MEETING: TUA: TUA - Results of 2010 Annual General Meeting

22 Apr 2010 4:17 pm

TUA 22/04/2010 MEETING

REL: 1617 HRS Turners Auctions Limited

MEETING: TUA: TUA - Results of 2010 Annual General Meeting

Turners Auctions advises the results of its Annual Meeting on 22 April 2010 at 2:00PM as follows:

Resolutions were all passed by show of hands as follows:

1. Re-elect Mr J D Shale as director 2. Re-elect Mr G R Graham as director 3. Re-appointment of PricewaterhouseCoopers as auditors and authorising the Board to fix their remuneration.

In other business the company advised that:

1. Net profit after tax for Q1 2010 was $0.74M, an 8% improvement on the prior corresponding period.

2. Trading conditions in the used vehicle market are recovering slowly with an increase in the volume of ex-overseas imports. A shortage of used NZ New vehicles has resulted in prices firming compared to 2009.

3. Amongst other initiatives, the company plans to leverage its extensive database of used vehicle transactions by introducing a new vehicle valuation service in Q2 2010.

The meeting closed at 2:43PM.

By order of the Board of Directors

Aaron Saunders Company Secretary End CA:00194073 For:TUA Type:MEETING Time:2010-04-22:16:17:59

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