3 Jun 2009 13:30
3 June 2009
THE ADVANTAGE PROPERTY INCOME TRUST LIMITED
("TAP" or the "Company")
RESULTS OF GENERAL MEETING
In accordance with the provisions of D.2.2 of the Combined Code on Corporate Governance, the Company advises that for the General Meeting held on 3 June 2009 valid proxy appointments were made in respect of 51,248,033 voting shares and corporate representatives representing shareholders holding 43,250,000 voting shares attended the General Meeting and voting was as follows:
IT WAS RESOLVED to receive the Report of the Directors and the audited financial statements for the year ended 31 December 2008. (53,248,033 votes cast in favour, 41,250,000 votes cast against and no votes withheld).
IT WAS RESOLVED to reappoint Ernst & Young LLP as Auditors to the Company, to hold office from the conclusion of this meeting until the conclusion of the next General Meeting to be held in 2010 under section 199 of The Companies (Guernsey) Law, 2008, as amended, and to authorise the directors to determine their remuneration. (92,499,215 votes cast in favour, no votes cast against and 700 votes withheld).
The proposed resolution to re-elect Mr Robert Bould a director was not passed. (20,916,590 votes cast in favour, 73,580,743 votes cast against and 700 votes withheld).
The proposed resolution to re-elect Mr Charles Parkinson a director was not passed. (20,916,590 votes cast in favour, 73,580,743 votes cast against and 700 votes withheld).
IT WAS RESOLVED to renew the authority of the Company for the purposes of the section 315 of The Companies (Guernsey) Law, 2008, as amended, to make market acquisitions of its Ordinary Shares on the terms set out in the Notice of Meeting for this meeting. (53,247,333 votes cast in favour, 41,250,700 votes cast against and no votes withheld).
The Board of directors expresses its grateful thanks to Mr Bould and Mr Parkinson for their contributions to the Company over the four and a half years they have served as directors. It is disappointing that certain shareholders chose not to re-elect Mr Bould and Mr Parkinson as directors of the Company. The remaining members of the Board do not believe this to be in the best interests of the Company and its shareholders. The Board is currently considering potential candidates to replace those directors voted off the Board.
| Christopher Carter Keall, Valad Asset Management (UK) Ltd | 020 7659 6666 |
| Jeff Keating /James Maxwell, Singer Capital Markets Ltd | 020 3205 7500 |
| Jeremy Carey / Gemma Bradley Tavistock Communications Ltd | 020 7920 3150 |
| Anson Fund Managers Limited, Secretary | 01481 722260 |
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of TAP or Conygar, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of TAP or Conygar, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of TAP or Conygar by the offeror or the offeree company, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
E&OE - In transmission