Result of Shareholder Meetings (3814A)

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RNS Number : 3814A

Cattles PLC

31 January 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

For Immediate Release

31 January 2011

CATTLES PLC

Results of Shareholder Meetings

Cattles plc ("Cattles") is pleased to announce that, at both a Court Meeting and a General Meeting (the "Shareholder Meetings") of Cattles Shareholders held earlier today in connection with the recommended acquisition of Cattles by Bovess Limited by way of a scheme of arrangement in accordance with Part 26 of the Companies Act 2006 (the "Scheme"), both resolutions were passed by the requisite majorities of Cattles Shareholders.

The effectiveness of the Scheme remains subject to the satisfaction of other conditions, including the Court sanctioning the Scheme and also sanctioning the Cattles and Welcome Financial Services Limited creditor schemes of arrangement. The hearing at the High Court of Justice of England and Wales to sanction the Scheme is expected to be held on 21 February 2011 and, subject to receiving the sanction of the Court, the Scheme is expected to become effective shortly thereafter.

Any changes to the above date will be published on Cattles' website at www.cattles.co.uk.

Cattles is also pleased to announce that all the resolutions put before Cattles Shareholders at the general meeting in relation to Cattles' 2009 accounts (the "Accounts General Meeting") were also passed.

Commenting on the results of the Shareholder Meetings, the Executive Chairman of Cattles, Margaret Young said:

"I am delighted that Cattles Shareholders have passed the necessary resolutions, which allows us to continue to progress the restructuring of the Cattles group. Their support for the proposed shareholder scheme of arrangement will assist the Board in achieving the best possible outcome for shareholders and creditors of the Cattles group as a whole."

COURT MEETING

The voting on the resolution to approve the Scheme was taken on a poll (each Shareholder having one vote for each Cattles Share held) and the results were as follows:

 
 Number of Shareholders 
          voting           For     %     Against     %     Total 
                           744   83.04     152     16.96    896 
 
 
 Number of Shares       For         %      Against     %       Total 
                     81,978,963   94.38   4,880,017   5.62   86,858,980 
 The numbers of Shares voted for and against the resolution represent 15.58% and 0.93% respectively of Cattles' issued shares. 

GENERAL MEETING

The voting on the special resolution to approve certain matters necessary to implement the Scheme was taken on a poll (each Shareholder having one vote for each Cattles Share held) and the results were as follows:

 
      Resolution            For         %      Against     %       Total 
 To give effect to 
  the proposed Scheme 
  of Arrangement and 
  related actions        81,710,895   93.10   6,055,493   6.90   87,766,388 
 ACCOUNTS GENERAL MEETING 

The voting on the ordinary resolutions at the Accounts General Meeting were taken on a poll (each Shareholder having one vote for each Cattles Share held) and the results were as follows:

 
       Resolution            For         %      Against       %       Total 
 To receive the 
  Company's 2009 
  accounts                76,485,584   90.89   7,664,733    9.11    84,150,317 
 To approve the 2009 
  Directors' 
  remuneration report     74,837,251   87.26   10,923,972   12.74   85,761,223 
 To re-appoint Grant 
  Thornton UK LLP 
  as the Company's 
  auditor                 78,485,273   93.37   5,568,887    6.63    84,054,160 
 To authorise the 
  Directors to agree 
  the auditor's 
  remuneration            78,630,511   93.22   5,721,170    6.78    84,351,681 
 Other 

Copies of the resolutions passed at the Shareholder Meetings and the Accounts General Meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.

In accordance with Rule 19.11 of the City Code on Takeovers and Mergers, a copy of this announcement will be published on Cattles' website at www.cattles.co.uk.

Terms and expressions in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the document sent to shareholders in relation to the Scheme (the "Scheme Document") dated 20 December 2010.

Enquiries

Cattles

Margaret Young, Executive Chairman 020 7269 7252

Financial Dynamics

Paul Marriott 020 7269 7252

This information is provided by RNS

The company news service from the London Stock Exchange

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