RNS Number : 1094Y
O Twelve Estates Limited
27 August 2009
O Twelve Estates Limited (the 'Company')
Results of AGM
The Board of Directors of the Company confirm that at the Annual General Meeting held today the following resolutions were duly passed.
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Ordinary Resolution 1
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To receive and, if thought fit, to adopt the reports of the Directors and Auditors and the audited financial statements for the year-ended 31 March 2009.
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57,384,254 votes were received with 54,384,254 voting in favour of the resolution, 0 voting against the resolution and 0 abstaining
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Ordinary Resolution 2
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To reappoint Ernst & Young LLP as Auditors and to authorise the Directors to agree their remuneration.
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57,384,254 votes were received with 57,377,254 voting in favour of the resolution, 7,000 voting against the resolution and 0 abstaining
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Ordinary Resolution 3
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To re-elect Mr Rhodes, who offers himself for re-election as a Director.
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57,384,254 votes were received with 57,359,254 voting in favour of the resolution, 0 voting against the resolution and 25,000 abstaining. The abstaining votes were shares held by Mr Rhodes.
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Ordinary Resolution 4
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To authorise the Company to buy back its own shares.
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57,384,254 votes were received with 57,384,254 voting in favour of the resolution, 0 voting against the resolution and 0 abstaining
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Update on Financing
As reported in the Chairman's statement which accompanied the Company's results for the year ended 31 March, 2009 which were announced in July this year, significant progress has been made towards negotiating a restructuring of the loan facility with the Company's three lenders. As outlined previously Heads of Terms have been agreed and the Board expects that new facilities, substantially on the terms previously reported, will be finalised shortly.
For further information please contact:
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Rugby Asset Management
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+44 (0) 20 7016 0050
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David Tye
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Andrew Wilson
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Financial Dynamics
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+44 (0) 20 7831 3113
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Stephanie Highett
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Dido Laurimore
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Fairfax I.S. Plc
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+44 (0) 20 7598 5368
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Simon Bennett
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Jeremy Porter
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Laura Littley
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Notes to Editors
O Twelve, which commenced trading on AIM on 27 March 2006, was formed to establish a substantial property investment portfolio in the Thames Gateway and the adjacent areas of east London, Essex, South Hertfordshire and North Kent (the 'Target Area'). O Twelve offers investors the opportunity to share in the potential growth in value in real estate in the Target Area which typically has lower property values than the south of England generally. The Company seeks to generate an attractive rate of return for shareholders by taking advantage of property acquisition opportunities in the Target Area which is benefiting from the infrastructure improvements in the run-up to the London Olympic Games in 2012. Rugby Asset Management Limited ('RAM'), a subsidiary of Rugby Estates Plc, is Property Adviser to O Twelve.
Further information on O Twelve can be found at www.otwelveestates.com
This information is provided by RNS
The company news service from the London Stock Exchange
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