Result of EGM
20 November 2008 - 4:30PM
UK Regulatory
Eaglet Investment Trust plc ("Eaglet" or the "Company")
EGM Statement
On 27 October 2008, the Company announced that it had published a Circular to
Shareholders outlining, inter alia, the proposed Tender Offer by Arbuthnot
Securities Limited on behalf of the Company for up to 49 per cent. of the
issued share capital, a change of investment policy, the sale of a proportion
of the Portfolio Companies, the Off-Market Purchase of Shares and the
cancellation of the Company's share premium account. The Circular also set out
the terms of a New Investment Management Agreement, Management Warrants Deed,
and Investment Advisory Agreement.
The Company announces that the results of the voting by poll on each of the
Resolutions proposed at today's EGM were as follows:
Resolution Votes in % Votes % Withheld
favour* against votes**
1 11,941,121 77.68 3,431,678 22.32 292,455
2 9,016,875 67.64 4,314,641 32.36 2,333,738
3 11,945,996 77.69 3,430,489 22.31 288,769
4 11,006,176 71.60 4,366,211 28.40 292,867
5 11,052,910 71.93 4,314,233 28.07 298,111
6 11,949,767 77.77 3,415,773 22.23 299,714
7 9,012,838 67.68 4,304,641 32.32 2,337,775
8 11,049,898 71.92 4,314,908 28.08 300,448
9 11,045,676 71.91 4,315,097 28.09 304,481
10 11,043,259 71.90 4,315,865 28.10 306,130
11 11,047,155 71.91 4,315,151 28.09 302,948
12 1,844,305 26.70 5,063,133 73.30 8,757,816
* The "in favour" votes include those votes giving the Chairman discretion
** The "withheld" votes are not counted towards the votes cast
A majority of votes cast were in favour of Resolutions 1 to 11 (inclusive),
although the required 75% majority was not obtained in respect of Resolutions
2, 4 and 5. Furthermore, Resolution 12 (dispensation of provisions under Rule 9
of the City Code) was not passed and since the Resolutions were
inter-conditional, the Proposals set out in the Circular will not be
implemented.
In light of the result of the EGM, it is clear to the Board that the Company is
unable to proceed with the Tender Offer and all other proposals in their
current form. The Board will consult with Shareholders with a view to
formulating alternative proposals which seek to balance the views and interests
expressed. A further announcement will therefore be made in due course.
Enquiries:
Steve Winrow 01624 623994
Knox D'Arcy Asset Management Ltd
Alastair Moreton 020 7012 2000
Hannah Pearce
Arbuthnot Securities Limited
Capitalised terms used in this announcement will have the same meaning as in
the circular dated 27 October 2008 unless the context requires otherwise.
Arbuthnot Securities Limited, which is regulated by the Financial Services
Authority, is acting for Eaglet Investment Trust plc and no-one else and will
not be responsible to any person for providing the protections afforded to its
customers nor for providing advice in relation to the Proposals nor any other
matter referred to in this announcement.
END
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