Result of AGM
June 29 2010 - 10:56AM
UK Regulatory
TIDMCTT
RNS Number : 4527O
Cattles PLC
29 June 2010
Cattles plc
29 June 2010
Cattles plc
Annual General Meeting and Board changes
Annual General Meeting
Cattles plc ('the Company' or 'Cattles') today held its Annual General Meeting.
At the meeting, all of the Resolutions proposed and recommended by the Board
were passed with the exception of a resolution to shorten the notice period
required for convening General Meetings.
A further four resolutions, which had been proposed and supported by certain of
the Company's shareholders and which the Board had recommended shareholders to
vote against, were all defeated.
During the meeting, the Board highlighted the deficit on shareholders' funds as
shown by the 2008 Accounts. While the audit of the 2009 Accounts has not yet
been completed, it is already clear that the size of this deficit will have
increased significantly since 31 December 2008, principally due to further
impairment of the loan book. The Board repeated its previous advice to
shareholders that in view of the significant financial deficit, the Company's
shares have little or no value.
The Board very much regrets the serious loss suffered by shareholders and
understands their frustration. Nevertheless, in these circumstances the Board's
legal obligation is to give priority to the interests of the Company's
creditors.
Board changes
On 3 June 2010, the Company announced that James Drummond Smith would resign as
a Director and as Finance Director with effect from the conclusion of the AGM
and that his successor, subject to FSA approval, would be Paul Felton-Smith. Mr
Felton-Smith has now received approval from the FSA for this appointment and has
therefore joined the Board with immediate effect.
In addition, Robert East will become Managing Director of the Group's operations
with immediate effect. Margaret Young will continue in her role as Executive
Chairman of Cattles and Welcome Financial Services Limited.
Margaret Young, Executive Chairman, said:
"On behalf of the Board and all of our employees, I would like to thank those
shareholders who have supported the Board at this difficult time for the
Company. Your support will help us achieve our objective of a consensual
restructuring of the Company, which we hope will include an offer for
shareholders."
For further information:
Paul Marriott, Financial Dynamics 020 7269 7252
This information is provided by RNS
The company news service from the London Stock Exchange
END
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