Anglo Pacific Group PLC
LSE : APF
TSX : APY

Anglo Pacific Group PLC

April 19, 2012 13:28 ET

Anglo Pacific Group PLC: Results of Annual General Meeting

LONDON, UNITED KINGDOM--(Marketwire - April 19, 2012) - Anglo Pacific Group PLC (the "Company") (LSE:APF)(TSX:APY) announces that at the Annual General Meeting of the Company held on 19 April 2012 ordinary resolutions were passed [unanimously] on a show of hands to approve a final dividend of 5.50p per share and to authorise the directors to offer scrip dividends and to allot shares in the Company pursuant to section 551 of the Companies Act 2006. A special resolution to authorise the Company to make one or more market purchases of its own shares was also passed [unanimously] on a show of hands.

A special resolution to authorise the directors to allot equity securities or sell treasury shares up to 10% of the Company's issued ordinary share capital for cash without first offering them to existing shareholders in proportion to their existing holdings was put to a poll and not passed. 33,032,680 votes were cast "for" the resolution, 15,588,052 votes were cast "against" the resolution and 933,844 votes were "withheld", meaning that only 67.94% of shareholder votes were "for" the resolution. As the resolution was a special resolution, 75% of shareholder votes "for" the resolution were required in order for it to be passed.

The directors were seeking to continue the greater flexibility to manage the Company's capital requirements either through a deal driven fund raising or a scrip-based acquisition that the 10% limit granted at the last two Annual General Meetings had afforded them. The directors recognise that the votes against this resolution were largely as a result of shareholders' increasing concerns that the authority requested exceeded the 5% limit recommended by the institutional investor guidelines. The directors believe that some flexibility is still required and are considering putting a resolution before shareholders to request a similar authority, but with a 5% limit.

Full details of the proxy votes received from shareholders prior to the meeting for each resolution are set out below and will also be available on the Company's website. A copy of the resolutions passed at the Annual General Meeting that the Company considers to be non-routine business will be submitted to the UK Listing Authority's National Storage Mechanism and will be available to view at www.hemscott.com/nsm.do.

Resolution Votes for % of vote Votes against % of vote Votes withheld
1) Annual Report and Accounts 48,234,133 99.04 466,638 0.96 834,044
2) Approve Remuneration Report 38,854,226 82.28 8,370,066 17.72 2,310,523
3) Approve final dividend 49,534,816 100 0 0 0
4) Re-elect M.H. Atkinson 48,910,795 98.74 624,021 1.26 0
5) Re-elect P.M. Boycott 48,751,919 98.70 644,247 1.30 138,649
6) Re-elect A.C. Orchard 48,204,432 97.31 1,330,384 2.69 0
7) Re-elect J. Theobald 48,902,461 98.72 632,355 1.28 0
8) Re-elect J.G. Whellock 47,897,636 98.25 853,340 1.75 783,839
9) Re-elect B.M. Wides 48,898,180 98.71 636,636 1.29 0
10) Re-elect A.H. Yadgaroff 48,019,355 98.50 731,621 1.50 783,839
11) Re-appoint Auditors 49,531,692 100 0 0 3,124
12) Authorise Auditors' Remuneration 49,516,895 99.97 15,621 0.03 2,300
13) Authority to offer scrip dividend 49,507,731 99.96 20,000 0.04 7,085
14) Authority to allot shares 48,526,894 97.97 1,007,922 2.03 0
15) Disapplication of pre-emption rights 33,028,757 67.96 15,572,214 32.04 933,844
16) Authority to purchase own shares 49,468,130 99.87 65,686 0.13 1,000
Notes:
(i) Resolutions 1 to 14 were ordinary resolutions, requiring more than 50% of shareholder votes to be "for" the resolutions.
(ii) Resolutions 15 and 16 were special resolutions, requiring not less than 75% of shareholder votes to be "for" the resolutions.
(iii) Any proxy appointments which gave discretion to the Chairman have been included in the "for" total.
(iv) A vote "withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" and "against" a resolution.

Notes to editors:

About Anglo Pacific Group PLC

Anglo Pacific Group PLC is a global natural resources royalties company. The Company's strategy is to expand its mineral royalty interests in low-cost, long-life mining assets. The Company achieves this through both direct acquisition and investment in projects at the development and production stage. It is a continuing policy of the Company to pay a substantial proportion of these royalties to shareholders as dividends.

Contact Information

  • Anglo Pacific Group PLC
    Peter Boycott
    Chairman
    +44 (0) 20 3435 7400

    Anglo Pacific Group PLC
    John Theobald
    Chief Executive Officer
    +44 (0) 20 3435 7400

    Anglo Pacific Group PLC
    Peter Mason
    Company Secretary
    +44 (0) 20 3435 7400
    www.anglopacificgroup.com

    Liberum Capital
    Christopher Kololian
    +44 (0) 20 3100 2000

    Liberum Capital
    Chris Bowman
    +44 (0) 20 3100 2000

    Pelham Bell Pottinger
    Lorna Spears
    +44 (0) 20 7861 3232

    Pelham Bell Pottinger
    James MacFarlane
    +44 (0) 20 7861 3232