Last checked at 14 Jun 2023 15:22
Aquila European Renewables plc
Results of the Annual General Meeting
LEI: 213800UKH1TZIC9ZRP41
Aquila European Renewables plc (the "Company") announces that all of the resolutions put forward at its Annual General Meeting ("AGM") held earlier today were passed.
Details of the number of proxy votes cast for, against and withheld will shortly be published on the Company's website at https://www.aquila-european-renewables.com
The text of all the resolutions is contained in the notice of meeting in the Company's Annual Report for the year ended 31 December 2022.
The proxy votes received were as follows:
Resolution | Description | In Favour and Discretionary | Against | Withheld | ||
1 | Report & Accounts | 284,945,460 | 100.00 | 0 | 0.00 | 0 |
2 | Remuneration Report | 284,859,027 | 100.00 | 6,206 | 0.00 | 80,227 |
3 | Remuneration Policy | 284,859,027 | 100.00 | 6,206 | 0.00 | 80,227 |
4 | Company Continuation | 211,198,096 | 74.12 | 73,747,364 | 25.88 | 0 |
5 | To re-elect Ian Nolan | 284,874,144 | 100.00 | 11,786 | 0.00 | 59,530 |
6 | To re-elect Patricia Rodrigues | 281,184,898 | 98.70 | 3,701,032 | 1.30 | 59,530 |
7 | To re-elect David MacLellan | 284,874,144 | 100.00 | 11,786 | 0.00 | 59,530 |
8 | To re-elect Kenneth MacRitchie | 284,874,144 | 100.00 | 11,786 | 0.00 | 59,530 |
9 | To re-appoint PwC as Auditors | 276,622,246 | 97.10 | 8,263,684 | 2.90 | 59,530 |
10 | To permit the Board to authorise the Auditors fees | 284,939,507 | 100.00 | 5,953 | 0.00 | 0 |
11 | To permit the Board to pay all dividends as interim dividends | 284,939,507 | 100.00 | 5,953 | 0.00 | 0 |
12 | To allot new shares | 284,938,087 | 100.00 | 7,373 | 0.00 | 0 |
13 | To allow shares to be issued for cash up to 10% | 284,938,087 | 100.00 | 7,283 | 0.00 | 90 |
14 | To allow shares to be issued for cash up to a further 10% | 276,697,124 | 97.11 | 8,247,169 | 2.89 | 1,167 |
15 | To make market purchases | 284,939,417 | 100.00 | 5,953 | 0.00 | 90 |
16 | Allow General Meetings to be held at 14 days' notice | 284,939,164 | 100.00 | 6,043 | 0.00 | 253 |
A vote withheld is not a vote in law and is excluded from the calculation.
On the record date for voting at the meeting, the Company's issued share capital was 408,225,705 ordinary shares. The Company was holding 20,063,452 of these shares in Treasury. Therefore, the total number of ordinary shares with voting rights in the Company was 388,162,253. Each ordinary share held entitled the holder to one vote and there are no restrictions on those voting rights. A "Vote withheld" is not a vote in law and is not counted in the calculation of the % of shares voted "For" or "Against" a resolution.
Continuation Vote
The Board would like to thank those shareholders that voted in favour of resolution 4, being the continuation resolution, which has been duly passed. However, it notes that a total of 73,747,364 shares were voted against the continuation resolution which represents approximately 19.0% of the shares in circulation and 25.9% of those voting at the AGM. Aquila Capital, which holds approximately 2.3% of the issued share capital of the Company, abstained from voting, reflecting their views on good corporate governance.
As outlined in the Chairman's Letter in the 2022 Annual Report and again in the announcement dated 30 May 2023, the Board and its advisers will, over the coming year, continue to explore a number of different initiatives to help address the issues facing the sector and secure recognition in the share price of the real underlying value of the portfolio. The Board also commits to review broader options if that value fails to be reflected in the share price. Notwithstanding this, the Board intends to engage further with shareholders, and in particular those that voted against the resolution and, in accordance with the AIC Code, will publish an update in due course.
As previously announced, shareholders will have a further opportunity to vote on the continuation of the Company during the course of the financial year ending 31 December 2024, expected to be around September 2024.
National Storage Mechanism
Copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Enquiries:
Apex Listed Companies Services (UK) Limited | 020 3327 9720 |
Company Secretary |
14 June 2023
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