will update the market with respect to the remaining Dissenting Shareholders in due course.

The Company has previously disclosed these Dissent Rights and all sums in relation to the exercise of the Dissent Rights are fully provided for in its audited financial accounts and notified the market that the ordinary shares held by the Dissenting Shareholders are not included in the Company's total voting rights due to those shares being deemed transferred to the Company on 26 October 2018. The Company confirms that in conformity with the FCA's Disclosure Guidance and Transparency Rules, the total number of voting rights in Wentworth Resources as at 18 December 2020 remains at 184,159,139.

This figure for the total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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Enquiries:  Wentworth	Katherine Roe, Chief Executive Officer	[e-mail] [phone]
Stifel Nicolaus Europe Limited	AIM Nominated Adviser & Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley	[phone]
Peel Hunt LLP	Joint Broker  Richard Crichton Alexander Allen	[phone]
FTI	Communications Adviser  Sara Powell  Ben Brewerton	[phone]

This announcement does not contain inside information.

About Wentworth Resources

Wentworth Resources plc (AIM-listed: 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.

The power demand base in-country is growing and with an ambitious universal energy access target set by the Government for 2030, Wentworth has a vital role to play in increasing access by ensuring a reliable, affordable and growing supply of natural gas into the local market.

In 2019, Wentworth launched its dividend policy and remains committed to responsible growth that maintains returns for shareholders.

 

END

 

 

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