Results of General Meeting (3342X)
13 Febbraio 2012 - 5:25PM
UK Regulatory
TIDMSTOB
RNS Number : 3342X
Stobart Group Limited
13 February 2012
13 February 2012
Stobart Group Limited
Results of General Meeting
Related Party Acquisition of WADI Properties Limited and Share
buyback proposal
Stobart Group Limited ("Stobart" or "the Group") is pleased to
announce that, at the General Meeting held earlier today, each of
the Resolutions set out in the Notice of General Meeting included
in the circular sent to Shareholders on 20 January 2012 (the
"Circular") was duly passed.
On 17 January 2012 the Group announced that it would seek
Shareholder approval for the Acquisition of the entire issued share
capital of WADI Properties Limited ("WADI Properties") by Stobart
Estates, a division of Stobart, through its wholly owned subsidiary
Hamsard 3213 Limited ("Hamsard") for a total consideration of
GBP12.35m. In addition, the Group also announced that it would be
seeking shareholder authority to empower the Group to buy back up
to 34,856,113 Ordinary Shares, being approximately 10 per cent. of
the Group's issued share capital.
The final proxy voting position as received by the Company in
advance of the meeting is set out below:
For (i) Against
---------- ----------- ----------------------- ------------------- -------- ---------
Resolution Votes cast Number % shares Number % shares % share Votes
voted voted capital withheld
voted (iii)
(ii)
---------- ------------- ----------- -------- --------- -------- -------- ---------
1 253,582,552 248,216,275 97.88 5,366,277 2.12 72.75 3,039,801
---------- ------------- ----------- -------- --------- -------- -------- ---------
2 256,253,440 253,038,576 98.75 3,214,864 1.25 73.52 368,913
---------- ------------- ----------- -------- --------- -------- -------- ---------
Notes:
(i) Any proxy appointments which gave discretion to the Chairman
or the Company Secretary have been included in the 'For' total.
(ii) Issued ordinary share capital at 13 February 2012:
348,561,130 Ordinary Shares.
(iii) A 'Vote Withheld' is not counted towards the votes cast
'For' or 'Against' a resolution. This does not include the votes
withheld by the related parties, Andrew Tinkler and William Stobart
or that of Benjamin Whawell and Richard Butcher who as directors of
WADI Properties also undertook not to vote on Resolution 1.
A copy of the resolutions has been submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do
Completion of the Transaction will occur following finalisation
of the restatement agreement for the banking arrangements. A
further announcement will be made when Completion has occurred,
which is expected next week.
Rodney Baker-Bates, Non-Executive Chairman of Stobart,
commented:
"The board is very pleased to have received overwhelming support
for the purchase of the Moneypenny portfolio and the share buyback
authority. As we have stated previously, the properties being
acquired will both diversify and strengthen our existing portfolio.
The acquisition is also expected to deliver additional profits and
net cash flow to the Group, as well as an attractive fixed rate
debt package."
For further information contact:
Stobart Group
Rodney Baker-Bates, Non-Executive
Chairman +44 1925 605 400
---------------------------------- ----------------
Investec
Patrick Robb/Rowena Murray +44 20 7597 4000
--------------------------- ----------------
i-nfluence
Stuart Dyble/James Andrew +44 20 7287 9610
-------------------------- ----------------
Square1 Consulting
David Bick/Mark Longson +44 20 7929 5599
------------------------ ----------------
Terms defined in the Circular have the same meaning in this
announcement, unless the context requires otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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