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Result of AGM

31 Jan 2020 13:15

RNS Number : 6158B
Connect Group PLC
31 January 2020
 

31 January 2020

 

Connect Group PLC

Result of 2020 Annual General Meeting

 

Connect Group PLC announces that at its Annual General Meeting (AGM) held at 11.30am today, with the exception of resolutions 15 (disapplication of pre-emption rights) and 16 (disapplication of further pre-emption rights) which failed to carry, all other resolutions put to the meeting were duly passed by shareholders by way of a poll. The voting results are shown below.

Resolution

For

Against

Withheld

No. of votes

%

No. of votes

%

No. of votes

1

To receive the Annual Report and Accounts for the year ended 31 August 2019

 

156,297,810

 

98.36%

2,600,919

1.64%

13,794

2

To approve the directors' remuneration report for the year ended 31 August 2019

156,471,418

98.79%

1,922,601

1.21%

518,504

3

To approve the directors' remuneration policy

131,630,015

83.08%

26,813,938

16.92%

468,570

4

To declare a final dividend

156,365,190

98.41%

2,523,896

1.59%

23,437

5

To re-elect Gary Kennedy

133,292,681

83.92%

25,532,289

16.08%

87,553

6

To re-elect Jonathan Bunting

158,493,577

99.76%

386,257

0.24%

32,689

7

To re-elect Denise Collis

156,925,582

98.80%

1,898,319

1.20%

88,622

8

To re-elect Tony Grace

156,942,174

99.76%

374,618

0.24%

1,595,731

9

To re-elect Michael Holt

156,990,219

98.81%

1,888,914

1.19%

33,390

10

To re-elect Mark Whiteling

156,967,910

98.80%

1,910,544

1.20%

34,069

11

To appoint the auditor

158,861,159

99.98%

32,124

0.02%

19,240

12

To authorise the Audit Committee to determine the auditor's remuneration

158,754,472

99.92%

128,119

0.08%

29,932

13

Authority to make political donations

135,714,519

85.42%

23,164,996

14.58%

33,008

14

Authority to allot shares

133,943,585

84.32%

24,903,016

15.68%

65,922

15

Authority to partially disapply pre-emption rights*

112,346,484

71.43%

44,926,955

28.57%

1,639,084

16

Authority to disapply pre-emption rights in connection with an acquisition or specified capital investment*

112,622,495

71.61%

44,654,918

28.39%

1,635,110

17

Authority to make market purchases of ordinary shares*

158,758,127

99.92%

121,976

0.08%

32,420

18

Authority to call general meetings (other than the AGM) on 14 clear days' notice*

136,963,993

99.42%

799,923

0.58%

21,148,607

* Special resolution requiring 75% majority of those votes cast at the meeting.

The Board acknowledges the failure to pass the following resolutions, primarily as a result of the votes cast by two of the Company's shareholders:

·; resolution 15 (disapplication of pre-emption rights); and

·; resolution 16 (disapplication of further pre-emption rights.

The Board is disappointed in this outcome given that each of the resolutions follow the provisions of the Pre-emption Group's Statement of Principles for the disapplication of pre-emption rights and reflect UK listed company market practice. The Board considers the flexibility afforded by these authorities to be in the best interests of the Company and shareholders and notes that they have each previously received support at past AGMs. However, the Board is aware that certain shareholders have a policy of not supporting such resolutions. The Board remains committed to continuing an open and transparent dialogue and will, accordingly, seek to continue to engage with those shareholders regarding their views in this area. We will publish an update on this engagement, in accordance with the UK Corporate Governance Code, within six months of the 2020 AGM and will report in the Company's FY2020 Annual Report what steps have been taken by the Board in order to better understand shareholders' views in relation to these resolution and what impact any feedback may have on future decisions to be taken by the Board and actions or resolutions to be proposed.

 

Notes:

1. Where shareholders appointed the Chairman as their proxy with discretion as to voting, their votes were cast in favour of the resolutions and have been included in the "For" total.

2. A "vote withheld" is not a vote in law and is not counted in the calculation of the percentages of the votes cast for and against a resolution.

3. The number of votes validly cast were in respect of 158,692,062 shares, representing 64.07% of the 247,659,200 issued share capital of the Company, being the total number of shares in issue at 6.30pm on 30th January 2020.

4. The full text of all of the resolutions is set out in the Notice of AGM dated 29 November 2019 which is available on the Company's website. Resolutions 15, 16, 17 and 18 were special resolutions, requiring 75% majority of those votes cast at the meeting.

5. In accordance with Listing Rule 9.6.2, a copy of the special business passed at the AGM, being resolutions 13, 14, 17 and 18, has been submitted to the National Storage Mechanism at www.morningstar.co.uk/uk/NSM.SM

6. The results of the AGM voting will also be made available on the Company's website at www.connectgroupplc.com/investors

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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