Last checked at 6 Apr 2010 12:25
| Date: | 6 April 2010 |
| On behalf of: | Infrastructure India plc |
| For immediate release |
|
Infrastructure India plc
Result of Extraordinary General Meeting
Infrastructure India plc ("Infrastructure India" or the "Company"), the investment company focusing on Indian infrastructure assets, announces that the resolutions proposed on behalf of Advance UK Trust plc at the extraordinary general meeting of the Company held today (the "EGM") were not passed by the Company's shareholders.
The EGM was held following a requisition received from Nortrust Nominees Limited, acting on behalf of Advance UK Trust plc, to propose resolutions to remove three of the four directors of the Company, namely Rupert Cottrell, Prodaman Sarwal and Timothy Walker, to be replaced by the appointment of John Bourbon and Geoffrey Miller (the "Resolutions"). Shareholders representing 85.7 per cent. of the total votes cast and 69.4 per cent. of the issued share capital of the Company supported the Board and voted against the Resolutions.
Further details of the Resolutions are set out in the circular published by the Company and posted to shareholders on 9 March 2010.
The Board is appreciative of the support it has received from the Company's shareholders and the endorsement of its strategy. The Board remains committed to delivering value and seeking high returns for its shareholders and will continue to consult with them as it takes the Company forward.
In particular, the Board will focus on its two existing investments, both of which are continuing to progress well, and it looks forward to providing further updates in due course.
The proxy votes lodged in respect of the Resolutions were as follows:
| Resolution
| For | Against | Withheld | ||
|
| Number
| % Votes | Number | % Votes | Number |
| 1.
| 4,257,381 | 14.31 | 25,482,619 | 85.69 | 0 |
| 2.
| 4,257,381 | 14.31 | 25,482,619 | 85.69 | 0 |
| 3.
| 4,257,381 | 14.31 | 25,482,619 | 85.69 | 0 |
| 4.
| 4,257,381 | 14.31 | 25,482,619 | 85.69 | 0 |
| 5.
| 4,257,381 | 14.31 | 25,482,619 | 85.69 | 0 |
Notes
| 1. | Any proxy appointments which gave discretion to the Chairman have been included in the 'against' total. |
| 2. | A 'vote withheld' is not a vote in law and is not counted in the calculation of the proportion of the votes 'for' and 'against' resolution. |
| 3. | The Company's issued share capital as at 1 April 2010 is 36,700,000 Ordinary Shares. |
| 4. | All percentages are shown to two decimal places. |
Two copies of the Resolutions have 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 The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
The full text of the Resolutions can also be viewed on the Company's website, www.iiplc.com. Details of the proxy votes received will also shortly be available on the Company's website.
Commenting on the result of the EGM, Rupert Cottrell, Chairman of Infrastructure India, said:
"The Board is grateful for the support it has received from shareholders today and looks forward to returning to business following this EGM. The Board reiterates its desire to move the Company forward in carefully measured steps and will remain focussed on delivering increasing returns for the Company's shareholders."
-Ends-
Enquiries:
| Infrastructure India plc | www.iiplc.com |
| Rupert Cottrell | Via Redleaf Communications |
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| Akur Partners LLP | 020 7955 1513 |
| Andrew Dawber / Anthony Richardson / Thomas Frost |
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| Smith & Williamson | 020 7131 4000 |
| Azhic Basirov / Siobhan Sergeant |
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| Redleaf Communications | 020 7566 6700 |
| Emma Kane / Adam Leviton / Henry Columbine | iif@redleafpr.com |