Result of EGM

RNS Number : 2723Q

Prodesse Investment Limited

07 April 2009

 



Prodesse Investment Limited

Result of EGM

7 April 2009

The Board of Prodesse Investment Limited (the 'Company') announces that all the resolutions proposed by Polygon Global Opportunities Master Fund ('Polygon') and put to the Extraordinary General Meeting of the Company held today, 7 April 2009, were unanimously rejected by the other shareholders.   

The total number of shares voted was 29,771,667, representing 96.1% of the issued share capital. No shareholder, other than Polygon's nominee, voted in favour of Polygon's proposals.

 The Chairman of Prodesse, John Hallam, made the following statement shortly following the results.

 'We are pleased that once again the vast majority of our shareholders have accepted the Board's recommendation to reject proposals to replace the board and set a new course for the Company. We thank them for their continued support and for their understanding of the risks and merits of Prodesse's strategy. 

'This is the second EGM requisitioned in the space of four months by Polygon, and virtually identical proposals have been overwhelmingly defeated each time. As the Board observed in the circular dated 11 March 2009, shareholders holding more than 10% of the capital of a company have the right to requisition an EGM, but that right should be used responsibly and not in a manner which disrupts the activities of the Company. The Board believes it speaks for the rest of the Company's shareholders when it expresses the hope that this outcome puts an end to these proposals. 

'Looking forward, Prodesse shareholders will have the opportunity to vote on the future of the Company at the 2010 Annual Meeting, and we hope to continue to have an open dialogue with all shareholders so that they can make an informed decision at that time. In the meantime, the Company will continue to evaluate all avenues to enhance the marketability and liquidity of its shares.'

Enquiries:

Financial Dynamics

Rob Bailhache / Nick Henderson    0207 269 7114

BNP Paribas Fund Services (Guernsey) Limited:

Sara Radford / Jean McMillan        01481 750850

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