Business
Notice of General Meeting
Notice of General Meeting.
About this update from Aep Plantations Plc
[{"type":"text","content":"\n RNS Number : 4586O Anglo-Eastern Plantations PLC 06 March 2009 \n \n6 March 2009\n\nAnglo-Eastern Plantations PLC\n ('AEP' or 'Company')\n\nNotice of General Meeting\n\n\nAnglo-Eastern Plantations PLC, which owns approximately 132,000 hectares of plantation land, primarily in Indonesia, and operates approximately 40,000 hectares of developed plantations, has today issued a circular to shareholders (the 'Circular') detailing the proposed ratification of certain of directors' actions in relation to the share buy back that was undertaken in September 2007 and proposals to amend its articles of association primarily to reflect the provisions of the Companies Act 2006. The Circular also contains notice of the General Meeting to be held at the offices of Withers LLP, 16 Old Bailey, London EC4M 7EG on 27 March 2009. A copy of the Circular and notice of the GM is available on the Company's website: www.angloeastern.co.uk.\n\n\nContact:\n\n\n\n\n\nAnglo-Eastern Plantations plc\n\n\n\n\n\n\n\nDonald H Low\n\n\nTel 020 7236 2838\n\n\n\n\n\n\n\n\n\n\n\n\nCharles Stanley Securities\n\n\n\n\n\n\n\nRussell Cook / Jen Boorer\n\n\nTel 020 7149 6000\n\n\n\n\n\n\n\nBackground to Share Buyback Transaction\n\nMembers granted a general authority to permit the Company to effect market purchases of the Company's own Ordinary Shares at the Company's AGM held on 1 June 2007. \n\nOn 13 September 2007, the Company purchased 50,000 Ordinary Shares from Peter O'Connor, who was at the time a Director of the Company, at a price of 386p per share. The total consideration of £193,000 was paid to Mr. O'Connor on 13 September 2007. The Ordinary Shares were, and continue to be, held as treasury shares by the Company.\n\nThe Share Buyback was subject to the provisions of the Articles and the 1985 Act. Given the general authority for the Company to purchase Ordinary Shares was properly obtained on 1 June 2007, the purchase of such shares from a Director was permitted by the Articles and the 1985 Act and would not generally require specific further Shareholder approval providing that the buyback was effected by an independent broker, that the Director disclosed his interest in the transaction to the Board and that the transaction had the sanction of a Board resolution taken at a formal Board meeting...