EGM

RNS Number : 9322Z

Athelney Trust PLC

25 July 2008

Athelney Trust plc (the 'Company')

Circular regarding the convening of an extraordinary general meeting of the Company to approve the adoption of new articles of association and certain resolutions relating to the share capital of the Company

Introduction

The Company has today issued a circular to its shareholders (the 'Circular') giving notice of an extraordinary general meeting of the Company which is to be held on Thursday, 21 August 2008 at 4.00 p.m. at the offices of Noble & Company Limited, 5th Floor, 120 Old Broad Street, London EC2N 1AR ('EGM'), at which shareholders of the Company will be asked to adopt new articles of association (the 'New Articles') and to approve certain other resolutions relating to the share capital of the Company.

Reasons for the adoption of the New Articles

The current articles of association of the Company (the 'Current Articles') were last updated in 2003 and since then company law in the United Kingdom has undergone major reform through the coming into force of parts of the Companies Act 2006 (the '2006 Act'). Accordingly, the Board considers it prudent to replace the Current Articles with the New Articles. As the 2006 Act is being brought into force in stages, in due course, the Company intends to conduct a further review of the New Articles in order to identify any additional amendments that might be necessary following the full implementation of the 2006 Act.

Other resolutions to be considered at the EGM

Shareholders will also be asked to consider resolutions granting the directors authority to allot shares, disapply pre-emption rights and grant the Company authority to purchase its own shares.

Directors' recommendation

The directors intend to vote in favour of all of the resolutions to be put to the EGM in respect of their own beneficial holdings (amounting to approximately 30.06 per cent. of the Company's issued share capital) and unanimously recommend that each shareholder of the Company does so as well.

Document

Copies of the Circular will be available at the registered office of Athelney Trust plc, Waterside Court, Falmouth Road, Penryn, Cornwall TR10 8AW and on the Company website, www.athelneytrust.co.uk.

Definitions

Capitalised words and expressions defined in the Circular have the same meanings in this announcement.

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