Result of General Meeting (7290C)

TIDMDAV

RNS Number : 7290C

Davenham Group PLC

10 March 2011

Davenham Group plc

("Davenham" or "the Company" and, together with its subsidiaries, the "Group")

Result of General Meeting

Davenham announces that, in line with the Board's recommendation, all resolutions put to shareholders at the General Meeting of the Company held earlier today were voted down (each on a show of hands).

The full text of the resolutions was included in the notice of General Meeting circulated to shareholders, dated 10 February 2011, which is available at www.davenham.co.uk.

The results of the proxy voting were as follows:

 
             For        Against     Abstain/Withheld  Total 
-----------  ---------  ----------  ----------------  ---------- 
Resolution 
 1           7,311,936  10,004,552  150,000           17,466,488 
-----------  ---------  ----------  ----------------  ---------- 
Resolution 
 2           7,311,936  10,004,552  150,000           17,466,488 
-----------  ---------  ----------  ----------------  ---------- 
Resolution 
 3           7,361,441  10,004,652  150,000           17,516,093 
-----------  ---------  ----------  ----------------  ---------- 
Resolution 
 4           7,361,441  10,004,652  150,000           17,516,093 
-----------  ---------  ----------  ----------------  ----------

As announced on 23 February 2011, the Company, Kingswood Property Finance Limited Partnership ("Kingswood"), Moor Park Capital Partners LLP ("Moor Park Capital") and the members of the Group's Banking Syndicate (the "Banking Syndicate") have entered into an exclusivity and standstill agreement (the "Exclusivity Agreement") in order to permit more detailed discussions to take place in relation to the potential reconstruction of the Group which would enable one or more of its divisions to recommence writing new business.

Whilst there remains no certainty as to the outcome of these discussions, the Board continues to work intensively to try to maximise the chances of a reconstruction proposal being formally proposed by Kingswood and Moor Park Capital to the Banking Syndicate.

The Board wishes to reiterate its view that, even if Kingswood, Moor Park Capital and the Banking Syndicate reach agreement on a potential restructuring of the Group, it is likely that there will be no value for shareholders' current shareholdings in Davenham.

For further information please contact:

 
 Davenham Group plc                             0161 832 8484 
  Paul Burke, Group Managing Director      www.davenham.co.uk 
 Hawkpoint Partners Limited (Nominated 
  Adviser) 
  Lawrence Guthrie / Shaun Holmes               020 7665 4642 
 MHP 
  Katie Hunt/Reg Hoare                          020 3128 8100

This information is provided by RNS

The company news service from the London Stock Exchange

END

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