20 Nov 2019 11:17
Date: | 20 November 2019 |
On behalf of: | Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group') |
For immediate release | |
Finsbury Food Group Plc
Result of AGM
Finsbury Food Group plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is pleased to confirm that all resolutions put to shareholders were duly passed at its Annual General Meeting held today, Wednesday 20 November 2019.
Details of the proxy voting results, which should be read alongside the Notice of AGM, are below:
Resolution (see the Notice of AGM for the full text of the resolutions) | In favour (votes) | In favour (%)
| Against (votes) | Against (%) | Withheld* (votes) |
| 74,638,537 | 99.32 | 500,000 | 0.67 | 0 |
2. To declare a final dividend for the year ended 29 June 2019 of 2.34 pence per share | 75,138,021 | 99.98 | 516 | 0.01 | 0 |
3. To reelect Marnie Millard as a director | 75,012,100 | 99.83 | 123,592 | 0.16 | 2,845 |
4. To reelect Bob Beveridge as a director | 75,032,011 | 99.85 | 103,681 | 0.14 | 2,845 |
5. To appoint PricewaterhouseCoopers LLP as auditor of the Company until the conclusion of the next AGM | 75,127,764 | 99.98 | 7,999 | 0.01 | 2,774 |
6. To authorise the directors to determine the fees payable to the auditor | 75,138,021 | 99.98 | 516 | 0.01 | 0 |
7. To authorise the Directors to allot shares in the Company up to the limits specified in the resolution | 70,451,348 | 99.36 | 447,556 | 0.63 | 4,239,633 |
8. To authorise the Directors to disapply pre-emption rights up to the limits specified in the resolution** | 70,447,536 | 99.36 | 450,108 | 0.63 | 4,240,893 |
9. To authorise the Company to make market purchases of its own shares within the limits specified in the resolution** | 69,955,111 | 98.66 | 946,274 | 1.33 | 4,237,152 |
* A vote withheld is not a vote in law and is not counted in the votes for or against the resolution
** Passed as a special resolution
For further information:
Finsbury Food Group John Duffy (Chief Executive) Steve Boyd (Finance Director)
| www.finsburyfoods.co.uk | 029 20 357 500 |
Cenkos Securities Max Hartley/Harry Hargreaves (Corporate Finance)
| ||
Alma PR Rebecca Sanders-Hewett Sam Modlin Hilary Buchanan
| finsbury@almapr.co.uk | 020 3405 0205 |
Notes to editors:
·; Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.
·; The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 29 June 2019 exceeding £315m.
·; The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.
o Gluten Free bread, morning goods and cake ranges.
·; The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £969 million (source: IRI, 52 w/e 20th July 2019). The retail bread and morning goods market has a value of £4.5 billion (source: Kantar Worldpanel 52 w/e 14th July 2019). The retail Free From Cake market is valued at £49.5 million (source: Kantar Worldpanel 52 w/e 24th March 2019). The retail Free From bread & morning goods market is valued at £125.3 million (source: Kantar Worldpanel 52 w/e 21st April 2019). The UK Out of Home sector Foodservice Bakery sector is worth approximately £747 million per annum (source: derived from MCA data for 52 weeks to 31st March 2019). The UK foodservice cake and sweet morning goods bakery sector is worth approximately £918 million per annum (UK foodservice data derived from MCA data for 52 weeks to 31st March 2019).
·; The Company comprises a core UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.
o The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe, and the Company's manufacturing facility in Żywiec in Poland.