Aseana Results of EGM & AGM

RNS Number : 8710Q

Aseana Properties Limited

22 June 2015

 

22 June 2015

Aseana Properties Limited

("Aseana" or the "Company")

Results of EGM and AGM and Directors' Appointments

On 22 May 2015, Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announced that it had put forward recommended Proposals regarding the future of the Company, to be considered at an EGM of the Company, The Proposals were to amend the Company's investment policy to enable a realisation of its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company's investments. 

In addition, the Company announced that the Board was recommending that Shareholders vote against the Discontinuation Resolution to be proposed at the Company's AGM (as required under the Company's Articles), held immediately following the EGM, to allow a policy of orderly realisation of the Company's assets over a period of up to three years in order to maximise the value of the Company's assets and returns to Shareholders, both up to and upon the eventual liquidation of the Company.

The Company announces that at the EGM and the AGM, Shareholders have today supported both the Board's recommendations, to vote in favour of the ordinary resolution to approve the Proposals set out in the EGM circular, and to vote against the Discontinuation Resolution set out in the Notice of AGM.

The voting was as follows:

	For / Discretion votes	%	Against votes	%	Total votes cast	Withheld votes
EGM Resolution:
To adopt the Divestment Investment Policy	186,379,068	100%	0	0.00%	186,379,068	0
AGM Resolutions:
1.To adopt the Company's accounts for the y/e 31Dec 2014	186,118,118	100%	0	0.00%	186,118,118	0
2.To re-elect David Harris as a Director of the Company	186,118,118	100%	0	0.00%	186,118,118	0
3.To re-elect Ismail Shahudin as a Director of the Company	186,118,118	100%	0	0.00%	186,118,118	0
4.To re-appoint KPMG LLP as Auditor of the Company	186,118,118	100%	0	0.00%	186,118,118	0
5.To authorise the Directors to determine the Auditors' remuneration	186,118,118	100%	0	0.00%	186,118,118	0

AGM Resolution	For votes	%	Against / Discretion votes	%	Total votes cast	Withheld votes
6.That the Company shall cease to continue as presently constituted	175,000	0.18%	97,954,068	99.82%	98,129,068	88,000,000

* Total/Percentage of votes cast excludes withheld votes.

A copy of the resolutions passed at the General Meeting will shortly be submitted to the National Storage Mechanism located at: http://www.morningstar.co.uk/uk/NSM.

Terms defined in the EGM Circular published on 22 May 2015 have the same meaning in this announcement.

The Company also announces that following the approval of the Proposals at the EGM and the Discontinuation Resolution not being passed at the AGM, Nicholas Paris (a representative of LIM Advisors) and Ferheen Mahomed (a representative of Legacy Essence Limited) have been appointed as additional non-independent, non-executive Directors, with immediate effect.

Biographical details of Nicholas Paris and Ferheen Mohamed are set out below.

Commenting on the results of the EGM and AGM, Mohammed Azlan Hashim, Chairman of the Company, said: "We are very pleased to see shareholder support for the Proposals, which was the culmination of extensive consultation with the Company's Shareholders, advisers and the Manager over the last year. As a result, Aseana plans to realise its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company's investments." 

Nicholas Paris

Mr. Paris is a portfolio manager for LIM Advisors ("LIM"), an Asian-focused investment management firm, headquartered in Hong Kong, and he specialises in investing in closed ended investment funds. He is based in London and graduated from Newcastle University with a Bachelor of Science degree with Honours in Agricultural Economics. He is also a Chartered Accountant and a Chartered Alternative Investment Analyst. He worked with Rothschild Asset Management from 1986 until 1994, launching specialist investment products before becoming a corporate adviser and broker in closed ended investment funds with a particular focus on those investing in emerging markets. In this role, he worked between 1994 and 2001 at Baring Securities, Peregrine Securities and then Credit Lyonnais Asia Securities. He then joined the hedge fund industry in a series of sales roles before founding Purbeck Advisers in 2006, which is his own advisory and sales business. He has been advising LIM on investing in Asian closed end funds for five years and is a director of their London-based investment management subsidiary.

He is currently a non-executive director of Global Resources Investment Trust plc (a fund investing in a diverse portfolio of primarily small and mid-capitalisation natural resources and mining companies which is traded on the main market of the London Stock Exchange) and has been a non-executive director of The India IT Fund Limited (a fund investing in Indian software companies which was listed on the Channel Islands Stock Exchange) and TAU Capital plc (a fund investing in public and private equity in Kazakhstan which is traded on AIM).

There is no additional disclosure to be made in respect of Nicholas Paris pursuant to LR 9.6.13R.

Ferheen Mohamed

Ms. Mahomed is currently Executive Vice President - Business Development for Pacific Century Group.  She was group general counsel for CLSA Asia Pacific Markets for four years after spending 14 years as Asia Pacific General Counsel for Societe Generale. Ferheen is both a UK and Hong Kong qualified lawyer having previously worked at Slaughter and May in Hong Kong and London.   She is a law graduate from the University of Hong Kong and Rhodes Scholar to St. John's College Oxford, holding Bachelor of Civil Law Degree from Oxford.

Ferheen is heavily involved in the financial community and is a member of the product advisory committee of the Securities and Futures Commission of Hong Kong, member of the Asia Pacific legal and regulatory Committee of ISDA and vice chairman of the banking and finance committee of the French chamber of commerce.

There is no additional disclosure to be made in respect of Ferheen Mohamed pursuant to LR 9.6.13R.

For further information:

Aseana Properties Limited		Tel: [phone]
Chan Chee Kian		Email: [e-mail]
	N+1 Singer		Tel: [phone]
	James Maxwell (Corporate Finance) /Sam Greatrex (Sales)		Email: [e-mail]
	Tavistock		Tel: [phone]
	Jeremy Carey / James Verstringhe		Email: [e-mail]

 

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