Result of EGM

RNS Number:4891O
Axiomlab PLC
08 August 2003


For immediate release: 8 August 2003


                                  AXIOMLAB PLC

                                 RESULT OF EGM:
               RETURN OF CASH PROPOSALS APPROVED BY SHAREHOLDERS


The Board of Axiomlab plc ("Axiomlab" or the "Company") is pleased to announce
the results of the Extraordinary General Meeting and a number of additional
shareholder meetings held earlier today to consider the proposals (the 
"Proposals") for a return of cash (to be effected by means of a scheme of
arrangement under Section 425 of the Companies Act 1985) ("the Scheme") and
cancellation of Axiomlab's AIM trading facility.  Full details of the Proposals
are set out in a circular to Shareholders (the "Circular") dated 16 July 2003.

The meetings held were as follows: an Extraordinary General Meeting of Axiomlab
plc, an Ordinary Shareholder Court Meeting, an Ordinary Shareholder Class
Meeting, a Restricted Stock Scheme Member Court Meeting and a Restricted Stock
Scheme Member Class Meeting.

At the Extraordinary General Meeting:

  * Resolution 1, to approve the Proposals, was passed as a special resolution
    with 354,968,353 votes in favour, representing approximately 99.59% of the
    votes cast, which in turn represent approximately 69.41% of the total issued
    share capital of the Company; and

  * Resolution 2, to approve the dispensation under rule 9 of the City Code,
    was passed as an ordinary resolution with 239,929,702 votes in favour,
    representing approximately 99.34% of the votes cast.


At the subsequent meetings:

  * At the Ordinary Shareholder Court Meeting, the resolution to approve the
    Proposals was passed, with 346,487,947 votes cast in favour of the
    Proposals, representing approximately 95.77% of the votes cast;

  * At the Ordinary Shareholder Class Meeting, the resolution to approve the
    Proposals was passed, with 334,566,066 votes cast in favour of the
    Proposals, representing approximately 95.61% of the votes cast;

  * At the Restricted Stock Scheme Member Court Meeting, the resolution to
    approve the Proposals was passed, with 12,325,000 votes cast in favour of
    the Proposals, representing 100% of the votes cast; and

  * At the Restricted Stock Scheme Member Class Meeting, the resolution to
    approve the Proposals was passed, with 12,325,000 votes cast in favour of
    the Proposals, representing 100% of the votes cast.


The Court will now be asked to sanction the Scheme at a Court Hearing expected
to be held on 1 September 2003, and, subject to the sanction of the Court, the
Scheme will become effective in accordance with its terms on a date expected to
be around 2 September 2003.

In order to allow Axiomlab's Registrars to collate the Reinvestment Elections,
the Board has requested that dealings in Axiomlab Shares are suspended from 5.30
p.m. on Friday 22 August 2003 until the date of the Court Hearing. All Forms of
Election must be returned before the Election Time, being 5.30p.m. on Friday 22
August 2003. If an Ordinary Shareholder does not make a valid Reinvestment
Election in respect of any Axiomlab Share then, subject to the Scheme taking
effect, their Axiomlab Shares will automatically be cancelled and they will
receive for each Axiomlab Share a Cash Redemption Share with an entitlement to
redemption at 0.85p, together with one Limited Participation Share, in
accordance with the terms of the Scheme.
     
Axiomlab has now applied for the trading of Axiomlab Shares on AIM to be
cancelled as soon as practicable after the Court Hearing should the Scheme
become effective.  It is proposed that, subject to the Scheme becoming
effective, a matched bargain basis of trading will be put into effect for New
Axiomlab Shares following the issue of these shares, which is expected to take
place by 5 September 2003.

If you have any queries about the procedure for making a Reinvestment Election,
about receiving payment on the redemption of the Cash Redemption Shares, or wish
to obtain further copies of any of the Scheme documents, you should contact
Northern Registrars, Northern House, Woodsome Park, Fenay Bridge, Huddersfield,
HD8 0LA (Tel: [phone]) or Samantha Poole of Axiomlab, at City Wharf, New
Bailey Street, Manchester, M3 5ER (Tel: [phone]).

Terms used in this announcement have the same meaning as those defined in the
circular to Shareholders dated 16 July 2003.



For further information, please contact:

Axiomlab plc
Samantha Poole
0161 828 5220

Tavistock Communications
John West
020 7600 2288

Altium Capital Limited
Mike Fletcher
0161 831 9133


Altium Capital has approved the contents of this announcement solely for the
purposes of section 21 of the Financial Services and Markets Act 2000.  This
announcement does not constitute an invitation or offer to acquire any
securities.

Altium Capital, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Axiomlab and no one else in
connection with the matters described herein and is not advising any other
person or treating any other person as its client in relation thereto and will
not be responsible to anyone other than Axiomlab for providing the protections
afforded to clients of Altium Capital or for providing advice in relation to
Axiomlab, the contents of this document or any other matters referred to herein.

The Directors of Axiomlab accept responsibility for the information contained in
this announcement and, to the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case) the information contained
in this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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