Last checked at 14 Jun 2010 12:31
Stanelco plc
Results of General Meeting
Unless otherwise defined in this announcement, capitalised terms shall have the same meaning as in the prospectus (the "Prospectus") to shareholders distributed by Stanelco plc (the "Company") on 27 May 2010 in connection with the Firm Placing of 2,000,000,096 New Ordinary Shares and the Placing and Open Offer of 806,525,320 New Ordinary Shares at 0.125 pence per New Ordinary Share.
The Company is pleased to announce that at the General Meeting of the Company held at 10.00 a.m. today, the Resolutions set out in the Notice of General Meeting dated 27 May 2010 were duly passed. Resolution 1 was passed on a poll and Resolution 2 on a show of hands.
The number of votes cast on the Resolution put to the meeting was as follows:
| Resolution | Total Votes For* | Total Votes Against | Total Votes Withheld |
| 1. To approve (a) the removal of the limit on the Company's authorised share capital; (b) the Issue of new ordinary shares at 0.125p per share on a non pre-emptive basis in connection with the firm placing and placing and open offer; (c) the move to AIM; and (d) the change of the Company's name to Biome Technologies plc
2. To adopt the Public Equity Plan
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565,524,639
565,115,220
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15,305,905
8,305,308
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70,560
354,576
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*Includes discretionary votes
Application has been made for the 2,806,525,416 New Ordinary Shares of 0.1 penny each in the capital of the Company to be issued pursuant to the Firm Placing and Placing and Open Offer to be admitted to the Official List and to trading on the main market of the London Stock Exchange, and dealings in such shares are expected to commence at 8.00 a.m. on 15 June 2010.
John Standen, Non-Executive Chairman said:
"We are delighted that we have secured our equity fundraising target of £3.5m. I would like to extend our thanks to the existing and new shareholders who have supported us by participating in the open offer and placing."
Paul Mines, Chief Executive Officer said:
"The funds raised will help us to build Stanelco (to be renamed Biome Technologies plc upon admission to AIM) into a leading bioplastics business founded on good science, excellent applications engineering and deep relationships with blue-chip clients. In addition, the move to AIM will align us more appropriately with fast developing growth businesses. We are excited about the future and look forward with confidence."
A copy of the resolutions passed at the General Meeting has been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel. no. 020 7676 1000
ENQUIRIES:
| Stanelco plc | 023 8086 7100 |
| Paul Mines / Sue Bygrave |
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| Financial Dynamics | 020 7831 3113 |
| Jonathon Brill / Caroline Stewart |
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| Singer Capital Markets Limited (Financial adviser and broker) | 020 3205 7500 |
| James Maxwell / Richard Savage |
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