Company Announcements

  21 December 2023

Anglo-Eastern Plantations Plc

("AEP" or the "Company")

Update Statement on 2023 Annual General Meeting Voting Results

At the Company's Annual General Meeting ("AGM") held on 16 June 2023, a significant proportion of shareholders did not support resolution 12 in relation to the Directors' Power to Allot shares.

We note that the authorities sought by the Company under resolution 12 are in line with the maximum recommended levels contained within the relevant share capital management guidelines and prevailing voting guidelines of leading corporate governance agencies. The Company only retains these authorities to provide flexibility in the capital management of the Company and would only exercise these authorities if it were considered in the best interests of shareholders.

Following the AGM, the Company's Executive Director has subsequently consulted and engaged with a group of shareholders who voted against the resolution in order to hear their views and better understand their concerns.

The Board is grateful to all shareholders who provided feedback on this resolution. The common theme apparent from the engagement with this group of shareholders was their concern over dilution and that they would prefer not to grant general or annual authorities in respect of changes in equity capital, but instead to review approval when required for specific transactions.

AEP is committed to maintaining an open and constructive dialogue with all of the Company's shareholders and will continue to engage with those shareholders for whom this resolution present concerns.

This statement is provided in accordance with Provision 4 of the UK Corporate Governance Code.

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