ECORA RESOURCES PLC

Delisting Announcement • Apr 26, 2022

National Storage Mechanism | Additional information

RNS Number : 2572J

Wentworth Resources PLC

26 April 2022

PRESS RELEASE                                                                                                                                

26 April 2022

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Deregistration of securities from the Norwegian Central Securities Depository

Further to the Company's announcement on 4 February 2022 regarding its plan to deregister its ordinary shares (the "Securities") from the Norwegian Central Securities Depository (the "VPS Register") and the related information sent to shareholders on the VPS Register, Wentworth can confirm that the VPS Register will close as planned with effect from 30 April 2022.

Details of the rationale for the deregistration decision and a summary of the options offered to shareholders holding their Securities in the VPS Register are set out below in the section marked "Background".  In summary, if Securities have not been transferred to ordinary shares held through CREST or in certificated form (in the name of the shareholder, as described below) prior to 30 April 2022 then:

·    holdings of Securities will automatically be deregistered from the VPS Register;

·    upon such deregistration, the legal title to the Securities will be transferred to the shareholder and recorded in certificated form on the Company's share register; and

·    the shareholder will be issued with a share certificate which will be sent by ordinary mail to the name and address of the shareholder as listed in the VPS Register.

Shareholders can be reassured that they will not lose their interest in the Securities they hold through the VPS Register but if they do not wish their shareholding in Wentworth to be in certificated form then they should take steps to contact alternative service providers that can offer CREST shareholding services.

If shareholders have any questions, they can email the Company at: Info@wentplc.com.

Background:

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 took this step due to challenges relating to liquidity, voting rights, and costs of maintenance.

Ø 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.

Ø 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.

Ø 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.

Shareholders holding their Securities in the VPS Register were given two options for holding their Securities in the Company following the deregistration in that they could transfer their Securities from the VPS Register into ordinary shares of the Company to be held either:

1.            In certificated form and registered directly on the Company's share register, which is maintained by the Company's registrar, Link Asset Management Limited ("Link"); or

2.            In CREST which is the UK electronic trading platform where the Securities will be held in a securities account capable of holding such Securities.

Securities held in certificated form will not be tradable via CREST. Shareholders who currently hold their Securities in the VPS Register are therefore strongly encouraged to transfer such Securities into ordinary shares to be held through CREST, in order to ensure tradability of their Securities on CREST. From 30 April 2022 shareholders will be unable to hold or trade their Securities through the VPS Register. 

Securities that have not been transferred to ordinary shares to the held through CREST or in certificated form (in the name of the shareholder, as described above) prior to 30 April 2022 will, without any further action on the part of the shareholder, be automatically deregistered from the VPS Register.  Upon such deregistration, the legal title to the Securities will be transferred to the shareholder and recorded in certificated form on the Company's share register maintained by the Company's registrar, Link.  Link will issue a share certificate to each such shareholder holding its Securities in the VPS Register as of 30 April 2022, which will be sent by ordinary mail to the name and address of the shareholder as reflected on the VPS Register at the time the VPS Register is terminated.

Ends

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 Stewart Ashton Clanfield Simon Mensley	+44 (0) 20 7710 7600
Peel Hunt LLP	Joint Broker  Richard Crichton Alexander Allen	+44 (0) 20 7418 8900
FTI Consulting	Communications Advisor  Sara Powell                                Ben Brewerton	+44 (0) 20 3727 1000

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.

Inside Information

This announcement does not contain inside information.

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