Following a poll conducted at the Extraordinary General Meeting of Canary Wharf Group plc held on 22 March 2004, the resolution to approve the proposed investment by Canary Investments S.a.r.l. in CWG Acquisition Holdings Limited and the proposed management and consultancy arrangements relating to Mr Paul Reichmann was approved.
The details of the votes cast in the poll are: 69.4% of those votes cast in favour of the resolution and 69.4% of those votes cast against the resolution.
The resolution relates to an offer for the Company from CWG Acquisition Limited (CWGA) of 275 pence per Canary Wharf share (the CWGA Offer). Although the Independent Committee of Canary Wharf recommended shareholders to vote in favour
of the resolution, it has not recommended shareholders to accept the CWGA Offer,
which compares with the recommended offer of 292 pence from Silvestor UK Properties Limited (the Silvestor Offer) announced on 19 March 2004. The Silvestor Offer will continue to be implemented by way of a scheme of arrangement. It is expected that documentation relating to the Silvestor Offer and re-convening the Court Meeting and Extraordinary General Meeting will be posted to Canary Wharf shareholders shortly.
Today CWG Acquisition announces that the Offer has been extended for a period of 10
days and will therefore remain open for acceptance until 3.00 p.m. (London time)/ 10.00 a.m. (New York time) on April 2, 2004.
CWG Acquisition also announces that, as at 3.00 p.m. on March 23, 2004, being the first closing date of the Offer, valid acceptances had been received in respect of a total of 124,664,313 Canary Wharf Shares, representing approximately 21.3 per cent. of the issued share capital of Canary Wharf.
Source: Canary Wharf