Result of EGM

 

TIDMIBB 
 
RNS Number : 2033R 
Islamic Bank of Britain Plc 
17 August 2010 
 
Islamic Bank of Britain plc 
 ("IBB" or "the Company" or "the 
Bank") 
 Results of General Meeting 
 
On 27 July 2010 the Company announced the proposal to raise GBP20 million before 
expenses by way of a placing of 2,000,000,000 new ordinary shares ("New Ordinary 
Shares" or "Placing Shares") at 1 pence ("the Issue Price") per Placing Share 
("the Placing"). 
The Company is pleased to announce that all the resolutions, as set out in the 
circular to shareholders dated 27 July 2010 ("the Circular"), proposed at the 
General Meeting of the Company held today at 10.00 am were duly passed by 
Shareholders.  Further details of the results of the General Meeting are set out 
in the Appendix below. 
Further, all the other conditions of the Placing as set out in Section 6 of Part 
1 of the Circular (other than the conditions relating to Admission) have now 
been satisfied in accordance with the terms of the Placing Letter and QIIB has 
undertaken to procure the remittance of the subscription monies for the Placing 
Shares to the Company's bank account by no later than close of business today in 
accordance with the terms of the Placing Letter. 
It is expected that Admission will become effective and trading in the 
2,000,000,000 New Ordinary Shares will commence on AIM at 8.00 am on 18 August 
2010. 
The New Ordinary Shares will, when allotted and fully paid, rank equally in all 
respects with the Ordinary Shares, including the right to receive any dividend 
or other distribution declared, made or paid after the date of their 
unconditional allotment. 
Following Admission of the New Ordinary Shares the total number of Ordinary 
Shares in issue on Admission will be 2,546,470,000 with each share carrying the 
right to one vote. 
Details of the percentage of the Enlarged Issued Ordinary Share Capital of the 
Concert Party immediately following completion of the Placing are set out below: 
 
+---------------------------+---------------------------+-----------------------------+ 
| Concert Party             | Total number of Ordinary  | Total Ordinary Shares as a  | 
|                           | Shares on Admission       | % of Enlarged Issued        | 
|                           |                           | Ordinary Share Capital      | 
+---------------------------+---------------------------+-----------------------------+ 
| QIIB                      | 2,061,299,155             | 80.95%                      | 
+---------------------------+---------------------------+-----------------------------+ 
| QIIC                      | 20,657,972                | 0.81%                       | 
+---------------------------+---------------------------+-----------------------------+ 
| Sheikh Thani              | 163,869,619               | 6.44%                       | 
+---------------------------+---------------------------+-----------------------------+ 
| Mohsen Moustafa           | 100,000                   | *                           | 
+---------------------------+---------------------------+-----------------------------+ 
| Total                     | 2,245,926,746             | 88.20%                      | 
+---------------------------+---------------------------+-----------------------------+ 
* less than 0.00% 
Terms used in this Announcement have the same meaning as those defined in the 
Circular. 
For further information please contact: 
Islamic Bank of Britain plc 
 Gerry Deegan, Managing Director - 0121 452 7300 
Ernst & Young LLP (Financial Advisor) 
 Tim Medak, Mark Harrison, Ian 
Cosgrove, Jo Royden-Turner - 0207 951 2000 
Grant Thornton Corporate Finance (Nominated Advisor) 
Gerald Beaney, Salmaan 
Khawaja - 0207 383 5100 
 
APPENDIX 
General Meeting 
At the General Meeting, Resolutions numbered 1 and 2 were duly passed as 
Ordinary Resolutions and Resolutions numbered 3 and 4 were duly passed as 
Special Resolutions.  All the Resolutions were taken on a poll.  Resolution 2 
was taken on a poll of Independent Shareholders as required by the Takeover 
Code. 
Details of the votes cast in respect of the Ordinary Resolutions and the Special 
Resolutions were as follows: 
 
