Depa Limited
Headline : Results of Extraordinary General Meeting of Shareholders
Date: 06 November 2008
Depa Limited
Results of Extraordinary General Meeting of Shareholders
At the Depa Ltd Extraordinary General Meeting of Shareholders, held yesterday at 6:00pm, shareholders passed all resolutions.
CHANGE OF OWNERSHIP RULE
Special Resolution 1:
The Chairman proposed that the 51% ownership rule be changed, so that the requirement can be met by GCC nationals instead of only UAE nationals.
99.53% of the votes cast in person and by proxy at the EGM voted in favour.
SHARE BUYBACK PROPOSAL
Special Resolution 2:
The Chairman proposed that the Board of Directors be granted the power to approve and implement a share buyback proposal at any time or times within 12 months of the EGM at such prices as may be permitted by the rules of the DIFX, as they, in their absolute discretion, think fit.
99.53% of the votes cast in person and by proxy at the EGM voted in favour.
REDENOMINATION IN UAE DIRHAMS
Special Resolution 3:
The Chairman proposed that, as the Board of Directors feels appropriate, the ordinary share capital of the Company be redenominated from US Dollars to UAE Dirhams, and that the Board of Directors have power to implement such redenomination as they see fit, including, without limitation, in relation to the selection of an appropriate exchange rate and the mechanism for dealing with fractional entitlements.
99.30% of the votes cast in person and by proxy at the EGM voted in favour.
To pass a special resolution, such number of votes must be passed in favour of the resolution which equal at least 75% of all the votes cast (in person or by proxy) at a general meeting.
Enquiries:
For further information, please contact:
Depa Limited+971 4 224 3800
Mohannad Sweid, Chief Executive Officer
Noor Sweid, Managing Director of Strategy
Brunswick Gulf Ltd+971 4 365 8260
Rupert Young / Azadeh Varzi
