Circular 139 / 7.5.2006 / EGM Preliminary Report (amended 9.5.2006 at 23.08)

Click here to download the full EGM Minutes (draft) in a word file.

The EGM took place in Athlone on 6th May 2005. The meeting began at 2.10pm and lasted just under two hours including the ballot. There was a wide ranging discussion and a full opportunity for everyone to make their contribution. Full minutes of the meeting will be posted on the web site in the coming week.

The following shareholders attended the meeting - Brendan Hayes, Gerry Murphy (chairman), Irene Daly and Michael Daly, Kathleen Loughnane representing James Loughnane (and her guest), Joe and Elizabeth Cogan, John Costello (director), John & Bridie McNerney, John and Helen Raftery, John & Marian McDonnell, Mary Gleeson, Michelle Gleeson (director and company secretary), Richard Sloane, Tadhg O'Connor, Tim Holland (director) and Clare Holland and Walter Hendrickx (director). Any of the above shareholders who had delivered proxies did not vote at the meeting.

Proxies votes were received in advance from - Aidan Timmons, Ann and Liam Foy, Anne & Fabian Akamnonu, Bernard and William Holmes, Bill Quinlan, Brendan Convery, Brendan Hayes, Denis Bergin, Des Whyte, Gerry Cahill, Gerry Murphy, Gleeson. Hanley and McNamara, Hugh and Anne Kelly, James O'Mahony, Jim Loughnane, John Harty, John McElhinney, Kieran Doyle, Michael Meade and Mary Gleeson, Michelle and Tom Gleeson, Niall Greene, Ossary Properties, Padraig and Helen Lee, Pat O'Donovan, Patrick Mercer, Peter Keane, Peter Stewart, Reps of Mary Cosgrove decd, Roger Coonan, Terry Carroll, Tony Kavanagh and Willie Kavanagh.

Each Lodge owner has 500,000 ordinary shares or votes and each Cottage owner had 250,000 ordinary shares or votes.

The poll was audited by Tim Holland and John Costello.

The valid poll 26,750,000 (twenty six million seven hundred and fifty thousand).

There were no spoilt votes.

There were 2,750,000 (two million seven hundred and fifty thousand) votes AGAINST the resolution or 10.3% of the valid poll.

There were 24,000,000 (twenty four million) votes IN FAVOUR of the resolution or 89.7% of the valid poll.

The motion was accordingly approved with a 9:1 ratio in favour and the volunteer board will now proceed to act on the resolution.

Further development of final refined structural and business plans is expected to take nine months to complete. An up to date report on the re-development plan will be presented to the AGM of the company on Saturday 14th April 2007 at 14.00 hours at a venue to be advised. Please put this AGM date in your diary.

Management time: A very considerable amount of time has been invested by CGM directors to date in bringing the re-development proposal to this stage.

Clifden Glen Management (2005) Plc
Market House, Churchtown, Mallow, Co Cork

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