4th Nov 2005 13:52
British Sky Broadcasting Group PLC04 November 2005 British Sky Broadcasting Group plcAGM Statement4 November 2005 BRITISH SKY BROADCASTING GROUP PLC (the "Company") Annual General Meeting - Shareholders approve all resolutions At the Annual General Meeting of the Company held today at The Queen ElizabethII Conference Centre, Broad Sanctuary, Westminster, London SW1P 3EE at 11.30a.m., polls were held in respect of resolutions 14 and 15 (the later being apoll of independent shareholders as stated in the Notice convening the meeting).The results as certified by LIoyds TSB Registrars are detailed below. The poll results were as follows: Resolution 14 (The authority to make market purchases of the Company's ordinaryshares) For: 1,185,881,174 Against: 234,889,426 Resolution 15 (To approve the waiving of the compulsory bid obligation inrespect of market purchases under Rule 9 of the City Code on Takeovers &Mergers) For: 409,974,096 Against: 346,448,825 The poll resolutions were duly passed. The other fifteen resolutions put to themeeting, which did not require a poll, were also duly passed. The voting results for all resolutions will shortly be available on our websitewww.sky.com/corporate The Deputy Chairman and Senior Independent Non-Executive Director JacobRothschild made the following statement prior to the vote on resolution 14: "A share buy back is an accretive way of returning capital and one that affordsthe Company significantly more flexibility than other ways of returning cash toshareholders. Such flexibility increases the Company's ability to take advantageof opportunities in the dynamic environment in which the Company operates. The Independent Directors recognise there are a range of views held byshareholders on this subject and have tried to strike the right balance byfollowing a process of listening, consultation and thinking for ourselves. TheIndependent Directors put forward the proposal only after having consulted with,and having received expressions of support from, a number of shareholders. Wedecided to seek an undertaking from News Corporation to limit the exercise ofits voting rights in the form of a legally binding contract drawn up at theinstruction of the Independent Directors by the leading law firm Herbert Smith. However, the Board is not immutably wedded to buy backs. I and some of the otherIndependent Directors have met with many institutions in the run up to thisyear's General Meeting. We have reflected on their concerns and whilst we docontinue to believe that it is appropriate to seek the authority this year, wewill not be proposing to renew the buy back authority next year." - Ends - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sky