Result of EGM (3609P)

TIDMPTH

RNS Number : 3609P

Promethean PLC

30 September 2011

Promethean Plc

30 September 2011

Results of EGM

Promethean Plc (the "Company") today announces that the requisitioned extraordinary general meeting of the Company ("EGM") was held earlier today at the registered office of the Company.

As set out in the Circular to shareholders dated 5 September 2011 (the "Circular"), the EGM was held for the purpose of proposing the resolutions requisitioned by Laminvest N.V. (which is a registered holder of 22.1 per cent. of the ordinary share capital of the Company) and Knox D'Arcy (which is not a registered shareholder).

The Company is pleased to announce that each of the resolutions have been overwhelmingly rejected by shareholders. Laminvest N.V. did not cast its votes at the EGM.

The voting was as follows:

 
Resolution 1: To remove Martin Negre as a director 
 of the Company 
Votes                                 For         Against 
Shares voted                       1,576,500    27,242,990 
Per cent. of votes cast              5.47%        94.53% 
================================  ===========  ============= 
 
Resolution 2: To remove Elizabeth Tansell as a director 
 of the Company 
Votes                                 For         Against 
Shares voted                       1,576,500    27,242,990 
Per cent. of votes cast              5.47%        94.53% 
================================  ===========  ============= 
 
Resolution 3: To appoint Andrew Ashworth as a director 
 of the Company 
Votes                                 For         Against 
Shares voted                       1,576,500    27,242,990 
Per cent. of votes cast              5.47%        94.53% 
================================  ===========  ============= 
 
Resolution 4: To appoint Robin James as a director 
 of the Company 
Votes                                 For         Against 
Shares voted                       1,576,500    27,242,990 
Per cent. of votes cast              5.47%        94.53% 
================================  ===========  =============

Prior to issuing the notice on 5 September 2011 convening the EGM, the Board requested that Laminvest N.V. and Knox D'Arcy withdraw the requisition notice. The Board had hoped to avoid the costs, waste of management time and negative impact on the portfolio which would result from calling the EGM. Despite being told that the Board had received confirmations of support from shareholders representing 57.42 per cent of the Company's issued share capital, Laminvest and Knox D'Arcy declined to withdraw their requisition. Consequently the Board had no choice but to comply with its statutory obligation to convene the EGM.

On the morning of Wednesday, 28 September 2011, less than twelve hours before the deadline for registering proxy votes and appointing proxies and/or corporate representatives, the Board received a letter from Knox D'Arcy, purporting to withdraw the EGM requisition. This purported withdrawal was legally invalid as it was not signed by Laminvest N.V. (a withdrawal of a requisition for a general meeting may only be made by the shareholder that originally requisitioned the meeting).

The Board wishes to thank shareholders for their continued support throughout this process. The Board now looks forward to working with the Manager to achieve the timely realisation of the Company's investments in accordance with the Company's previously announced strategy.

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Enquiries:

Sir Peter Burt

Promethean Plc +44 (0) 207 479 7660

Michael Burt

Promethean Investments LLP +44 (0) 207 479 7660

Tom Durie / Gillian McCarthy

Fairfax I.S. PLC +44 (0) 207 598 5368

This information is provided by RNS

The company news service from the London Stock Exchange

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