TIDMAPL
RNS Number : 4639X
ACP Capital Limited
14 August 2009
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14 August 2009
Result of EGM
ACP Shareholders Overwhelmingly Reject Effort to Replace Board
ACP Capital Limited announces that shareholders have today overwhelmingly
rejected the efforts of ACP's former CEO, Derek Vago, acting individually and
through Rakison Services Limited, to regain control of ACP by removing the
entire Board and replacing them with three other persons, including ACP's former
CFO.
Not a single shareholder, other than Mr. Vago, supported the Board's removal.
With nearly 84 per cent of Company shares voting, 149,111,335 shares voted
against the resolutions to remove the current directors while 25,097,588 voted
in favour of the resolutions. One hundred percent of those shares voting in
favour were shares Mr. Vago economically owned.
John D. Chapman, the Company's Chairman stated: "Our directors and employees
appreciate this vote of confidence in our strategy of opportunistically selling
assets at appropriate prices and refusing to engage in a fire sale. Let me make
clear that all of our assets are for sale but only at fair prices that truly
reflect the value of those assets. In common with all quoted company boards,
ACP's directors are mindful of their fiduciary duties to shareholders.
Therefore, in the event that an appropriately financed offer were to be received
at any time in the future at a level that provided fair value for shareholders,
the Board would actively consider it."
Enquiries:
+--------------------------+-------------------------------+--------------------+
| Hugh Field / Bruce | Collins Stewart Europe | +44 (0) 207 523 |
| Garrow | Limited (Nominated Adviser) | 8350 |
+--------------------------+-------------------------------+--------------------+
| Tim McCall / Barnaby Fry | Hogarth Partnership | +44 (0) 207 357 |
| | | 9477 |
+--------------------------+-------------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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