PBH Prestbury Hds

    RNS Number : 0560A
  Prestbury Holdings PLC
  29 July 2008
   

    29 July 2008

    Prestbury Holdings PLC
    ("Prestbury" or "the Company")

    Copies of report & accounts and notice of general meetings

    The Company announces that copies of the report and accounts for the 14 month period ended 31 December 2007 were posted to shareholders
yesterday. The report and accounts include a notice of the Company's annual general meeting which has been convened for 9.30am on 20 August
2008. 

    In addition, a notice of extraordinary general meeting was also posted to shareholders yesterday. The extraordinary general meeting has
been convened for 10.00am on 20 August 2008 or, if later, as soon as the annual general meeting of the Company called for that date shall
have been concluded or adjourned. 

    The meeting is being held as a result of a requisition calling for a shareholders meeting which was received by the Company from
shareholders who hold in excess of 22 per cent. of the issued ordinary shares in the Company. 

    The purpose of the meeting is for the shareholders to consider resolutions for the removal of Lee James Birkett and Lynne Patricia
Birkett, executive directors of the Company, as directors of the Company.

    The reasons given by the shareholders are that they have lost confidence in the corporate governance standards at Prestbury and believe
that the Company suffers too many conflicts of interest with certain members of the executive team.

    Francis Maude, Chairman, and David Anderson, Non-executive Director, have proposed that the board should be restructured so that the
executive directors no longer form a majority of the board, in order to conform with best corporate governance practice.  This restructure
could be achieved either by two of the current executive directors stepping down from the group board, or by adding two non-executive
directors, or by one executive director stepping down and one additional non-executive director being appointed. Francis Maude and David
Anderson believe that such a board structure would address the concerns felt by outside shareholders. It has not been possible to obtain
board agreement to any such board restructure. Should the resolutions be carried Francis Maude and David Anderson believe that it will be
possible to restructure the board so that the Company can be run for the benefit of all the shareholders.  They believe that Lee Birkett's
position as Chief Executive Officer of the Company could be accommodated within such a board structure.

    The executive directors listed below are not in agreement with the reasons for the requisition and resolutions proposed. In addition,
the executive directors do not agree with the non-executives' proposal to restructure the board so that the executive directors no longer
form a majority.

    Maggie Cresswell - Compliance Director
    Lee Birkett- Chief Executive
    Kevin Sample - Sales Director
    Lynne Birkett - Finance Director

    Shareholders holding in aggregate approximately 43.93 per cent. of the entire issued share capital of the Company have irrevocably
undertaken to vote against the Resolutions.


    Further enquiries:

 Prestbury Holdings plc
 Lee Birkett (Chief            Tel:  01625 591 400
 Executive)

 John East & Partners Limited
 David Worlidge                Tel:  020 7628 2200


This information is provided by RNS
The company news service from the London Stock Exchange
 
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