Results of General Meeting

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 voted	Number	% shares voted	% share capital voted (ii)	Votes withheld (iii)
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

[phone]

Investec

Patrick Robb/Rowena Murray

[phone]

i-nfluence

Stuart Dyble/James Andrew

[phone]

Square1 Consulting

David Bick/Mark Longson

[phone]

Terms defined in the Circular have the same meaning in this announcement, unless the context requires otherwise.

 

END

 

 

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