7th Aug 2008 13:36
M&G Recovery Investment Company Limited Results of the Annual General Meeting - 7th August 2008
The Board of Directors of M&G Recovery Investment Company Limited is pleased to announce that, at the Annual General Meeting of the Company held earlier today, that the following resolutions were approved by shareholders.
Ordinary Resolutions
1. To receive and consider the directors report and the Financial Statements
for the year ended 30 April 2008.
2. To re-elect Mr J E Hallam as a director.
3. To re-elect Mr R S Hughes as a director.
4. To re-appoint PricewaterhouseCoopers CI LLP as the Company's auditors, to
hold office until the conclusion of the next general meeting at which the
financial statements are laid and to authorise the directors to determine
their remuneration.
The following Special Resolution was also approved. This Resolution was sanctioned by the holders of Zero Dividend Shares and by Ordinary Shareholders at separate General Meetings of those holders held immediately prior to the Annual General meeting.
5. That the company be generally, and subject as hereinafter appears
unconditionally authorised in accordance with The Companies (Purchase of Own Shares) ordinance 1998 (the Ordinance) to make market purchases (within the meaning of section 5 of the Ordinance) and to cancel its issued zero dividend shares, ordinary shares and package units, provided always that:
A. the maximum number of zero dividend shares hereby authorised to be
purchased (including in the form of package units) shall be 28,993,442 and
the maximum number of Ordinary shares hereby authorised to be purchased
(including in the form of package units) shall be 35,377,039:
B. The minimum price which may be paid for either a zero dividend share or an
ordinary share shall be 1p, and for a package unit shall be 3p:
C. The maximum price which may be paid for either a zero dividend share, an
ordinary share or a package unit shall be an amount equal to 105% of the average of the middle market quotations for a zero dividend share, ordinary share or a package unit taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the relevant share is purchased:
D. No re-purchase of ordinary shares will be made either (i) at a price in
excess of the net asset value of the ordinary shares (as determined by the
directors on at date not falling more than 14 days before the relevant
re-purchase). Or (ii) if the re-purchase would reduce the cover of the zero
dividend shares below one times:
E) No purchase of zero dividend shares will be made at a price greater than the net asset value of a zero dividend share on the date of the relevant purchase:
F) The authority hereby conferred shall expire on 31 March 2009.
Enquiries
The Secretary [email protected]
00 44 (0)1481 727111
M & G RECOVERY INVESTMENT COMPANY LIMITEDRelated Shares:
MGR.L