Tuesday, July 8, 2008

VT Group: Results of Extraordinary General Meeting

VT Group announces the results of an Extraordinary General Meeting held at 11 am on Monday 30 June 2008 to approve VT Group entering into an agreement with BAE Systems plc for the formation of a joint venture combining their respective shipbuilding and naval support businesses and to purchase the outstanding 50 per cent shareholding in Flagship Training Limited from the BAE group.

The following resolution was proposed at today’s Extraordinary General Meeting and was passed (with capitalised terms having the meanings given to them in the circular of the Company dated 11 June 2008):

That the Transactions be and are hereby approved and the Directors of the Company be and are hereby authorised to do such things as they may in their absolute discretion consider necessary or desirable in order to implement and complete the Transactions in accordance with the terms set out in the Principal Transaction Documents, subject to such immaterial amendments thereto as the Directors of the Company (or any duly authorised committee thereof) may in their absolute discretion think fit.

Over 120 million shares were voted in favour of the resolution representing more than 99 per cent of the votes cast and more than 67 per cent of total voting capital.

Votes in favour: 121,054,161

Votes against: 767,981

Votes withheld: 329,002

In accordance with the UK Listing Authority rules, copies of the resolution passed at the Extraordinary General Meeting will be lodged shortly with the Document Viewing Facility.

Following today's approval by shareholders of VT Group, the joint venture company, BVT Surface Fleet Limited, will officially start operations tomorrow (July 1).

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