WSPH White Star

    RNS Number : 2135A
  White Star Property Holdings PLC
  30 July 2008
   

    For immediate release
    White Star Property Holdings PLC
    Results of AGM and General Meetings
    The Directors are pleased to announce that all the resolutions proposed at yesterday's Annual General Meeting of the Company, which was
held at the offices of Charles Russell LLP, 8-10 New Fetter Lane, London EC4A 1RS at 10:35 a.m. were duly passed.
    Further, the Directors are pleased to announce that the undernoted resolutions were passed at yesterday's General Meeting, held at 10:40
a.m. immediately following the AGM. 
 Resolution 1.  To dispose of all the Company*s interest and rights in respect
                of the acquisition of the freehold property known as 52,54 and
                56 Britwell Road, Burnham, SW1 8DH (*Burnham Beeches*) for the
                   sum of �400,000 to Mr Paul Castle, to be paid either on the
                 sale of Burnham Beeches or by March 2010 at the latest, which
                  if concluded would be deemed to be a disposal resulting in a
                 fundamental change of business under Rule 15 of the AIM Rules
                                                            for Companies; and
    
 Resolution 2.  To approve the undernoted investment strategy.


    Proposed investment strategy
    The Directors intend to utilise their contacts and experience to investigate businesses or companies they believe have the potential to
produce above average returns to the shareholders. It is expected that such opportunities are more likely to be in the natural resource
sector, located in eastern Europe, Asia and Africa.
    * the identified resource is one where there is a clear and unsatisfied demand for the product;
    * is situated in an area with reasonable access to water, electricity and port facilities; and 
    * the end product can be produced on commercial terms. 
    Equally, the Directors will remain open to considering opportunities in other sectors, provided that similar criteria are met,
appropriate to that sector. 
    The Directors are currently reviewing potential investment and acquisition opportunities within the sector but have not, at this stage,
commissioned any due diligence nor have they entered into any firm commitments in connection with any acquisitions or investments. Initial
diligence will be carried out by the Directors who may commission third party due diligence as required.
    The Directors believe that the acquisition of a business or opportunity is likely to be of a size that the acquisition will be treated,
for the purposes of the AIM Rules, as reverse transaction involving the City Code on Takeovers and Mergers and requiring the approval of
shareholders in General Meeting. 
    Expenditure by the Company will be kept to a minimum and the Directors will not draw any remuneration from the Company until such time
as a substantial acquisition has been made.
    In the event that no substantial acquisition is made within 12 months of the approval of the shareholders of the investment strategy, it
is the intention of the Directors to convene a meeting to consider whether or not to continue to seek an investment opportunity or wind-up
the Company and distribute any surplus cash to the shareholders. 

    For further information:


 
 
    
 White Star Property Holdings PLC
 Brian Basham, Chairman                                               Tel: (0) 20 7405 7777
 Luca Tenuta, CEO                                                     (M): (0)790 024 2769 
                                                                  www.whitestarproperty.com
 Zimmerman Adams International Ltd                     
 Graeme Thom                                                           Tel: (0)20 7060 1760
       
 Charity Walmsley                                                      Tel: (0)20 7060 1760
                                                                            www.zimmint.com
                    


    30 July 2008

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