Gateley Holdings PLC - Birmingham, England-based legal and professional services group - Shareholders at annual general meeting on Tuesday vote down a special resolution to allow virtual AGMs. The amendment to the company's articles of association required more than 75% of votes in favour but received only slightly more votes in favour than against, with a large number of votes withheld.
Gateley expresses its "disappointment" in the outcome. "In the board's opinion, virtual AGMs are environmentally friendly, provide easier access to a broader range of shareholders and are commensurate with Gateley's [environmental, social, and governance] policies and responsible business principles," it says.
Gateley notes that attendance by external shareholders at its last four AGMs has been less than one person on average. "A number of shareholders seem to have followed the direction from unregulated proxy voting advisers" in their voting, it says. The board will consider re-introducing the resolution at next year's AGM.
Current stock price: 138.50 pence
12-month change: down 25%
By Tom Waite, Alliance News editor
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Gateley Holdings (GTLY)