10 Aug 2007 10:59
Western Selection P.L.C. 10th August 2007 Result of Extraordinary General Meeting
Further to the announcement dated 16th July 2007 and the circular of the same date, an EGM of the Company was held at 12.30 p.m. on 9th March 2007. The result of the EGM is that all six resolutions were passed with the voting being as follows:
Resolutions 1, 2, 5 and 6 were passed unanimously on a show of hands. It was a requirement of The Takeover Panel that resolutions 3 and 4 were taken by means of a poll of the independent shareholders and the results of that poll were:
For Against Abstain Resolution 3 1,888,763 28,977 5,280,221 Resolution 4 1,890,013 28,977 5,278,971
Accordingly the offer of warrant units on the basis of one warrant unit for every five shares held; the admission of the 2007 Warrants and 2010 Warrants to trading on PLUS and the waiver of the requirements of Rule 9 of the City Code on Takeovers and Mergers have all been approved.
As a result of the approval of the two waivers and assuming full subscription of the Offer of Warrant Units:
* if the Concert Party was the only Warrant holder to exercise its Warrants, its interest in the Company would increase from 41.42 per cent. to 48.34 per cent.; and * if the Concert Party exercised sufficient Warrants to take its stake to 48.34 per cent. and Western bought back 10 per cent. of its shares, the Concert Party's maximum holding would increase to 53.72 per cent. However, if this were to happen, London Finance & Investment Group P.L.C. has irrevocably agreed to sell a sufficient number of its Shares to reduce its interest in Western to 48 per cent., and the interests of the Concert Party to 48.43 per cent. of the Enlarged Share Capital.
By Order of the Board
City Group P.L.C.SecretariesContacts:
Western Selection P.L.C.
David Marshall/Edward Beale
020 7448 8950
Ruegg & Co Limited
Brett Miller/Roxanne Marfy
027584 3663
Copies of this notification are held at the Company's office, 30 City Road, London, EC1Y 2AG (tel. 020 7448 8950) and are available for a period of 14 days from the date of this announcement.
WESTERN SELECTION PLC