Last checked at 21 Dec 2016 11:37
21 December 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
RESULT OF GENERAL MEETING
The Board of Directors of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Resolutions proposed at the General Meeting held earlier today in connection with the amendments to the Investment Policy and the adoption of the new Directors' Remuneration Policy and new executive management long term incentive plan (the "Value Delivery Plan") were duly passed.
Full details of the Resolutions were set out in the circular published by the Company on 5 December 2016 (the "Circular").
As at the date of the General Meeting, there were 501,279,071 Shares with voting rights in issue. Details of the proxies received from Shareholders in respect of each Resolution are set out below:
Resolution | For
| Percentage | Against | Percentage | Withheld |
1. To adopt the proposed changes to the Investment Policy | 322,622,797 | 97.90% | 6,923,610 | 2.10% | 319,469 |
2. To adopt the new Directors' Remuneration Policy | 189,376,032 | 59.24% | 130,291,527 | 40.76% | 10,198,317 |
3. To authorise the Directors to adopt the Value Delivery Plan | 189,408,057 | 59.25% | 130,260,987 | 40.75% | 10,196,832 |
Notes:
a) Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
b) A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" a resolution.
c) Any proxy appointments which gave discretion to the Chairman have been included in the "For" totals.
The Board notes the significant level of votes against Resolutions 2 and 3. Whilst the Value Delivery Plan is not a standard multiple of salary scheme, the Majority Directors believe the plan is an appropriate incentive arrangement for executive management to deliver the 2025 Plan, which has been strongly endorsed by Shareholders under Resolution 1. The Board consulted extensively with Shareholders on the design of the Value Delivery Plan and will continue to engage with Shareholders and shareholder bodies as the Company commences the implementation of the 2025 Plan in order to emphasise the advantages of the Value Delivery Plan as an appropriate reward for performance and growth.
All capitalised terms in this announcement and not otherwise defined shall have the meaning given to them in the Circular. The Circular is available for inspection in electronic form on the Company's website, www.empiric.co.uk.
For further information on the Company, please contact:
Empiric Student Property plc | (via Newgate below) |
Paul Hadaway (Chief Executive) |
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Tim Attlee (Chief Investment Officer) |
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Michael Enright (Chief Financial Officer) |
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Akur Limited (Joint Financial Adviser) | Tel: 020 7493 3631 |
Tom Frost |
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Anthony Richardson |
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Siobhan Sergeant |
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Jefferies International Limited (Joint Financial Adviser and Broker) | Tel: 020 7029 8000 |
Gary Gould |
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Stuart Klein |
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Newgate (PR Adviser) | Tel: 020 7680 6550 |
James Benjamin | Em: empiric@newgatecomms.com |
Zoe Pocock |
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Lydia Thompson |
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Further information on Empiric can be found on the Company's website at www.empiric.co.uk.
Notes:
Empiric Student Property plc is a leading provider and operator of modern, direct-let student accommodation across the UK. Investing in both operating and development assets, the Company is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.
The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.