Anglo-Eastern Plantations Regulatory News (AEP)

26 May 2006 07:01

Anglo-Eastern Plantations PLC26 May 2006 ANGLO-EASTERN PLANTATIONS PLC AGM Statement and Proxy Votes received AGM Chairman's Statement At the Annual General Meeting in London this morning of Anglo-Eastern, whichoperates approximately 32,500 hectares of developed plantations, primarily oilpalm in Indonesia, Mr Peter O'Connor, senior independent non-executive director,who will act as chairman, will comment on current trading as follows: "Our current trading continues much as described in the chairman's statement inour last annual report. The palm oil price has remained relatively static,albeit at a satisfactory level. The average price to date this year per metrictonne is $430 compared to $417 for the first half of 2005 and to $422 for 2005as a whole. On the other hand, until the recent volatility in exchange rates,the Indonesian rupiah had strengthened steadily by 12% in 2006, with aconsequent adverse effect on our local rupiah revenue; however that appreciationhalved last week. So far, estate crops are about 17% ahead of the same period last year, with allestates showing increases. With our maturing areas this is to be expected,though happily Tasik continues to perform above our expectations. But,obviously, these positive variances are prone to change. Less satisfactory, but mentioned in earlier statements, competition for boughtin crop is severe at our Tasik mill and particularly so at our Bengkulu mill.Our Blankahan mill is the exception but, overall, bought in crop is 10% down onthe same period last year. As a result, taking estate and bought in crop movements together, CPO output is4% up on the previous year. Operating costs have risen significantly, partly due to the removal of fuelsubsidies in Indonesia. But, profit to April is still ahead of the same periodlast year We can expect the pressure in bought in crop to continue but the effect onprofit is less important than for estate crop. Provided the CPO price stays atcurrent levels, the overall increase in CPO output should outweigh the effectsof wage and fertiliser cost increases and the effect of the strengthening Rupiahso far this year. We therefore expect to improve on last year's profit. I am glad to say that the rate of new planting in Bengkulu, after very wetweather early in the year, is satisfactory. In the first four months we haveplanted 420 hectares towards the 2,300 hectares which remain to be planted thereby the end of 2007, ultimately bringing the Bengkulu project to a planted areaof about 16,000 hectares. Development at our 4,200 hectare site at Labuhan Bilik is progressing well. Anursery sufficient to plant 2,000 hectares has been established and we are onschedule to meet our target first planting of 1,100 hectares in 2006. We continue to look for new land or developed estates but, with current highlevels of interest in potential oil palm land, finding unproblematicopportunities is not easy." Proxy votes received immediately prior to the Annual General Meeting The results of proxy card votes received on resolutions to be put to the meetingare: Number of valid proxy cards: 86 Issued share capital: 39,935,872 Number of votes per share: 1 Resolution (No. Shares Shares Shares Shares Marked As as noted on Discretionary Votes Withheld / proxy form) Abstentions For Against 1 2,229,490 20,435,763 286,242 36,000 2 2,551,732 20,435,763 0 0 3 2,340,419 20,435,805 192,371 18,900 4 2,541,686 20,445,805 4 0 5 2,541,686 20,445,805 4 0 6(a) 2,205,256 20,446,530 66367 269,342 6(b) 1,954,262 20,446,418 284,473 305,342 6(c) 2,216,835 20,446,418 52,900 271,342 7 2,551,732 20,435,763 0 0 8 2,533,773 20,445,805 7,917 0 9 2,551,686 20,435,805 4 0 10 2,543,682 20,436,309 7,504 0 Enquiries: Anglo-Eastern Plantations PlcRollo Barnes (Financial Director) 020-7236 2838 Bankside Consultants LimitedCharles Ponsonby 020-7367 8851 / 07789-202 312 This information is provided by RNS The company news service from the London Stock Exchange