22 Jun 2022 16:15
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 |
katherine.roe@wentplc.com+44 (0) 7841 087 230 |
Stifel Nicolaus Europe Limited | AIM Nominated Advisor and Joint Broker Callum StewartAshton ClanfieldSimon Mensley | +44 (0) 20 7710 7600 |
Peel Hunt LLP | Joint Broker Richard CrichtonAlexander Allen | +44 (0) 20 7418 8900 |
FTI Consulting | Communications Advisor Sara Powell Ben Brewerton | +44 (0) 20 3727 1000 |
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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