GNE Gne Grp

    RNS Number : 2409F
  GNE Group PLC
  07 October 2008
   


    


 Press Release  7 October 2008


    GNE Group plc

    ("GNE" or "the Group")

    Result of General Meeting

    GNE Group plc (AIM:GNE), a leading owner, operator and developer of petrol retailing sites in the UK, announces that at the General
Meeting held today the following two resolutions put to shareholders were duly passed: 

 Resolution 1     To approve the disposal by the Company for the entire issued
                    share capital of its principal operating subsidiary on the
                  terms set out in the circular to shareholders containing the
                                                    notice of General Meeting.

 Resolution 2  Conditional on passing Resolution 1, to approve the adoption of
                  the proposed investing strategy of the Company as set out in
                 the circular to shareholders containing the notice of General
                                                                      meeting.


    Following shareholder approval, Completion of the Disposal is expected to be on 29 October 2008.  

    Details of the proxy votes in respect of the resolutions passed at the Meeting received as at 9:30 a.m. on 5 October, 48 hours before
the General Meeting, at Capita Registrars are set out below:

    Resolution 1
                        FOR  CHAIRMANS DISCRETION  AGAINST  WITHELD

 Number of votes  8,812,178         2,781           9,652     251
 % of votes        99.86%           0.03%           0.11%      -

    Resolution 2
                        FOR  CHAIRMANS DISCRETION  AGAINST  WITHELD

 Number of votes  8,804,172         5,882          14,540     268
 % of votes        99.77%           0.07%           0.16%      -

    Speaking at the General Meeting, David Port, Executive Chairman of GNE, said: "We are delighted that both resolutions have been passed
and that we will be able to return a substantial cash sum to Shareholders whilst pursuing the investment strategy as outlined in the
shareholder circular.  

    "With the cash in GNE of approximately �15 million, after the repayment of debt, expenses and the special dividend, the Board will seek
to repeat its achievement of recent years by pursuing a similar strategy by investing in individual or small groups of retail petrol
businesses in order to create a critical mass of quality and well run sites.  As has been demonstrated, such a group is attractive to other
companies who are aiming to become large players in the sector and would, in our opinion, therefore be likely to attract a premium.  In
addition, we will also consider other related businesses where we have suitable experience, for example, expansion into the oil distribution
market and we will also consider opportunities that will enhance the remaining businesses held within the Group."

    For further information:
 GNE Group plc 
 David Port, Chairman           Tel: +44 (0) 7836 693 798
 Dennis Woods, Chief Executive  Tel: +44 (0) 870 241 0454
 info@gnegroup.co.uk                   www.gnegroup.co.uk

 Seymour Pierce
 Richard Feigen / Sarah Jacobs  Tel: +44 (0) 20 7107 8000
 sarahjacobs@seymourpierce.com      www.seymourpierce.com

    Media enquiries:
 Abchurch Communications
 Ariane Comstive / Joanne Shears    Tel: +44 (0) 20 7398 7709
 joanne.shears@abchurch-group.com      www.abchurch-group.com

    Seymour Pierce Limited, which is regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting
as nominated adviser and broker exclusively for the Company in connection with the Disposal. Its responsibilities as the Company's nominated
adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or any other
person in respect of his decision to acquire ordinary shares in the Company. Seymour Pierce Limited will not be offering advice and will not
otherwise be responsible for providing customer protections to recipients of this announcement in respect of the Disposal or any acquisition
of shares in the Company.

    - Ends -


This information is provided by RNS
The company news service from the London Stock Exchange
 
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