PAN Pan European Terminals

TIDMPAN

RNS Number : 2996T

Pan European Terminals PLC

18 November 2013

18 November 2013

Pan European Terminals PLC

("PAN" or the "Company")

Result of General Meeting

Pan European Terminals (AIM: PAN), which provides transhipment and storage facilities into Europe and Russia for the hydro-carbon industry, announces that the adjourned general meeting of the Company was held at 11.00 a.m. today for the purposes of considering resolutions to provide the necessary authorities required for the conversion of the GBP8.5m 10% Secured Convertible Fixed Rate Loan Note 2015 (the "Loan Note") into ordinary shares of 1p each in the capital of the Company ("Ordinary Shares"). The first resolution, being an ordinary resolution to authorise the directors to allot shares in connection with the conversion of the Loan Note, was passed, but the second resolution, being a special resolution disapplying statutory pre-emption rights in respect thereof, was not passed.

Holders of 57,934,566 Ordinary Shares voted in favour, and holders of 28,540,455 Ordinary Shares voted against, the first resolution, representing 67.0% and 33.0% of the votes cast respectively. Holders of 53,081,848 Ordinary Shares voted in favour, and holders of 33,393,173 Ordinary Shares voted against, the second resolution, representing 61.4% and 38.6% of the votes cast respectively. Both resolutions were voted on a poll.

As a consequence, under the terms of the Loan Note, the Company is now due to make a premium payment of GBP550,000 to Belphar Limited ("Belphar"), the holder of the Loan Note, on 20 November 2013. The Loan Note is repayable on 19 November 2015 and the right of conversion into a maximum of 38,636,363 Ordinary Shares at 22 pence per share remains subject to obtaining the relevant shareholder authorities.

The Company further notes the announcement at 3.00 p.m. on 15 November 2013 by Belphar that it has decided not to proceed with the possible offer for the Company at 22 pence per share, originally announced on 21 October 2013. The Company met Belphar on several occasions, and informed them that it believed an offer at 22 pence per share undervalued the Company and that it did not intend to recommend an offer at that level; on each occasion Belphar declined to receive any non-public information about PAN and did not indicate that it wished to conduct any due diligence on the Company.

PAN now looks forward to working with all shareholders to focus on maximising shareholder value.

-ends-

Enquiries:

Pan European Terminals plc Tel: +44 (0)20 3145 1908

Simon Escott, Chief Executive Mob: +44 (0)7920 095 800

finnCap Ltd (Joint Financial Adviser) Tel: +44 (0)20 7220 0565

Stuart Andrews

Westhouse Securities Ltd (Joint Financial Adviser, Nomad and Broker)

Richard Johnson / Antonio Bossi Tel: +44 (0)20 7601 6000

Leander (Financial PR) Tel: +44 (0)7795 168 157

Christian Taylor-Wilkinson

This information is provided by RNS

The company news service from the London Stock Exchange

END

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