Industrial Multi Property Trust PLC Results of EGM and Notice to Cancel Trading (9188E)
May 11 2017 - 9:39AM
UK Regulatory
TIDMIMPT
RNS Number : 9188E
Industrial Multi Property Trust PLC
11 May 2017
For immediate release
Industrial Multi Property Trust PLC
Results of EGM and Notice to Cancel Trading
Industrial Multi Property Trust PLC (the "Company") announces
that at the Extraordinary General Meeting of Shareholders held
today, 11 May 2017, a total of 39 proxy votes were received for
Resolutions 1, 2, and 3 and 42 proxy votes were received for
Resolution 4. No shareholders attended the meeting in person and as
all shareholders had appointed the Chairman as their proxy, the
meeting was not quorate. The Directors present at the meeting are
no longer shareholders as under the terms of the original Offer
from Hansteen Holdings Plc, they gave irrevocable undertakings to
accept the Offer. As a result, the meeting was dissolved in
accordance with the Articles of Association.
Although a shareholder resolution is not required for the Board
to authorise delisting from the Specialist Fund Segment of the
London Stock Exchange, the Independent Directors had included
Resolution 4 in order to give shareholders the opportunity to vote
on the matter.
For the information of shareholders, proxy votes were cast as
follows:
In relation to the Resolutions requisitioned by Alpha Real Trust
Limited that:
1) The Company or its subsidiaries are prohibited from entering
into any contract or commercial arrangement with Hansteen Holdings
PLC or any of its associated companies which involves a potential
conflict of interest without first obtaining the approval of
non-Hansteen shareholders.
2) The Company disclose regularly to shareholders details of all
matters that give rise to a conflict of with Hansteen or any of its
associated companies within each reporting period and that the
records of how such conflict was dealt with are available to
shareholders for inspection.
3) The Company's Investment Objective be amended to include "No
assets of the Company may be sold to Hansteen or any of its
associated companies without independent scrutiny and the approval
of non-Hansteen shareholders."
92.98%, 92.98% and 92.98% of the votes cast on the poll were
Against Resolutions 1, 2 and 3 respectively.
In relation to the fourth Resolution put forward by the Board of
Industrial Multi Property Trust that:
4) The decision of the Board to cancel trading of the Shares on
the Specialist Fund Segment of the London Stock Exchange's Main
Market be approved, confirmed and ratified.
93.85% of the votes cast on the poll were For Resolution 4.
Given the very significant support for Resolution 4, the Board
has instructed that application be made to cancel trading of the
Shares on the Specialist Fund Segment of the London Stock Exchange
which is expected to take effect from 08.00am on 8 June 2017.
Details of the votes For and Against each resolution are
detailed in the table below:
Votes % Votes % Withheld
Requisitioned Resolutions for against
---------------------------- ---------- ------ ---------- ------ ---------
Resolution 1 224,762 7.02 2,973,882 92.98 1,599,399
---------------------------- ---------- ------ ---------- ------ ---------
Resolution 2 224,762 7.02 2,973,882 92.98 1,599,399
---------------------------- ---------- ------ ---------- ------ ---------
Resolution 3 224,762 7.02 2,973,882 92.98 1,599,399
---------------------------- ---------- ------ ---------- ------ ---------
Proposed by the Board of
Industrial Multi Property
Trust
---------------------------- ---------- ------ ---------- ------ ---------
Resolution 4 3,004,392 93.85 196,858 6.15 1,596,793
---------------------------- ---------- ------ ---------- ------ ---------
Notes
1. Percentages are expressed as a proportion of the total votes
cast (which does not include votes withheld).
2. A vote withheld is not a vote in law and is not counted in
the calculation of the proportion of votes 'For' or 'Against' a
resolution.
For further information, please contact:
Philip Scales
Director, Industrial Multi Property Trust PLC
+44 (0) 1624 681250
Robert Finlay
Financial Adviser and Broker, Stockdale Securities Limited
+44 (0) 20 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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