Result of AGM

 

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 
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