(Alliance News) - Luceco PLC on Friday plans to engage with investors who voted against a motion at its annual general meeting despite it being backed by a majority of shareholders.
The London-based lighting manufacturer and distributor said it had sought shareholder approval to permit the company to buy back shares, a motion which was backed by 80% of shareholders.
However, 20% of shareholders voted against the resolution and the company said it has contacted these investors to understand the reasons for their vote against the proposal and to continue a transparent and constructive dialogue on this topic. The firm will continue to engage as appropriate with those shareholders regarding their views in this area, it said.
Luceco continues to consider that the ability for the company to buy back shares is in the best interests of all shareholders, particularly in light of the current share price levels, which presents an opportunity to generate attractive returns for all shareholders through allocating capital to buying back ordinary shares.
Shares in Luceco rose 2.7% to 115.00 pence in London on Friday.
By Jeremy Cutler, Alliance News reporter
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Luceco (LUCE)