Last checked at 28 Feb 2013 16:40
28 February 2013
Terrace Hill Group PLC
("the Company")
Results of AGM
At the nineteenth Annual General Meeting of Terrace Hill Group PLC held on Thursday 28 February 2013, all resolutions set out in the Notice of Meeting dated 18 January 2013 were passed by Shareholders on a show of hands.
Robert Adair, Chairman of Terrace Hill Group PLC, said:
"Building on a successful year in 2012, we have started the current year strongly, with the £91 million forward funding and pre-sale of our student accommodation scheme in Southampton to Legal & General and the sale of the majority of our remaining residential holdings to Places for People for £70 million, allowing us to significantly reduce debt and gearing in the company.
"We are about to start on site at our mixed-use development in Conduit Street, in the West End of London, are currently developing a number of foodstores across the UK, and have signed an agreement to develop a major leisure centre in Darlington. With an attractive pipeline of further opportunities identified and a much reduced level of debt, we look forward with optimism and confidence."
Proxies were received by the Company from Shareholders in advance of the Annual General Meeting as follows:
Resolution | For the resolution (i) | % | Against the resolution | % | Votes withheld (ii) |
1. To receive and consider the Directors' report and accounts for the year to 30 September 2012 and the auditors' report thereon | 172,566,369 | 100.00 | - | 0.00 | - |
2. To reappoint BDO LLP as auditors of the Company | 172,661,568 | 100.00 | 6,431 | 0.00 | 11,547 |
3. To authorise the directors to fix the remuneration of the auditors | 172,671,483 | 100.00 | 6,431 | 0.00 | 1,632 |
4. To re-appoint Mr Robert FM Adair as a director of the Company | 172,642,906 | 99.99 | 18,519 | 0.01 | 18,121 |
5. To re-appoint Mr Philip J Leech as a director of the Company | 172,647,439 | 99.99 | 13,986 | 0.01 | 18,121 |
6. To authorise the Directors to allot shares pursuant to sections 551 and 560 of the Companies Act 2006 | 171,816,472 | 99.55 | 782,127 | 0.45 | 80,947 |
7. To authorise the Directors to disapply pre-emption rights pursuant to sections 570 and 573 of the Companies Act 2006 | 151,909,262 | 99.90 | 155,548 | 0.10 | 99,536 |
8. To authorise the Company to make market purchases of its ordinary shares pursuant to section 701 of the Companies Act 2006 | 151,992,050 | 99.91 | 139,276 | 0.09 | 33,020 |
Notes:
(i) Includes discretionary votes
(ii) A vote withheld is not a vote in law and is not counted in the calculation of votes for or against a resolution
As at the date of the meeting there were 211,971,299 ordinary shares of 2 pence each in issue. Proxies amounting to 172,679,546 votes were received in respect of resolutions 1-6 and proxies amounting to 152,164,346 votes were received in respect of resolutions 7 and 8.
-Ends-
For further information, please visit www.terracehill.co.ukor contact:
Oriel Securities (Nominated Adviser) Tel: 020 7710 7600
Gareth Price/Mark Young
FTI Consulting: Tel: 020 7831 3113
Richard Sunderland/Will Henderson/Faye Walters terracehill@fticonsulting.com
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM. Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.