Former Directors defeated at EGM
29 October 2008
ACP Capital Limited (the “Company” (AIM: APL)) announces that shareholders have today overwhelmingly defeated the EGM resolutions put forward by three former Company directors who were removed by shareholders in July 2008, namely Derek Vago, Eric Youngblood, and Nikolaj Larsen.
With over 93 percent of Company shares represented at the EGM in person or by proxy, shareholders decisively voted against the resolution to reinstate these former directors to the ACP Board. Over 84 percent of those shares voting supported the current Board and opposed returning the former directors to office. Of the 16 percent of shares that did vote in favour of the resolution over 88 percent of these were shares controlled by the former directors.
John D. Chapman, the Company’s Chairman stated: “The requisition has been a senseless distraction for the past two months. It has cost the Company money and wasted employee and advisor time that could better have been used elsewhere. However, we are pleased that our shareholders have overwhelmingly and unambiguously supported the Board and our stated strategy of placing the Company in run off, realizing assets when practicable at appropriate prices, and returning cash to shareholders promptly. We hope and expect that this vote will send a clear message to the former directors that interference in this strategy will not be supported or tolerated.”
Enquiries
- Chris Wells, Collins Stewart, +44 (0) 207 523 8350 (Nominated Adviser)
- Tim McCall/James Longfield, Hogarth Partnership, +44 (0) 207 357 9477