Result of EGM
December 17 2009 - 10:00AM
UK Regulatory
TIDMIPM
RNS Number : 3189E
Irish Life & Permanent PLC
17 December 2009
IRISH LIFE & PERMANENT p.l.c.
RESULTS OF COURT MEETING AND EGM AND EXPECTED TIMETABLE FOR COMPLETION
Further to the announcement issued by Irish Life & Permanent p.l.c. on 24
November 2009 in relation to the recommended proposals for a reorganisation (the
Reorganisation) of the Irish Life & Permanent group (the Group) and the posting
of the Scheme Circular to the shareholders of Irish Life & Permanent
p.l.c.
(the Shareholders), Irish Life & Permanent p.l.c. announces that the
required majority of Shareholders voted today at the Court Meeting and the
Extraordinary General Meeting (EGM) in favour of the Scheme and to implement
related proposals without modification.
The result of the Poll at the Court Meeting to approve the Scheme of Arrangement
was as follows:
+-----------------+--------------------+----------------+-----------------+-----------------+
| | Number of | % of | Number of | % of shares |
| | shareholders | shareholders | shares voted | voted |
| | voting in person | voting | | |
| | or by proxy | | | |
+-----------------+--------------------+----------------+-----------------+-----------------+
| For | 6,734 | 96.17% | 73,518,230 | 99.73 |
+-----------------+--------------------+----------------+-----------------+-----------------+
| Against | 268 | 3.83% | 200,080 | 0.27 |
+-----------------+--------------------+----------------+-----------------+-----------------+
At the Court Meeting, 96.17 % of those Shareholders who voted (either in person
or by proxy), representing 99.73 % in value of the Irish Life & Permanent p.l.c.
ordinary shares voted (either in person or by proxy), in favour of the Scheme.
Accordingly, as the requisite shareholder majority have approved the Scheme,
Irish Life & Permanent p.l.c. will now seek the sanction of the Scheme by the
Court.
In addition, the special and ordinary resolutions proposed in the notice of the
EGM included in the Scheme Circular were duly passed without modification at the
Irish Life & Permanent p.l.c. EGM, which immediately followed the Court Meeting,
to give effect to the Scheme and the associated reduction of capital and other
ancillary proposals.
The result of the Polls at the EGM were as follows:
+-------------+------------+-------+----------+--------+------------+----+------------+
| Resolution | For | | Against | | Total | | *Total |
| Number | | | | | shares | | Withheld |
| | | | | | voted | | |
+-------------+------------+-------+----------+--------+------------+----+------------+
| | Number | % of | Number | % of | | | |
| | of | total | of | total | | | |
| | Shares | voted | Shares | voted | | | |
| | voted | | voted | | | | |
+-------------+------------+-------+----------+--------+------------+----+------------+
| Special | | | | | | | |
| Resolutions | | | | | | | |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 1 | 73,719,450 | 99.77 | 172,807 | 0.23 | 73,892,257 | | 1,432,659 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 2 | 73,636,219 | 99.71 | 212,221 | 0.29 | 73,848,440 | | 1,450,106 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 3 | 73,687,382 | 99.77 | 170,523 | 0.23 | 73,857,905 | | 1,443,262 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 4 | 73,707,501 | 99.77 | 168,596 | 0.23 | 73,876,097 | | 1,436,467 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 5 | 73,664,370 | 99.73 | 195,889 | 0.27 | 73,860,259 | | 1,450,866 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 6 | 73,710,029 | 99.78 | 164,654 | 0.22 | 73,874,683 | | 1,436,832 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| | | | | | | | |
+-------------+------------+-------+----------+--------+------------+----+------------+
| Ordinary | | | | | | | |
| Resolutions | | | | | | | |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 7 | 73,190,631 | 99.25 | 550,473 | 0.75 | 73,741,104 | | 1,560,320 |
+-------------+------------+-------+----------+--------+------------+----+------------+
| 8 | 73,304,588 | 99.31 | 509,896 | 0.69 | 73,814,484 | | 1,487,950 |
+-------------+------------+-------+----------+--------+------------+----+------------+
*Votes Withheld are not a vote in law and are not be counted in the calculation
of the proportion of the votes "For" and "Against" the resolutions.
Copies of the resolutions passed at the Court Meeting and the EGM have been
submitted to the ISE and the UKLA and, in the case of the UKLA, will shortly be
available for inspection at the UKLA's documents viewing facility which is
situated at the Financial Services Authority, 25 The North Colonnade, Canary
Wharf, London E14 5HS.
In order for the Scheme to become effective, the Court must now sanction the
Scheme and the associated reduction of capital at the Court Hearing.
The updated timeline of the remaining principal events required to implement the
Scheme is as follows:
+----------------------------------------------------------+---------------------------+
| Second Court Date | 21 December 2009 |
+----------------------------------------------------------+---------------------------+
| Intended date for Court Hearing to approve the Scheme | A date to be determined |
| and | in mid January 2010 |
| the Scheme Reduction of Capital | |
+----------------------------------------------------------+---------------------------+
| Intended Effective Date of the Scheme | A date to be determined |
| | in late January 2010. |
+----------------------------------------------------------+---------------------------+
| Last day of dealings in, and registration of transfers | the last Business Day |
| of, | before the Effective date |
| Existing Shares | |
+----------------------------------------------------------+---------------------------+
| Intended Scheme Record Time | 6.00 p.m. on the last |
| | Business Day before the |
| | Effective date |
+----------------------------------------------------------+---------------------------+
| Effective Date | A date to be determined |
| | in late January 2010 |
+----------------------------------------------------------+---------------------------+
Ciarán Long
Group Secretary
Further Information:
Ray Gordon
Gordon MRM
Ph: 01 6650452
Ph: 087 2417373
Terms defined in the Scheme Circular have the same meaning in this announcement.
This announcement does not constitute an offer to sell or an invitation to
purchase or subscribe for any securities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
REGFFSFLWSUSEIE
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