TIDMECDC

RNS Number : 4203O

European Convergence Develop. CoPLC

06 August 2014

6 August 2014

EUROPEAN CONVERGENCE DEVELOPMENT COMPANY PLC

("ECDC" OR "THE COMPANY")

Result of AGM

ECDC announces that its AGM was held at 11.00am today on the Isle of Man.

Resolution 1, Shareholders holding 19,433,046 shares voted in favour of the resolution. Shareholders holding 828,178 shares voted against the resolutions. As a result the resolution, which was an ordinary resolution relating to the re-appointment of the auditors, was passed.

Resolution 2, relating to the cancellation of the Company's admission to AIM required the consent of not less than 75% of the votes cast at the meeting to be passed. At the time stated in the notice of AGM as the deadline for the receipt of valid proxy forms, the Company's Registered Agent had received valid proxies registering the following votes in relation to Resolution 2:

   In favour:           24,983,046 
   Against:            1,910,853

Total number of shares voting: 26,893,899

Percentage in favour: 92.89%.

However, the Registered Agent received a further proxy shortly after the deadline which would have produced the following result:

   In favour:             24,983,046 
   Against:              10,864,562

Total number of shares voting: 35,847,608

Percentage in favour: 69.69%.

On enquiry by the Registered Agent it appeared that delivery of the proxy to the Registered Agent had been unsuccessfully attempted earlier in the day.

In view of the uncertainty surrounding the validity of the delivery of a proxy form relating to votes material to the passing or failure of Resolution 2, having taken legal advice, the Chairman, considered it prudent to exercise his powers under Article 59 of the Company's Articles of Association to adjourn the meeting sine die in order to ensure that the voting in relation to Resolution 2 would be conducted in a proper and orderly manner.

The Directors continue to believe that it is very much in the best interests of the shareholders and the Company to delist the shares.

For further information please contact:

 
 European Convergence Development    +44 (0)1624 
  Company plc                         640200 
 Anderson Whamond 
 
                                     +44 (0)207 
 Charlemagne Capital                  518 2100 
 Varda Lotan 
 
                                     +44 (0)1624 
 Galileo Fund Services Limited        692600 
 Ian Dungate, Company Secretary 
 
                                     +44 (0)20 
 Panmure Gordon & Co. Limited         7886 2500 
 Hugh Morgan 
 
 
                                     +44 (0)20 
 Smithfield Consultants               7360 4900 
 Ged Brumby 
 Henry Wallers

Website: www.europeanconvergencedevelopment.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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