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7 May 2010 15:10
GUINNESS PEAT GROUP PLC
ANNOUNCEMENT
Results of Shareholder Meeting
Guinness Peat Group plc ("GPG" or the "Company") announces that at its Annual General Meeting ("AGM") held in London on 7 May 2010 at 10.30 a.m., all of the resolutions put to the meeting were duly passed.
Chairman's Statement
Sir Ron Brierley made the following statement:
"I think the focal point of this year's Annual Report is the outlook section which refers to the return of value to shareholders and the intention to have a process in place by the time of today's AGM.
That part is literally true insofar as we do have a process in place and which is no mere formality.
GPG shares are listed on 3 different stock exchanges, we have direct investments and businesses (quite apart from Coats) in 4 countries, and most of the shareholders are in New Zealand but there are, in addition, significant institutional holders in the United Kingdom, Australia, Asia and USA.
Also, GPG is incorporated in the United Kingdom, where corporate bureaucracy is simply spiralling out of control.
That is a model which no longer works for GPG but formulating structural changes where what shareholders already own is not eaten up in excessive taxes and other charges is a very complex equation.
However, we are making progress and will continue to do so.
In terms of GPG's 20 year history, a few more weeks, or months, if necessary, is not critical.
Much better to reach the right conclusion rather than anything more precipitate but recognising that, inescapably, substantial changes cannot be indefinitely postponed.
Shareholders will be kept informed, as and when decisions are made.
In the meantime, GPG in its present form, notwithstanding two bad years behind us, remains in a healthy position with the current share price well supported by net assets of 56p, which we believe to be conservatively stated and prospective for added value."
Proxy Votes
The following valid proxy appointments and associated voting instructions were received prior to the AGM of the Company.
|
Resolution |
For |
Chairman/ Director discretion |
Total of For and Chairman/ Director discretion |
Against |
Votes withheld (note 3) |
|
|
1. |
Report & Accounts |
423,200,390 |
122,549,995 |
545,750,385 |
205,452,916 |
16,487,104 |
|
2. |
Remuneration Report |
299,352,632 |
112,250,923 |
411,603,555 |
339,475,617 |
16,611,233 |
|
3. |
Re-appoint Tony Gibbs |
580,197,640 |
112,335,254 |
692,532,894 |
47,377,663 |
27,779,848 |
|
4. |
Re-appoint Ron Langley |
577,627,351 |
114,571,463 |
692,198,814 |
46,501,135 |
28,990,456 |
|
5. |
Re-appoint Auditor |
626,614,738 |
120,900,621 |
747,515,359 |
2,122,898 |
18,052,148 |
|
6. |
Remuneration of Auditor |
626,875,207 |
120,971,785 |
747,846,992 |
1,921,052 |
17,922,361 |
|
7. |
Directors' power to allot Shares |
569,679,247 |
119,357,888 |
689,037,135 |
59,117,241 |
19,536,029 |
|
8. |
Allot Securities re GPG (UK) Holdings plc Step Up Rights |
589,025,924 |
122,862,509 |
711,888,433 |
8,992,663 |
46,809,309 |
|
9. |
2010 Capitalisation Issue |
623,647,242 |
122,049,814 |
745,697,056 |
3,945,513 |
18,047,836 |
|
10. |
Scrip Dividend Alternatives |
624,961,009 |
122,014,354 |
746,975,363 |
2,772,185 |
17,942,857 |
|
11. |
Disapply Pre-emption Rights |
611,511,247 |
124,191,152 |
735,702,399 |
5,812,555 |
26,175,451 |
|
12. |
Market Purchase of own Shares |
625,168,782 |
122,246,550 |
747,415,332 |
2,581,129 |
17,693,944 |
|
13. |
Call General Meetings at 14 Days' Notice |
610,744,804 |
122,136,438 |
732,881,242 |
16,976,651 |
17,832,512 |
Notes:
|
1. |
As at the date of the AGM, the total number of the Company's ordinary shares in issue and therefore the total number of voting rights is 1,623,414,658. |
|
|
|
|
2. |
Where shareholders have appointed a person other than the Chairman of the meeting or a director as their proxy with discretion as to voting, those votes have not been included in the figures set out above. |
|
|
|
|
3. |
A "vote withheld" is not a vote in law and is not counted in the calculation of the votes "against" a resolution. |
Chris Healy
Company Secretary
Guinness Peat Group plc
Tel: +44 20 7484 3370
7 May 2010
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