Result of EGM

21 Jun 2007 14:34

Formation Group PLC21 June 2007 Formation Group plc ("Formation" or the "Company") Result of EGM On 29 May 2007, Formation announced that it had agreed, subject, inter alia, toshareholder approval, to acquire the entire issued share capital of ColumbiaDesign & Build Limited, a property development management company, fromStreetwise Limited, a company controlled for the benefit of the Concert Party(the "Acquisition"). At the Extraordinary General Meeting, which took place earlier today, allresolutions put to shareholders to effect the Acquisition were duly approved,including the resolution to approve the waiver by the Panel on Takeovers andMergers of any requirement which would otherwise arise for the Concert Party tomake a general offer pursuant to Rule 9 of the City Code to the othershareholders of the Company by reason of the issue of the 70,588,235 OrdinaryShares issued in consideration of the Acquisition. After completion of the Acquisition, the Concert Party's interest in sharescarrying voting rights in the Company will represent, in aggregate, 51.4% of thevoting rights attaching to the issued share capital of the Company. As theConcert Party holds more than 50% of the voting rights attaching to theCompany's issued share capital, the Concert Party (for so long as they aretreated as acting in concert) will be able to increase their aggregateshareholding without incurring any further obligation under Rule 9 to make ageneral offer. However, individual members of the Concert Party will not be ableto increase their percentage shareholdings through a Rule 9 threshold withoutPanel consent. It is expected that Admission will become effective and that dealings in the newordinary shares of 1p each will commence on AIM on 22 June 2007. All terms used in this announcement, unless otherwise defined above, aredefined as set out in the admission document dated 29 May 2007. For further information: Neil Rodford, Formation Group plc Tel: 01625 539832David Youngman, WH Ireland Limited Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange