TIDMASPL
RNS Number : 8710Q
Aseana Properties Limited
22 June 2015
22 June 2015
Aseana Properties Limited
("Aseana" or the "Company")
Results of EGM and AGM and Directors' Appointments
On 22 May 2015, Aseana Properties Limited (LSE: ASPL), a
property developer in Malaysia and Vietnam, listed on the Main
Market of the London Stock Exchange, announced that it had put
forward recommended Proposals regarding the future of the Company,
to be considered at an EGM of the Company, The Proposals were to
amend the Company's investment policy to enable a realisation of
its assets in a controlled, orderly and timely manner, with the
objective of achieving a balance between periodically returning
cash to Shareholders and maximising the realisation value of the
Company's investments.
In addition, the Company announced that the Board was
recommending that Shareholders vote against the Discontinuation
Resolution to be proposed at the Company's AGM (as required under
the Company's Articles), held immediately following the EGM, to
allow a policy of orderly realisation of the Company's assets over
a period of up to three years in order to maximise the value of the
Company's assets and returns to Shareholders, both up to and upon
the eventual liquidation of the Company.
The Company announces that at the EGM and the AGM, Shareholders
have today supported both the Board's recommendations, to vote in
favour of the ordinary resolution to approve the Proposals set out
in the EGM circular, and to vote against the Discontinuation
Resolution set out in the Notice of AGM.
The voting was as follows:
For / % Against % Total Withheld
Discretion votes votes votes
votes cast
------------------ ------------ ----- -------- ------ ------------ ---------
EGM Resolution:
------------------ ------------ ----- -------- ------ ------------ ---------
To adopt
the Divestment
Investment
Policy 186,379,068 100% 0 0.00% 186,379,068 0
------------------ ------------ ----- -------- ------ ------------ ---------
AGM Resolutions:
------------------ ------------ ----- -------- ------ ------------ ---------
1.To adopt
the Company's
accounts
for the
y/e 31Dec
2014 186,118,118 100% 0 0.00% 186,118,118 0
------------------ ------------ ----- -------- ------ ------------ ---------
2.To re-elect
David
Harris
as a Director
of the
Company 186,118,118 100% 0 0.00% 186,118,118 0
------------------ ------------ ----- -------- ------ ------------ ---------
3.To re-elect
Ismail
Shahudin
as a Director
of the
Company 186,118,118 100% 0 0.00% 186,118,118 0
------------------ ------------ ----- -------- ------ ------------ ---------
4.To re-appoint
KPMG LLP
as Auditor
of the
Company 186,118,118 100% 0 0.00% 186,118,118 0
------------------ ------------ ----- -------- ------ ------------ ---------
5.To authorise
the Directors
to determine
the Auditors'
remuneration 186,118,118 100% 0 0.00% 186,118,118 0
------------------ ------------ ----- -------- ------ ------------ ---------
AGM Resolution For votes % Against % Total Withheld
/ Discretion votes votes
votes cast
---------------- ---------- ------ -------------- ------- ----------- -----------
6.That
the Company
shall
cease
to continue
as presently
constituted 175,000 0.18% 97,954,068 99.82% 98,129,068 88,000,000
---------------- ---------- ------ -------------- ------- ----------- -----------
* Total/Percentage of votes cast excludes withheld votes.
A copy of the resolutions passed at the General Meeting will
shortly be submitted to the National Storage Mechanism located at:
http://www.morningstar.co.uk/uk/NSM.
Terms defined in the EGM Circular published on 22 May 2015 have
the same meaning in this announcement.
The Company also announces that following the approval of the
Proposals at the EGM and the Discontinuation Resolution not being
passed at the AGM, Nicholas Paris (a representative of LIM
Advisors) and Ferheen Mahomed (a representative of Legacy Essence
Limited) have been appointed as additional non-independent,
non-executive Directors, with immediate effect.
Biographical details of Nicholas Paris and Ferheen Mohamed are
set out below.
Commenting on the results of the EGM and AGM, Mohammed Azlan
Hashim, Chairman of the Company, said: "We are very pleased to see
shareholder support for the Proposals, which was the culmination of
extensive consultation with the Company's Shareholders, advisers
and the Manager over the last year. As a result, Aseana plans to
realise its assets in a controlled, orderly and timely manner, with
the objective of achieving a balance between periodically returning
cash to Shareholders and maximising the realisation value of the
Company's investments."
Nicholas Paris
Mr. Paris is a portfolio manager for LIM Advisors ("LIM"), an
Asian-focused investment management firm, headquartered in Hong
Kong, and he specialises in investing in closed ended investment
funds. He is based in London and graduated from Newcastle
University with a Bachelor of Science degree with Honours in
Agricultural Economics. He is also a Chartered Accountant and a
Chartered Alternative Investment Analyst. He worked with Rothschild
Asset Management from 1986 until 1994, launching specialist
investment products before becoming a corporate adviser and broker
in closed ended investment funds with a particular focus on those
investing in emerging markets. In this role, he worked between 1994
and 2001 at Baring Securities, Peregrine Securities and then Credit
Lyonnais Asia Securities. He then joined the hedge fund industry in
a series of sales roles before founding Purbeck Advisers in 2006,
which is his own advisory and sales business. He has been advising
LIM on investing in Asian closed end funds for five years and is a
director of their London-based investment management
subsidiary.
He is currently a non-executive director of Global Resources
Investment Trust plc (a fund investing in a diverse portfolio of
primarily small and mid-capitalisation natural resources and mining
companies which is traded on the main market of the London Stock
Exchange) and has been a non-executive director of The India IT
Fund Limited (a fund investing in Indian software companies which
was listed on the Channel Islands Stock Exchange) and TAU Capital
plc (a fund investing in public and private equity in Kazakhstan
which is traded on AIM).
There is no additional disclosure to be made in respect of
Nicholas Paris pursuant to LR 9.6.13R.
Ferheen Mohamed
Ms. Mahomed is currently Executive Vice President - Business
Development for Pacific Century Group. She was group general
counsel for CLSA Asia Pacific Markets for four years after spending
14 years as Asia Pacific General Counsel for Societe Generale.
Ferheen is both a UK and Hong Kong qualified lawyer having
previously worked at Slaughter and May in Hong Kong and London. She
is a law graduate from the University of Hong Kong and Rhodes
Scholar to St. John's College Oxford, holding Bachelor of Civil Law
Degree from Oxford.
Ferheen is heavily involved in the financial community and is a
member of the product advisory committee of the Securities and
Futures Commission of Hong Kong, member of the Asia Pacific legal
and regulatory Committee of ISDA and vice chairman of the banking
and finance committee of the French chamber of commerce.
There is no additional disclosure to be made in respect of
Ferheen Mohamed pursuant to LR 9.6.13R.
For further information:
Aseana Properties Limited Tel: +603 6411 6388
Chan Chee Kian Email: cheekian.chan@ireka.com.my
N+1 Singer Tel: 020 7496 3000
James Maxwell (Corporate Finance) Email: James.Maxwell@n1singer.com
/Sam Greatrex (Sales)
Tavistock Tel: 020 7920 3150
Jeremy Carey / James Verstringhe Email: jcarey@tavistock.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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