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8 Sep 2020 17:45
CIVITAS SOCIAL HOUSING PLC
(the "Company")
Result of Annual General Meeting
The Company is pleased to announce that at the Annual General Meeting ("AGM") held today, all resolutions were passed on a poll.
Resolutions 1 to 11 and 15 were proposed as Ordinary Resolutions. Resolutions 12 to 14 and 16 were proposed as Special Resolutions.
The total number of proxy votes received in relation to each resolution were as follows:
Resolutions | Votes For | % For | Votes Against | % Against | Votes at Chairman's Discretion | Votes Withheld |
Resolution 1 | 306,937,208 | 100.00% | 250 | 0.00% | 100,598 | 408,015 |
Resolution 2 | 307,301,157 | 99.99% | 33,515 | 0.01% | 100,598 | 10,801 |
Resolution 3 | 307,335,840 | 100.00% | 4,250 | 0.00% | 100,598 | 5,383 |
Resolution 4 | 306,613,225 | 99.76% | 726,865 | 0.24% | 100,598 | 5,383 |
Resolution 5 | 306,613,225 | 99.76% | 726,865 | 0.24% | 100,598 | 5,383 |
Resolution 6 | 305,959,463 | 99.55% | 1,380,627 | 0.45% | 100,598 | 5,383 |
Resolution 7 | 306,613,225 | 99.76% | 726,865 | 0.24% | 100,598 | 5,383 |
Resolution 8 | 307,301,310 | 99.99% | 33,064 | 0.01% | 100,598 | 11,099 |
Resolution 9 | 307,244,359 | 99.97% | 96,715 | 0.03% | 100,598 | 4,399 |
Resolution 10 | 307,345,223 | 100.00% | 250 | 0.00% | 100,598 | 0 |
Resolution 11 | 307,340,824 | 100.00% | 250 | 0.00% | 100,598 | 4,399 |
Resolution 12 | 283,970,561 | 94.40% | 16,834,289 | 5.60% | 100,598 | 6,540,622 |
Resolution 13 | 253,171,081 | 82.40% | 54,077,926 | 17.60% | 100,598 | 96,465 |
Resolution 14 | 296,279,879 | 96.40% | 11,056,812 | 3.60% | 100,598 | 8,782 |
Resolution 15 | 307,336,840 | 100.00% | 8,633 | 0.00% | 100,598 | 0 |
Resolution 16 | 307,332,441 | 100.00% | 4,250 | 0.00% | 100,598 | 8,782 |
The Board notes that votes representing 17.6% of total votes cast were received against the market standard 14.99% share buyback resolution, following the recommendation of Pensions and Investment Research Consultants Limited ("PIRC"), a proxy adviser.
The UK Corporate Governance Code (the "UK Code") notes that where a significant proportion of votes have been cast against a resolution at a general meeting, a company should explain what actions it has taken to understand the reasons behind the vote. The Company, via their corporate broker, have spoken to the largest shareholders who voted against this resolution and those shareholders remain in favour of the Company's approach to buybacks, in spite of PIRC's recommendation to vote against this resolution.
A copy of the full text of Resolutions 11 to 16 will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
LEI: 213800PGBG84J8GM6F95
For further information, please contact:
Civitas Investment Management Limited | |
Paul Bridge | Tel: +44 (0)20 3058 4844 |
Andrew Dawber | Tel: +44 (0)20 3058 4846 |
Panmure Gordon | |
Sapna Shah | Tel: +44 (0)20 7886 2783 |
Tom Scrivens | Tel: +44 (0) 20 7886 2648 |
Liberum Capital Limited | |
Gillian Martin / Chris Clarke | Tel: +44 (0) 20 3100 2222 |
Buchanan | |
Helen Tarbet / Henry Wilson | Tel: +44 (0) 20 7466 5000 |
Notes:
Civitas Social Housing PLC (CSH) was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT, to raise long-term, sustainable, institutional capital to invest in care-based social homes and healthcare facilities across the UK. So far, CSH has completed more than 120 individual transactions to build the largest portfolio of its kind that has been independently valued at £885 million (as at 30 June 2020). CSH provides homes for 4,292 working age adults with long-term care needs, in 618 bespoke properties that are supported by 118 specialist care providers, 15 housing associations over 164 individual local authority areas.
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