Stobart Group Interim Managem

RNS Number : 8644N

Stobart Group Limited

18 June 2010

Stobart Group Limited

('Stobart' or 'the Group')

Interim Management Statement and Results of AGM

Stobart Group ('Stobart' or 'the Group'), one of the UK's leading providers of multimodal transport logistics solutions, is issuing the following Interim Management Statement - covering the period from 1 March 2010 to date - to coincide with its Annual General Meeting ('AGM'), which was held today.

The Group has made a solid start to the year and is trading in line with expectations. During the first quarter, volumes have shown less volatility than the corresponding period in 2009. However, despite the economic climate starting to show recovery, market conditions remain challenging.

The performance of the business is ahead of the same period last year, helped by the start of new and enhanced contracts, including chilled volume with Tesco from their new distribution centre adjacent to our Inland Port in Widnes and a 10 year contract for the movement of wood product with A. W. Jenkinson.

In March we diversified into supply chain management and control through a joint venture in Stobart Biomass Products, alongside the UK biomass market leader A.W. Jenkinson. This new company sources and distributes biomass fuel to the UK renewable energy market. Visibility of orders has improved over the past two months with further viable projects identified.

At the start of June, we secured our long term funding position through the £100m, 10 year term loan from M&G. This loan has partly been used to repay existing bank debt but, more importantly, will fund key capital projects across the Group, the first of which will be the further enhancement of London Southend Airport following ministerial consent for the runway extension in March.

Stobart Group expects to announce its results for the six months to 31 August 2010 on 20 October 2010.

Details of voting at Annual General Meeting

The resolutions were passed at the AGM on a show of hands. With respect to Resolutions 11 and 13, the Board assures shareholders that it will not allot more than 5% of the share capital without pre-emption rights before the date of the next AGM. Details of the proxy votes received in advance of the meeting are as follows:

	Votes in favour	Votes at Chairman's discretion	Votes against	Votes withheld	% in favour excl. Discretion and withheld votes
To receive the Company's Annual Accounts for the financial year ended 28 February 2010 together with the last Directors' report, the last Directors' Remuneration Report and the Auditors' Report on those accounts.	200,739,246	55,755	6,877	1,562,083	99.20
To declare a final dividend for the year ended 28 February 2010 of 4p per ordinary share of 10p each in the capital of the Company.	202,306,197	55,755	2,009	0	99.97
To re-elect Daniel Dayan, who was appointed during the year and who, being eligible, offers himself for re-election as a Director in accordance with article 74 of the articles of association of the Company.	202,241,412	64,843	31,082	26,624	99.94
To re-elect Jesper Kjaedegaard, who was appointed during the year and who, being eligible, offers himself for re-election as a Director in accordance with article 74 of the articles of association of the Company.	202,264,010	63,843	11,168	24,940	99.95
To re-elect Andrew Tinkler under article 76, who retires by rotation pursuant to article 75(1) of the articles of association of the Company and provision A.7.1 of the Combined Code and who, being eligible, offers himself for re-election as a Director.	202,213,919	58,708	69,040	22,294	99.93
To re-elect Ben Whawell under article 76, who retires by rotation pursuant to article 75(1) of the articles of association of the Company and provision A.7.1 of the Combined Code and who, being eligible, offers himself for re-election as a Director.	202,273,821	63,843	3,357	22,940	99.96
To re-elect David Irlam under article 76, who retires by rotation pursuant to article 75(1) of the articles of association of the Company and provision A.7.1 of the Combined Code and who, being eligible, offers himself for re-election as a Director.	202,279,028	65,343	2,009	17,581	99.96
To re-appoint Ernst Young LLP as Auditors of the Company.	201,707,007	60.755	590,835	5,364	99.68
To authorise the Directors to fix the Auditors' remuneration.	202,277,927	61,890	17,280	6,864	99.96
To approve the Directors' Remuneration Report for the Financial Year ended 28 February 2010.	198,844,000	72,943	797,127	2,649,890	98.26
To consider and, if thought fit, pass the following resolution which will be proposed as an ordinary resolution: THAT, in accordance with article 7 of the articles of association of the Company the directors of the Company be and they are hereby generally and unconditionally authorised to exercise all or any of the powers of the Company to allot shares in the Company or to grant rights to subscribe for, or to convert any security into, shares in the Company (such shares and rights being together referred to in this resolution as "Relevant Securities") up to an aggregate nominal value of £8,867,312.50 to such persons at such times and generally on such terms and conditions as the directors may determine (subject always to the articles of incorporation of the Company), provided that this authority shall, unless previously renewed, varied or revoked by the Company in general meeting, expire at the conclusion of the next annual general meeting of the Company or on the date which is 6 months after the next accounting reference date of the Company (if earlier) save that the directors of the Company may, before the expiry of such period, make an offer or agreement which would or might require Relevant Securities to be allotted after the expiry of such period and the directors of the Company may allot Relevant Securities in pursuance of such offer or agreement as if the authority conferred by this resolution had not expired.	196,851,204	680,624	4,835,046	58,336	97.25
To consider and, if thought fit, pass the following resolution which will be proposed as a special resolution: THAT prior to the Annual General Meeting of the Company to be held in 2011, a general meeting of the Company, other than an Annual General Meeting, may be called on not less than 14 clear days' notice.	200,920,439	679,557	815,609	9,606	99.26
To consider and, if thought fit, pass the following resolution which will be proposed as a special resolution: THAT pursuant to section 42 of the Companies (Guernsey) Law, 2008 (as amended) (the "Guernsey Act"), that with effect from the date of this resolution, the existing articles of association shall be amended and replaced in their entirety with the regulations in the form of the amended articles of incorporation of the Company provided to the Meeting and marked "A" and initialled by the Chairman of the Meeting for the purposes of identification (the "Amended Articles").	191,570,452	681,057	10,127,798	45,903	94.64