Alpha Group International Regulatory News (ALPH)

20 Dec 2007 14:52

Alpha Pyrenees Trust Limited20 December 2007 ALPHA PYRENEES TRUST LIMITED RESULT OF EXTRAORDINARY GENERAL MEETING SHARE BUY BACK PROGRAMME 20 December 2007 Alpha Pyrenees Trust Limited ('Alpha Pyrenees' or the 'Company') announces thatat the Extraordinary General Meeting, convened earlier today, the proposedspecial resolution to allow an amendment to the Company's Articles ofAssociation to enable the Company to hold any repurchased ordinary shares intreasury was supported by nearly 55 per cent. of shareholders who voted. Despitethis level of shareholder support, the resolution was not passed as it did notreceive the 75 per cent. support required under Guernsey law. However, the Company has existing authority to buy back up to 14.99 per cent ofits issued share capital and duly announces the commencement of a share buy backprogramme. Any shares repurchased by the Company will be cancelled. Given the prevailing share price of the Company at around 80 pence per share,the shares currently offer a prospective yield of over 8 per cent. based on theBoard's current intention to pay a dividend of 7 pence per share in respect ofthe financial year commencing 1 January 2008. The Board will determine the timing and amount of any repurchases based on itsevaluation of market conditions, share price and other factors. The sharerepurchase program may be suspended or discontinued at any time. The Company's property portfolio is currently valued on an average yield of over7 per cent., has a high grade tenant base and is well positioned to enjoyhealthy rental growth through indexation. The Company's portfolio continues tobenefit from a high level of occupancy (over 95 per cent.) and within theportfolio there are a number of asset management opportunities which offer thepotential to create additional value. Results of the Extraordinary General Meeting The results of the proxy votes lodged in advance of and voted at theExtraordinary General Meeting are as follows: For 39,507,806 Discretionary Nil Against 32,302,297 Withheld 307,508 The votes in favour of the resolution represent 31.0 per cent. of the issuedshare capital of the Company and 54.8 per cent. of the votes cast. For further information please contact: Richard Kingston, Chairman, Alpha Pyrenees 01481 715601 Paul Cable, Fund Manager, Alpha Real Capital 020 7591 1635 Capel Irwin, KBC Peel Hunt (broker to the Company) 020 7418 8907 Nick Wells, Cenkos Securities (broker to the Company) 020 7397 8920 Ed Orlebar, M:Communications 020 7153 1523 For more information on Alpha Pyrenees please visit www.alphapyreneestrust.com This information is provided by RNS The company news service from the London Stock Exchange