27 Jun 2008 17:00
27 June 2008
Danka Business Systems PLC
("Danka" or the "Company")
Extraordinary General Meeting Results
Further to the circular to Danka Shareholders dated 30 May 2008 (the "Circular") and the further circular to Danka Shareholders dated 19 June 2008 (the "Further Circular"), the Board of Danka announces that the amendment to the resolution to approve the Disposal proposed by the Board at today's EGM, as described in the Further Circular, was duly approved. In addition, the Board of Danka announces that the resolution to approve the Disposal, as so amended, was also duly approved.
The resolution to approve the entry by the Company into the Members Voluntary Liquidation, and related resolutions which were conditioned upon the passing of that resolution, were not approved by the requisite majority. In addition, the resolution to pay Konica Minolta a break fee of US$5 million was not approved.
Accordingly, the Board of Danka is pleased to announce that the Disposal has been completed.
DOIC's assets and liabilities represented substantially all of the assets and liabilities of the Group with the exception of the liability in respect of the Danka Participating Shares and certain other tax assets and liabilities. Following completion of the Disposal, the Group therefore has no remaining operating business.
In light of the fact that the resolutions to approve the Members Voluntary Liquidation and related matters were not approved at the EGM, the Company will not enter into the Members Voluntary Liquidation.
The Board will, along with the Company's management, assess what alternatives may be available to distribute the proceeds from the Disposal.
In light of the fact that the resolution to approve the Members Voluntary Liquidation was not passed by the requisite majority at the EGM, the suspension of Danka Ordinary Shares will end and the listing
of the Danka Ordinary Shares on the Official List and the admission to trading of Danka Ordinary Shares on the London Stock Exchange's market for listed securities will resume at 7.30 a.m. on 30 June 2008.
Two copies of the resolutions passed today have been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's viewing facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf London E14 5HS
Telephone: 020 7066 1000
Capitalised terms used but not defined in this announcement have the meanings given to them in the Circular and the Further Circular.