Cerillion Regulatory News (CER)

12 Sep 2006 16:08

Celtic Resources Holdings PLC12 September 2006 Celtic Resources Holdings PLC12 September 2006 Celtic Resources Holdings plc ('Celtic' or the 'Company') Results of Annual General Meeting Held at 3pm today At the beginning of Celtic's AGM the Chairman made a statement in relation toResolution 7. "This is a customary resolution which empowers the directors toallot up to 15% of the issued share capital of the Company for cash withoutgiving shareholders a pre-emptive right to take up any new shares which are tobe allotted for cash. A resolution such as resolution 7 is often passed to allowdirectors of quoted companies to allot shares for cash in order to deal withfunding requirements which need to be addressed without the requirement of ashareholder meeting. Following representations from shareholders, and havingregard to the significant cash deposits which are available to the Company, theboard has concluded that an authority to the extent of 15% of the Company'sissued share capital is unnecessary and accordingly does not intend now tosupport the passing of this resolution, and those directors who hold sharesintend to vote against that resolution." The Chairman continued, "Instead, the Celtic board plans to convene a separateEGM at which a similar resolution which seeks a similar power in respect of upto 5% of the Company's authorised share capital will be proposed with thesupport of the shareholders concerned." All resolutions proposed at its Annual General Meeting, held earlier today, wereduly passed with the exception of Resolution 7. Appointment of Directors Celtic Resources Holdings Plc ('Celtic' or 'the Company') is pleased to informyou of two new board appointments: Mr. Alexander Schwarzkopf will join the board as a non-executive director witheffect from the conclusion of todays Annual General Meeting. Mr. Schwarzkopf isa Russian Federation national and a merchant banker with experience ininvestment in natural resources in the territories of the former Soviet Unionand we are delighted to have his expertise to help our company. The board also recently decided to strengthen our representation fromKazakhstan, as our main business is now in that country. The Board is thereforepleased to announce that Mr Mukhtar Tuyakbayev, for many years our chiefrepresentative in Kazakhstan, is also joining the board at the same time asexecutive director, Kazakhstan. Both appointments are subject to the successful completion of due diligencerequirements. This information is provided by RNS The company news service from the London Stock Exchange