4 Feb 2022 07:00
4 February 2022
WENTWORTH RESOURCES PLC("Wentworth" or the "Company")
Deregistration of securities from Norwegian Central Securities Depository
Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company
announces that it has communicated to certain shareholders its plan to deregister its ordinary shares (the "Securities") from the Norwegian Central Securities Depository (the "VPS Register") with effect from 30 April 2022.
The Company delisted its Securities from Oslo Børs on 14 February 2019 to simplify its corporate structure, and committed at that time to maintaining the VPS Register for at least two years, which it has done. Wentworth has chosen to take this step due to challenges relating to liquidity, voting rights, and costs of maintenance.
Liquidity
Since the delisting, the majority of Securities registered in the VPS Register have been transferred to the main share register in CREST. This has caused a further decrease in liquidity for those shareholders who hold their Securities with the VPS Register.
Proxy Services
Wentworth's VPS registrar, Nordea Bank, has informed the Company that it will no longer be able to offer proxy services to shareholders who hold their Securities in the VPS Register. As such, such shareholders will no longer be able to vote their Securities at shareholder meetings of the Company.
Costs of Maintenance
Finally, upcoming regulatory changes in Norway resulting from the implementation of the Central Securities Depositories Regulation will result in significant additional cost to the Company to continue to maintain the VPS Register.
Wentworth has communicated the next step options to those shareholders on the VPS Register. The Company stresses its continuing commitment to all of its shareholders and is appreciative of its Norwegian shareholding. This course of action will ensure that the Company and those shareholders currently holding shares on the VPS Register continue to engage effectively.
Ends
This announcement does not contain inside information.
About Wentworth Resources 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. | |||||||||||||