Result of EGM
14 August 2009
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 Garrow, Collins Stewart Europe, +44 (0) 207 523 8350 (Nominated Adviser)
- Tim McCall/Barnaby Fry, Hogarth Partnership, +44 (0) 207 357 9477