Scirocco Energy PLC Requisition of General Meeting (1073Y)

TIDMSCIR

RNS Number : 1073Y

Scirocco Energy PLC

02 September 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Requisition of General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that it has received a letter from a group of shareholders of the Company requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").

Following a process of engagement with the requisitioning shareholders to confirm that the requisition is valid in terms of the identity of the requisitioning shareholders and the number of shares held by them, the Company can now confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting.

The board of directors intends to comply with its obligations in accordance with section 304 of the Act and a circular convening the general meeting will be posted to Shareholders no later than 15(th) September 2022.

A summary of the five proposed resolutions relate to requests for the Directors to: 1) explain measures they are going to take to improve share price performance and to rethink the Company's investment strategy going forward; 2) provide an audit trail in respect of Company revenues received since 2018 and explain strategy around funding of the Ruvuma asset; 3) reassess the strategy of any further investment in anaerobic digestion plants; 4) seek alternative service providers to reduce overhead spending; and 5) appoint a unnamed representative from the requisitioning shareholders to the board. The full text of the above proposed resolutions will be set out in the circular.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

For further information:

 
 Scirocco Energy plc 
  Tom Reynolds, CEO                            +44 (0) 20 7466 
  Doug Rycroft, COO                             5000 
 
   Strand Hanson Limited, Nominated Adviser 
   Ritchie Balmer / James Spinney / Robert       +44 (0) 20 7409 
   Collins                                       3494 
 
   WH Ireland Limited, Broker                    +44 (0) 207 220 
   Harry Ansell / Katy Mitchell                  1666 
 
   Buchanan, Financial PR                        +44 (0) 20 7466 
   Ben Romney / Jon Krinks                       5000

Inside Information

The information contained within this announcement is deemed by Scirocco to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

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