Result of AGM and Directorate Changes

CLS Holdings plc                                

                           (the "Company" or "CLS")                            


                    Result of AGM and Directorate Changes                     

 

1.  At the Annual General Meeting ("AGM") of the Company held at 10.00am today,
all the resolutions set out in the Notice of Meeting dated 23 March 2010 were
unanimously passed on a show of hands.  Details of the Proxy votes are shown
below and will shortly be available on the Company's website (www.clsholdings.com):

 

                                                               For*             Against     Votes Withheld**           
                                                                                                                       
                                                                                                                 Total
                                                                                                              Votes Cast
                                                                       %               %                         (excl.
                                                                    Votes           Votes                        Votes
           Resolution                                        Votes   Cast     Votes  Cast            Votes     Withheld)
                                                                                                                        
Receive and adopt the Annual Report & Accounts          38,264,641  99.94    23,340    0.06        119,532    38,287,981
                                                                                                                        
Approve the Directors' Remuneration Report              33,134,210  91.52  3,071,453   8.48       2,201,850   36,205,663
                                                                                                                        
Re-appoint John Whiteley as a Director                  38,396,908  99.98     9,331    0.02           1,275   38,406,239
                                                                                                                        
Re-elect Sten Mortstedt as a Director                   12,302,538  91.02  1,214,377   8.98      24,890,598   13,516,915
                                                                                                                        
Re-elect Thomas Lundqvist as a Director                 31,442,350  82.48  6,680,476  17.52         284,688   38,122,826
                                                                                                                        
Re-elect Tom Thomson as a Director                      38,030,875  99.02    376,638   0.98               0   38,407,513
                                                                                                                        
Re-elect Bengt Mörtstedt as a Director                   37,774,439  99.09   348,386   0.91         284,688   38,122,825
                                                                                                                        
Re-appoint Deloitte LLP as auditors                      38,407,514  100.00        0    0.00              0   38,407,514
                                                                                                                        
Authorise the directors to determine the 
auditors' remuneration                                   38,407,514  100.00         0   0.00              0   38,407,514
                                                                                                                        
Authorise the directors to allot 
relevant securities                                      38,381,022  99.93      26,492  0.07              0   38,407,514
                                                                                                                        
Authorise the directors to make non 
pre-emptive share allotments                             38,401,580  99.98       5,934  0.02              0   38,407,514
                                                                                                                        
Authorise the directors to offer a 
scrip dividend option                                    38,386,332  99.94       21,182  0.06              0  38,407,514
                                                                                                                        
Authorise the directors to make market 
purchases of shares                                      38,383,673  99.94       23,840  0.06              0  38,407,513
                                                                                                                        
Authorise General Meetings to be called on 
not less than 14 clear days' notice                      37,214,954  96.97    1,164,308  3.03         28,252  38,379,262
                                                                                                                        
Adopt New Articles of Association of the Company         38,384,173 100.00            0     0         23,340  38,384,173
                                                                                                                        
 

*     Includes those votes giving the Chairman discretion.

 

**   These votes are not counted towards the votes cast at the Annual General
Meeting.

 

A copy of the resolutions passed under special business at the Annual General
Meeting, along with a copy of the Articles of Association, will be submitted to
the UK Listing Authority and will shortly be available for inspection at:

 

Document Viewing Facility

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Telephone: [phone]

 
 

2.  The Company announces that, at a meeting of the Directors following the
AGM, the following changes were made to the Board of the Company:

 

i.  Further to the announcement made on 11 March 2010, Richard Tice, Deputy
Chief Executive Officer, was appointed to the Board of the Company with
immediate effect;

 

ii.  Bengt Mortstedt resigned as Non-Executive Director of the Company with
immediate effect.   Having helped to establish CLS, Mr Mortstedt joined the
Board as an Executive Director in 1987 and became a Non-Executive Director in
1998; and

 

iii.  Jennica Mortstedt was appointed as a Non-Executive Director of the
Company with immediate effect.  Ms Mortstedt, 26, is the daughter of Bengt
Mortstedt and has eight years' experience in the hotel industry.  She has a
degree in International Business and Hospitality from Ecole Hotèliere de
Lausanne, Switzerland.

 

Sten Mortstedt, Executive Chairman, commented:

"I am delighted that Richard has joined the Board.  His experience is already
proving to be of great benefit to us as we continue to develop our business in
the current challenging economic environment.

 

"The Board also wishes to thank Bengt for his contribution to the success of
CLS over the last 23 years and wish him well for the future.  We are delighted
that Jennica has agreed to join CLS and look forward to working with her."

 

Pursuant to Listing Rule 9.6.13 (1), the Company reports that Richard Tice was
a director of South African Property Opportunities plc, listed on AIM, until 30
September 2009. There is no further information required to be disclosed
pursuant to LR 9.6.13. 

 

Enquiries:

 

CLS Holdings plc                                         [phone]

Sten Mortstedt, Executive Chairman                         

Henry Klotz, Chief Executive Officer                         

Richard Tice, Deputy Chief Executive Officer           

 

 


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