Ordinary Resolutions 
 1.         To authorise the directors to allot shares under section 551 of the 
Companies Act 2006 up to an aggregate nominal amount of 
   GBP28,488,233. 
Details of the votes cast in respect of Ordinary Resolution numbered 1 which was 
held on a poll vote are as follows: 
+---------------------------+---------------------------+---------------------------+ 
|                           | Number of                 | Percentage of             | 
|                           | Ordinary Shares           | Ordinary Shares           | 
|                           | voted                     | voted (%)                 | 
+---------------------------+---------------------------+---------------------------+ 
| FOR                       | 320,176,725               | 99.98%                    | 
+---------------------------+---------------------------+---------------------------+ 
| AGAINST                   | 62,974                    | 0.02%                     | 
+---------------------------+---------------------------+---------------------------+ 
| VOTE WITHHELD             | nil                       | N/A                       | 
+---------------------------+---------------------------+---------------------------+ 
2.         Approval of the Rule 9 Waiver. 
Details of the votes cast in respect of Ordinary Resolution numbered 2 which was 
held on a poll vote of Independent Shareholders are as follows: 
+--------------------+--------------------+--------------------+--------------------+ 
|                    | Number of          | Percentage of      | Number of          | 
|                    | Ordinary           | Ordinary Shares    | Ordinary Shares    | 
|                    | Shares voted       | voted (%)          | voted as a         | 
|                    |                    |                    | percentage of the  | 
|                    |                    |                    | total number of    | 
|                    |                    |                    | issued Ordinary    | 
|                    |                    |                    | Shares held by     | 
|                    |                    |                    | Independent        | 
|                    |                    |                    | Shareholders       | 
+--------------------+--------------------+--------------------+--------------------+ 
| FOR                | 74,247,779         | 99.92%             | 24.70%             | 
+--------------------+--------------------+--------------------+--------------------+ 
| AGAINST            | 60,354             | 0.08%              | 0.02%              | 
+--------------------+--------------------+--------------------+--------------------+ 
| VOTE WITHHELD      | 4,820              | N/A                | N/A                | 
+--------------------+--------------------+--------------------+--------------------+ 
 
Special Resolutions 
3.         To delete all provisions of the Company's memorandum of association 
now treated as provisions of the Company's articles of association and make 
certain further required consequential changes to the Company's articles of 
association. 
Details of the votes cast in respect of Special Resolution numbered 3 which was 
held on a poll vote are as follows: 
+---------------------------+---------------------------+---------------------------+ 
|                           | Number of                 | Percentage of             | 
|                           | Ordinary Shares           | Ordinary Shares           | 
|                           | voted                     | voted (%)                 | 
+---------------------------+---------------------------+---------------------------+ 
| FOR                       | 320,176,703               | 99.98%                    | 
+---------------------------+---------------------------+---------------------------+ 
| AGAINST                   | 60,854                    | 0.02%                     | 
+---------------------------+---------------------------+---------------------------+ 
| VOTE WITHHELD             | 16,142                    | N/A                       | 
+---------------------------+---------------------------+---------------------------+ 
4.         To authorise the directors to disapply the statutory pre-emption 
rights in connection with the allotment of equity securities for cash pursuant 
to section 570 of the Companies Act 2006 up to an aggregate nominal amount of 
GBP21,273,235. 
Details of the votes cast in respect of Special Resolution numbered 4 which was 
held on a poll vote are as follows: 
+---------------------------+---------------------------+---------------------------+ 
|                           | Number of                 | Percentage of             | 
|                           | Ordinary Shares           | Ordinary Shares           | 
|                           | voted                     | voted (%)                 | 
+---------------------------+---------------------------+---------------------------+ 
| FOR                       | 320,174,525               | 99.98%                    | 
+---------------------------+---------------------------+---------------------------+ 
| AGAINST                   | 65,174                    | 0.02%                     | 
+---------------------------+---------------------------+---------------------------+ 
| VOTE WITHHELD             | Nil                       | N/A                       | 
+---------------------------+---------------------------+---------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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