LONDON (Alliance News) - Estate agent Countrywide PLC said on Monday it has withdrawn its proposals to adopt a new remuneration policy.
This followed a meeting with Countrywide's major shareholders and representative bodies, leading the board to decide to retain its current remuneration policy.
"Taking these factors into consideration, the board has decided that the directors' remuneration policy should not be amended and that the group's existing remuneration policy and long-term incentive arrangements as approved by shareholders at the company's annual general meeting held in 2017 will remain in place," the estate agency said in a statement.
However, Countrywide still needs to have its placing and open offer raising GBP140 million approved by shareholders on Tuesday next week.
Earlier in August, the group said that investors agreed to subscribe for 1.11 billion shares at a price of 10 pence each in a firm placing, plus 285.6 million shares at the same price under a conditional placing and open offer.
Funds will go towards providing Countrywide with greater long-term certainty, flexibility, and a strengthened balance sheet, it said.
Shares in Countrywide were up 1.1% at 14.76 pence on Monday.
