Guinness Peat Group PLC
2 June 2000
Guinness Peat Group plc
Results of AGM and EGM and Effecting of Share Buyback
Guinness Peat Group plc ('GPG') announces that at its Annual
General Meeting ('AGM') and Extraordinary General Meeting
('EGM') held this morning all resolutions put to the meetings
were approved by shareholders.
At the AGM the retirement of Maurice Loomes as a Director of
the Company was confirmed. Maurice had worked with the Group
since the early 1990s and was appointed a Director in 1996.
The meeting joined with the Board in wishing him well.
A the EGM a special resolution was duly passed authorising GPG
to repurchase its own shares pursuant to the contract for
repurchase produced to the meeting (the 'Buyback Contract')
from the persons set out in the schedule to such contract.
Pursuant to the Buyback Contract, GPG has agreed to repurchase
a total of 38,625,036 Ordinary Shares at a price of 50 pence
per share in respect of which it will issue an equal number of
Convertible Loan Notes as described in the document relating
to the Buyback Offer dated 18 April 2000.
GPG also announces that the listing condition set out in the
Buyback Offer document has been satisfied in that satisfactory
evidence of quotation has been received from the New Zealand
Stock Exchange (formal confirmation in respect of the London
and Australian Stock Exchanges remains outstanding but is
expected shortly). It is therefore anticipated that dealings
will commence in the Convertible Loan Notes on 6 June 2000.
Enquiries:
Guinness Peat Group plc 020 7236 0336
Richard Russell, Company Secretary
Square Mile Communications 020 7601 1000
Susan Ellis
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