Result of EGM

RNS Number : 8757M

Timestrip PLC

01 June 2010

 



1 June 2010

Timestrip PLC ('Timestrip' or 'the Company')

Results of General Meeting

Members' Voluntary Liquidation

General Meeting - Results

The board of Timestrip plc announces the results of the General Meeting held at 10:00 on 1 June 2010.  Full details of the resolutions are set out on page 16 of the circular issued by the Company dated 5 May 2010 ('the Circular'), which is available from the Company's website www.timestrip.com.

Resolution 1, a resolution to approve the disposal of Timestrip UK Limited and Timestrip Technical Services Limited was passed by shareholders.

Resolution 2, a resolution to approve an investment policy was not passed by shareholders, consequently, as Resolutions 3 and Resolution 4 were conditional on Resolution 2 being passed Resolution 3 and Resolution 4 were withdrawn and shareholders were then asked to consider the 'Alternative Resolutions' numbered 5,6,7 and 8 relating to a members' voluntary liquidation of the Company.  The Alternative Resolutions were duly passed.

The proxy results are set out in the table below:-

	Resolution	Votes in favour	Votes at discretion of Chairman	Votes against
1.	Approval of the disposal of Timestrip UK Limited and Timestrip Technical Services Limited	94,771,283 (99.0%)	572,261 (0.6%)	372,694 (0.4%)
2.	Approval of Investment Policy	9,093,959 (9.5%)	2,445,831 (2.5%)	84,144,448 (88.0%)
3.	Withdrawn
4.	Withdrawn
5.	Company be wound up voluntarily	87,420,857 (94.2%)	2,894,288 (3.1%)	2,514,548 (2.7%)
6.	Brian Johnson and David Birne of Fisher Partners be appointed Joint Liquidators of the Company	87,745,087 (94.6%)	2,943,288 (3.2%)	2,062,368 (2.2%)
7.	Fixing of Liquidators' remuneration	87,231,907 (94.1%)	2,944,288 (3.1%)	2,572,048 (2.8%)
8.	Liquidators be authorised to distribute the assets of Company among its members	87,296,907 (94.0%)	2,944,288 (3.2%)	2,588,548 (2.8%)

Members' Voluntary Liquidation

Brian Johnson and David Birne of Fisher Partners, Acre House, 11-15 William Road, London NW1 3ER have been appointed Joint Liquidators of the Company for the purposes of the voluntary winding up.  Contact details of Fisher Partners are set out at the end of this notification.

Board Changes

Paul Freedman, Reuben Isbitsky and Graham Platts have each resigned as directors of the Company with immediate effect.  Jonathan Steinberg, Non-executive Director remains the sole director of the Company.

Termination of Nominated Adviser and Broker Agreement

The Company has terminated its Nominated Adviser and Broker agreement with Cairn Financial Advisers with immediate effect.  Consequently, pursuant to AIM Rule 1, in the absences of another Nominated Adviser being appointed by 1 July 2010 the admission of the Company's shares will be cancelled from AIM.

The full text of the circular is available on the Company's website at www.timestrip.com

** ENDS **

Brian Johnson, Joint Liquidator

Fisher Partners

Acre House

11-15 William Road

London Nw1 3ER

Tel [phone]

Jonathan Steinberg, Director

Timestrip Plc

Tel [phone]

 

END

 

 

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