Result of GM

RNS Number : 6863E

Swallowfield PLC

11 April 2011

 



Swallowfield plc

Result of General Meeting

Swallowfield announces that at the general meeting held earlier today, both of the resolutions proposed on behalf of Mr Peter Gyllenhammar received the requisite level of support and were duly passed. Accordingly Shena Winning has stood down as Chairman and a Director of the Company.

The votes cast were as follows:

	For Number of proxies	% of Votes Cast	Against Number of proxies	% of Votes Cast
Resolution 1	5,187,100	50.8%	5,024,876	49.2%
Resolution 2	5,186,100	50.8%	5,024,586	49.2%

The Board notes that 90.3% of total voting rights were cast at the General Meeting, indicating a high degree of engagement from the wider shareholder base in support of Shena Winning.

The Board is extremely disappointed that Mr Gyllenhammar and Western Selection plc have been unable to accept the most recent attempts to find a compromise solution that meets their concerns, protects the interests of all other shareholders and which were set out in detail in the Company's circular to shareholders of 8 April 2011. This would have avoided the need for a General Meeting, maintained the stability of the Company, and eliminated the high levels of disruption experienced by the management team.

The Board intends to carefully consider its position and will update shareholders in due course. The Board will remain resolute in taking the steps it considers necessary to protect the interests of all shareholders.

For further information please contact:
Swallowfield plc
Ian Mackinnon	Chief Executive Officer		01823 662 241
Mark Warren	Group Finance Director		01823 662 241
Barrie Newton	Smith & Williamson Corporate Finance (Broking)		0117 376 2213
Nick Reeve, Martyn Fraser	Smith & Williamson Corporate Finance (Nomad)		0117 376 2213
Alan Bulmer	Performance Communications		0117 907 6514
Chris Lawrance	JBP Public Relations		0117 907 3400

 

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