10 Jul 2009 11:39
10 July 2009
MISSION CAPITAL PLC ("the Company")
RESULT OF GENERAL MEETING
At the Company's General Meeting held earlier today, the resolutions were put to the meeting and passed on a poll. The result of the poll was as follows: -
| Resolution | For | Against |
| 1 | 59, 038, 060 | 17,236, 005 |
| 2 | 59, 038, 060 | 17,236, 005 |
These resolutions were to approve:
1. the Company's proposed disposal of Karspace Management Limited; and
2. the adoption of the Company's proposed investing policy.
Following completion of the proposed disposal, which is expected to take place on 31 July 2009, Mission Capital PLC will be treated as an investing company in accordance with AIM Rule 15. The Company confirms that its investing policy will essentially remain the same as it was when the Company's Ordinary Shares were first admitted to trading on AIM, in that it will continue to seek to invest in real estate investments through the acquisition of, or investment in, both asset-backed and non-asset backed operating businesses and companies substantially, but not necessarily exclusively within the United Kingdom.
As a result of the proposed disposal and in accordance with AIM Rule 15, the Company must implement the investing policy within 12 months of completion, otherwise trading in the Company's Ordinary Shares on AIM will be suspended in accordance with AIM Rule 40. If, following suspension of the Ordinary Shares in accordance with AIM Rule 40, the Ordinary Shares have not been re-admitted to trading on AIM within six months, the admission of the Ordinary Shares to trading on AIM will be cancelled.
Commenting on the outcome of the meeting, Philip Goldenberg, Chairman of Mission Capital PLC, said:
"I am very grateful for the overwhelming support of shareholders received today for the passing of the resolutions for the disposal of KML and for the approval of our investing policy. It is now the task of the Board to implement that policy."
Enquiries:
Mission Capital plc 020 7291 8807 / 01483 765 377
Philip Goldenberg
Arbuthnot Securities Limited 020 7012 2000
Tom Griffiths
END