Result of General Meeting

RNS Number : 0487M

Spice PLC

17 May 2010

 



17 May 2010

Spice plc ("Spice" or the "Company")

RESULT OF GENERAL MEETING

Spice, the provider of Outsourced Utility Support Services, is pleased to announce that the Resolution to approve the Disposal of its Telecoms Business (and a related freehold property) for a gross consideration of £32.8 million was passed by Shareholders at the General Meeting of the Company held earlier today.

Completion of the Disposal is expected to take place later today.

Martin Towers, Chief Executive of Spice, said:

"We are pleased that Shareholders have approved the Disposal of the Telecoms Business.  Going forward, the Group will have increased focus on its businesses and markets which have strong underlying regulatory and environmental drivers.  In addition, borrowings will be significantly reduced."

Full details of the Disposal and the Resolution were set out in the Company's circular to Shareholders dated 29 April 2010.

The proxy votes over 246,069,366 Ordinary Shares lodged in respect of the Resolution were as follows:

Resolution	For		Discretion		Against		Withheld
	Number	%	Number	%	Number	%	Number
Ordinary Resolution Approve the Disposal	244,487,895	99.66%	821,456	0.33%	30,352	0.01%	729,663

Note: A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" and "against" a resolution.

In accordance with Listing Rule 9.6.2, two copies of the Resolution passed at the General Meeting have been submitted to the UK Listing Authority, and will shortly be available for inspection at the Document Viewing Facility, which is situated at:

The Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

Details of the proxy votes received in advance of the General Meeting will also shortly be available on the Company's website, www.spiceplc.com.

Enquiries:

Spice plc Martin Towers, Chief Executive Oliver Lightowlers, Group Finance Director	Tel:  [phone]
Financial Dynamics Billy Clegg Caroline Stewart	Tel: [phone]
KBC Peel Hunt Ltd Sponsor & Broker Julian Blunt David Anderson Simon Brown	Tel: [phone]
Hawkpoint Partners Financial Adviser Christopher Kemball Chris Robinson Serge Rissi	Tel: [phone]

NOTES TO EDITORS

Spice plc

Spice is a provider of infrastructure support services to the Utilities sector. The Group's operations were founded in 1996 and have their origins in the electricity industry, though the range of activities has since been expanded into the water and energy sectors. Spice's businesses have a common theme of delivering and co-ordinating infrastructure support services to customers, and the white collar element within the service mix has been built up significantly over recent years.

Terms used but not defined in this announcement have the meanings given to them in the circular sent by the Company to Shareholders dated 29 April 2010 unless the context requires otherwise.

 

END

 

 

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