FIMBank Holds Annual General Meeting

15.04.2008

FIMBank plc, the Malta-based global trade finance bank, held its Annual General Meeting at the Hilton Malta on 10 April 2008. The Meeting was attended by a record turnout of shareholders, as well as financial intermediaries and press who were invited to follow the proceedings, in a clear sign of confidence and support in the FIMBank Group.
 
The shareholders considered and approved all the standard ordinary resolutions presented to the Meeting amongst which the payment of a scrip dividend at an attribution price of USD1.623. They also approved some special business and extraordinary resolutions, including a 1 for 5 bonus share issue and an increase in the authorised capital of the Group. All of the incumbent directors were confirmed in office with the exception of Mr Rene Graafland who retired and was replaced by Mr John D Freeman.
 
The Meeting was addressed by the Chairman of the FIMBank Group, Mr. Najeeb Al Saleh, who spoke about the progress of the Group and the record operating and financial performance in 2007. He thanked the 'growing family of shareholders' for their unwavering support which late in 2007 was especially manifest in the successful Rights Issue which raised over USD25 million of new equity. One of the highlights of Mr Al Saleh's address was his reference to the recent announcement of the sale of FIMBank's 38.5% holding in Global Trade Finance Limited, the Indian factoring associated company. Mr Al Saleh gave further information about the transaction and how it came about and revealed to shareholders that the after tax-gain from the sale (after deducting the cost of the original investment since 2004 and profits accumulated to FIMBank over the past 3 years) was still expected to amount to an impressive USD30 million. Above all, he described it as an opportunity to demonstrate the 'success and value which FIMBank's international factoring strategy could create to its shareholders'.
 
A reception followed the Annual General Meeting at which shareholders, directors, senior FIMBank officers and other guests mingled and talked in a more social and informal environment.

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