| Tue 30 Nov 2010, 13:44 | | PCN - Paracon Holdings Limited - Results of General Meeting to adopt the Paracon |
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PCN
PCN
PCN - Paracon Holdings Limited - Results of General Meeting to adopt the Paracon
Forfeitable Share Plan
Paracon Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1997/008181/06)
Share code: PCN ISIN: ZAE000029674
("Paracon" or "the company")
RESULTS OF GENERAL MEETING TO ADOPT THE PARACON FORFEITABLE SHARE PLAN
The board of directors of Paracon hereby notifies its shareholders that at the
general meeting held on Tuesday, 30 November 2010, convened in terms of the
notice of general meeting ("notice") contained in the circular to shareholders
regarding the adoption of the Paracon Forfeitable Share Plan ("Paracon FSP"),
issued on 15 November 2010, approval thereof was not obtained.
The resolution to implement the Paracon FSP ("resolution"), as set out in the
notice, was not passed by the requisite 75% majority of shareholders, as
Paracon`s largest shareholder, Britehouse Holdings Limited ("Britehouse"), which
holds a 34.5% equity stake (120 747 452 shares) in the company voted against the
resolution. Britehouse made the decision not to approve the resolution unless
the change of control clause, as set out in Rule 10 of the Paracon FSP, was
amended according to their requirements.
The total number of votes received amounted to 278 557 255 shares representing
85% of the total issued share capital of the company, excluding treasury shares.
Excluding Britehouse`s equity stake, 98% of the balance of the votes received,
voted in favour of the resolution.
Johannesburg
30 November 2010
Sponsor
Merchantec Capital
Date: 30/11/2010 13:44:01 Produced by the JSE SENS Department.
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