GM Statement

RNS Number : 7320S

M. P. Evans Group PLC

23 December 2016

 

FOR IMMEDIATE RELEASE

23 December 2016

M.P.EVANS GROUP PLC ("MP EVANS" OR "THE GROUP")

RESULTS OF GENERAL MEETING; APPROVAL OF DISPOSAL AND PROPOSED DIVIDEND

The board of directors of MP Evans (the "Board") is pleased to announce that the resolutions proposed at the general meeting of MP Evans held earlier today (the "General Meeting") to approve the disposal of the Group's 36.84% interest in PT Agro Muko to Sipef NV (the "Disposal") and the proposed subsequent special dividend of 10p per share to be paid on a date to be specified by the Board (the "Dividend"), each as described in the circular to shareholders dated 6 December 2016 (the "Circular"), were duly passed.

A total of 55,739,719 shares were eligible to vote at the General Meeting, with each share carrying one vote on a poll. Proxy appointments were received from shareholders holding an aggregate of 31,801,894 shares, representing 57.05% of the issued share capital, for use in connection with the General Meeting. Proxies giving discretion to the Chairman were voted in favour of the Disposal and the Dividend. Please note a 'vote withheld' is not a valid vote under English law and is not counted in the calculation of votes "For" and "Against" a resolution or the total number of votes cast. Full details of the poll results are set out below.

General Meeting Poll Results

		(% of shares voted)
Resolution 1 - Disposal	Total number of votes received	For	Against	Votes withheld
That the proposed sale by the Company's subsidiary, M.P.Evans & Co. Limited, of its 36.84% interest in PT Agro Muko on the terms and conditions of a sale and purchase agreement entered into between M.P.Evans & Co. Limited and Sipef NV (a copy of which is produced to the meeting and initialled by the Chairman thereof for the purpose of identification) be and is hereby approved and the Directors be authorised to agree to such modifications to and such variations, waivers or extensions of any of the terms and conditions of such sale and purchase agreement as they may deem necessary, expedient or appropriate, provided that the effect of the same is not material.	31,801,894	99.98%	0.02%	0.00%
		(% of shares voted)
Resolution 2 - Dividend	Total number of votes received	For	Against	Votes withheld
That, subject to the passing of resolution no. 1 and the completion of the proposed sale referred to therein, an interim special dividend of 10p per ordinary share, to be paid on such date as the Directors may hereafter specify, be and is hereby approved.	31,801,894	99.98%	0.02%	0.00%

Disposal of PT Agro Muko in line with the Group's strategy

The Disposal is in line with the Group's strategy of controlling all of the plantations in which it has an interest, thereby being in a position to apply its own operating capabilities to increase returns. The Group intends to reinvest the proceeds from the Disposal into a directly managed, majority-owned investment in a new, developed or partially-developed oil-palm project with the aim of replacing the equivalent of the Agro Muko hectares. It is actively reviewing a prospective investment in this regard.

Furthermore, the Disposal supports the £10.82 per share valuation of the Group as implied by the Independent Valuer's valuation, based on the Independent Valuer's report dated 21 November 2016. In that report, the Group's interest in Agro Muko was valued at $13,100/ha, in line with the $13,000/ha valuation at which the Disposal has been executed.

This announcement contains inside information.

For further information, please contact:

MP Evans

Telephone: [phone]                    

Peter Hadsley-Chaplin, Chairman

Tristan Price, Chief Executive

Rothschild (Financial Adviser)

Telephone: [phone]

Stuart Vincent

Sam Critchlow

Peel Hunt (NOMAD and Broker)

Telephone: [phone]

Dan Webster

Adrian Trimmings

Hudson Sandler

Telephone: [phone]

Charlie Jack

Bertie Berger

 

END

 

 

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