Scirocco Energy Announces Result of General Meeting

Source: www.gulfoilandgas.com 6/29/2022, Location: Africa

Scirocco Energy, the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to announce that the Company received the requisite majority approval from shareholders at the General Meeting held today in respect of the proposed divestment of its interest in the Ruvuma Asset to Wentworth Resources.

As a result, the two parties will seek to obtain the requisite final government and partner approvals to complete the transaction and Scirocco will provide updates on progress towards completion.

Commenting on the result of the vote, Alastair Ferguson, Scirocco's Chairman said:
"We are pleased that this transaction has been approved by the Company's shareholders. Completion of this deal will enable the Company to accelerate its stated growth strategy within the energy transition sector by reinvesting the firm and contingent proceeds of the transaction into the compelling opportunity pipeline that we have been developing in parallel with this sales process. Critically, approval of the deal avoids the material dilutionary impact that would have been associated with the need to fund the impending work programme on the project.

We fully acknowledge that not all shareholders view this deal through the same lens as the Board and the significant majority of those shareholders who voted. We intend to engage over the coming months with all our shareholders to reemphasise the significant benefits this transaction brings in transforming Scirocco's outlook and enabling us to progress down its chosen strategic path with confidence and certainty."


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