Result of General Meeting

News - 20/08/2012

Indian Restaurants Group plc
(“the Company”)

Result of General Meeting
General Meeting

The Board of Indian Restaurants Group plc (AIM: IRGP.L) is pleased to announce that, at the general meeting of shareholders of the Company held earlier today, all the proposed resolutions were unanimously passed. The Company has therefore approved a new investment policy and will change its name to:

Hermes Pacific Investments plc

change of Name and EPIC

The change of name of the Company to Hermes Pacific Investments plc is expected to become effective later today following application to the Registrar of Companies and trading in the new name is expected to commence at 7.30 a.m. on 21 August 2012. The Company’s EPIC ticker will change from IRGP to HPAC at that time. A further confirmatory announcement will be made at the

appropriate time.
New Investment Policy

Following approval by the Company’s shareholders, the Company’s new investing policy is primarily (but not exclusively) to invest in the South East Asian financial services market. Updates on investments will be issued in due course.

For further information:
Indian Restaurants Group Plc
Haresh Kanabar, Non-Executive Chairman
Matt Wood, Non-Executive Director

Tel: +44 (0) 20 7583 8304
WH Ireland
Nominated Adviser & Broker
Marc Davies/ Mike Coe
Tel: +44 (0) 117 945 3420
Note to Editors:

The Company’s investment policy was approved by shareholders at a general meeting of the Company held on 20 August 2012. The proposed investments to be made by the Company may be either quoted or unquoted; made by direct acquisition of an equity interest; may be in companies, partnerships, joint ventures; or direct interests in projects in South East Asia including, but not limited to, investments in the financial sector. The Company’s equity interest in a proposed investment may range from a minority position to 100 per cent. ownership.

The Company will identify and assess potential investment targets and where it believes further investigation is required and subject to assessment of potential risk, intends to appoint appropriately qualified advisers to assist.

The Company proposes to carry out a project review process in which all material aspects of any potential investment will be subject to due diligence, as considered appropriate by the Board. It is likely that the Company’s financial resources will be invested in a small number of projects or potentially in just one investment which may be deemed to be a reverse takeover under the AIM Rules.

Where this is the case, it is intended to mitigate risk by undertaking an appropriate due diligence process. Any transaction constituting a reverse takeover under the AIM Rules will require Shareholder approval. The possibility of building a broader portfolio of investment assets has not, however, been excluded.

The Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends. Given the nature of the Company’s Investment Policy, the Company does not intend to make regular periodic disclosures or calculations of net asset value.