Result of EGM (7210R)

TIDMCPE

RNS Number : 7210R

Charter European Trust plc

08 November 2011

CHARTER EUROPEAN TRUST PLC

RESULT OF EGM

8 November 2011

Charter European Trust plc (the "Company") refers to its circular to shareholders dated 14 October 2011 convening a general meeting, requisitioned by Midas Investment Management Limited acting through Manchester & Metropolitan Investment Limited, which was held earlier today. At that meeting a resolution (the "Midas Resolution") was put to shareholders to require the Directors to abolish the scaling-up voting provisions in the share scheme for retail investors investing in the Company's shares operated by Alliance Trust Savings Limited. The Midas Resolution, which in order to be passed would have required 75 per cent of those voting to vote in favour, was taken on a poll and defeated by shareholders earlier today.

The result of the vote on the Resolution was as follows:

Resolution (to require the Directors to abolish the scaling-up voting provisions under the Alliance Trust Savings Schemes)

   Votes for *:                        5,401,917 Ordinary Shares (41.64%) 
   Votes against:                   7,571,489 Ordinary Shares (58.36%) 
   Votes withheld**:          39,089 Ordinary Shares

The number of votes validly cast was 12,973,406 representing 58.72% of the Company's issued share capital.

   *              The "Votes for" include those votes giving the Chairman discretion.

** A "Vote withheld" is not a vote in law and is not counted in the calculation of the votes for or against the resolution.

Ten proxy cards for a total of 19,870 shares were rejected as they had been pre-completed with a cross in favour of the resolution.

For information, approximately half of the shares held within the Alliance Trust Savings Schemes gave a voting direction. The resolution would have also been defeated if the Alliance Trust Savings Schemes had not applied scaling-up.

Directors believe that approximately 95% of votes cast by independent shareholders (not connected to Midas Investment Management Limited) voted against the Midas Resolution.

A copy of the Resolution has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.hemscott.com/nsm.do.

Giles Weaver, the Chairman, said "The Board is pleased with the overwhelming support of independent shareholders reflected in the vote above. We now urge Midas to support the reconstruction proposals which we presented on 28 September 2011, so that all shareholders can benefit from their implementation as soon as possible."

The Board hopes to make a further announcement about the future of the Company shortly.

Contacts:

Giles Weaver (Chairman) 020 7523 8000

Collins Stewart Europe Limited 020 7523 8000

Robbie Robertson

Andrew Zychowski

This information is provided by RNS

The company news service from the London Stock Exchange

END

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