3rd Apr 2008 13:00
Stobart Group Limited03 April 2008 Not for release, publication or distribution in whole or in part, in or into theUnited States of America, Canada, Australia, the Republic of South Africa, Japanor any other jurisdiction if to do so would constitute a violation of therelevant laws of such jurisdiction Stobart Group Limited ("Stobart" or the "Company") RESULT OF EGM The Board of Stobart announces that, at the Extraordinary General Meeting heldearlier today, each of the Resolutions set out in the notice of ExtraordinaryGeneral Meeting included in the prospectus which was sent to Shareholders on 10March 2008 (the "Prospectus") was duly passed. Resolution 4 was also conditional upon the approval by extraordinary resolutionof both the Income Shareholders and the Ordinary Shareholders at separate classmeetings thereof of the deletion of the existing articles of association of theCompany and the adoption of the regulations appended to the Prospectus as thenew articles of association of the Company. The class meeting of the IncomeShareholders was not quorate and the relevant resolution could not be passed,although it was passed at the class meeting of Ordinary Shareholders. Resolution4 was ineffective and therefore failed. The Board intends to propose theadoption of the new articles of association of the Company at the Company's nextannual general meeting including the further amendments referred to below. The Board also announced that it would be setting a limit of borrowing equal totwo times the Company's capital and reserves. In addition, the Board announcedthat the indemnity in favour of the Company's auditors as set out in theexisting articles of association would be removed. The new articles ofassociation to be proposed at the Company's next annual general meeting willreflect these amendments. The Placing and Open Offer and the Acquisitions remain conditional, inter alia,upon admission of the new Ordinary Shares to the Official List of the UK ListingAuthority and to trading on the London Stock Exchange's market for listedsecurities ("Admission"). It is expected that Admission will occur, and thatdealings in the new Ordinary Shares will commence, on 4 April 2008. The newOrdinary Shares will, on Admission, rank pari passu in all respects with theOrdinary Shares (save that they will not rank for the final dividend declaredfor the year ended 29 February 2008). Terms used in this Announcement shall have the same meanings as in theProspectus which was sent to Shareholders on 10 March 2008. For further information, contact: Stobart Group 01925 605 400Andrew Tinkler, Chief Executive OfficerBen Whawell, Chief Financial OfficerJulie Gaskell, Head of Communications Cenkos Securities 020 7397 8900Ian SoanesAdrian Hargrave Lansons Communications 020 7490 8828Charlie Field 07884 001148Karen Mignon 07766 651327 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
STOB.L