17 Nov 2022 09:37
Finsbury Food Group Plc
Result of Annual General Meeting
The Annual General Meeting of Finsbury Food Group Plc was held at The Parkgate Hotel, Westgate Street, Cardiff, CF10 1DA on 17 November 2022 at 9:00 a.m.
All ten resolutions put to members were passed on a poll. Resolutions 1-8 were passed as ordinary resolutions and resolutions 9-10 were passed as special resolutions.
The number of votes cast for and against each of the resolutions proposed, and the number of votes withheld were as follows:
Resolution | Votes for | % | Votes against | % | Votes withheld |
Resolution 1 (Ordinary) To receive the reports of the Directors and the Financial Statements for the 53 weeks ended 2 July 2022 together with the report of the auditor thereon. | 72,561,354
| 98.89
| 815,483
| 1.11
| 6,869
|
Resolution 2 (Ordinary) To re-elect Robert Beveridge as a Director. | 73,341,979
| 99.95
| 38,952
| 0.05
| 2,775
|
Resolution 3 (Ordinary) To re-elect Marnie Millard as a Director. | 72,988,121
| 99.46
| 392,810
| 0.54
| 2,775
|
Resolution 4 (Ordinary) To re-elect Raymond Duignan as a Director. | 59,952,749
| 81.70
| 13,430,853
| 18.30
| 104
|
Resolution 5 (Ordinary) To declare a final dividend for the 53 weeks ended 2 July 2022 of 1.67 pence per ordinary share. | 73,376,139
| 100.00
| 802
| 0.00
| 6,765
|
Resolution 6 (Ordinary) To re-appoint PricewaterhouseCoopers LLP as auditor of the Company to hold office until the conclusion of the next general meeting at which accounts are laid before the Company. | 72,522,337
| 98.84
| 851,933
| 1.16
| 9,436
|
Resolution 7 (Ordinary) To authorise the Directors to determine the fees payable to the auditor. | 73,024,349
| 99.52
| 352,133
| 0.48
| 7,224
|
Resolution 8 (Ordinary) The Directors be generally authorised to allot shares and to grant rights to subscribe for or to convert any security into shares on the terms set out in the Notice. | 73,295,494
| 99.90
| 74,276
| 0.10
| 13,936
|
Resolution 9 (Special) The Directors be empowered to allot equity securities for cash pursuant to the general authority conferred on them by resolution 8 and otherwise in accordance with the terms set out in the Notice. | 73,350,640
| 99.97
| 19,130
| 0.03
| 13,936
|
Resolution 10 (Special) The Company be authorised to make market purchases of its ordinary shares of 1 pence each on the terms set out in the Notice. | 72,855,586
| 99.30
| 516,699
| 0.70
| 11,421
|
The Board has noted the lower approval rate for Resolution 4 and will be making enquiries accordingly to ascertain the reasons therefor.
As at 17 November 2022, there were 130,383,361 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.
The full text of each resolution is available in the Notice of Annual General Meeting, published on the AIM Rule 26 section of the Company's website.
For further information please contact:
Finsbury Food Group John Duffy (Chief Executive) Steve Boyd (Finance Director)
| www.finsburyfoods.co.uk | 029 20 357 500 |
Panmure Gordon (UK) Limited Oliver Cardigan (Corporate Finance) Atholl Tweedie Erik Anderson (Corporate Broking) Edward Walsh
| 020 7886 2500 | |
Alma PR Sam Modlin David Ison Matthew Young
| finsbury@almapr.co.uk | 020 3405 0205 |
Notes to Editors:
· Finsbury Food Group Plc (AIM: FIF) is a leading UK and European 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, together with its overseas division, has sales in the financial year ending 2 July 2022 of £357 million.
· The Company's bakery product range is comprehensive and includes:
· Large premium and celebration cakes;
· Small snacking cake formats such as cake slices and bites;
· 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; and
· 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 £1.04 billion (source: IRI 52 w/e 8th October 2022). The retail bread and morning goods market has a value of £5.3 billion (source: Kantar Worldpanel 52 w/e 4th September 2022). The retail Free From cake market is valued at £58 million (source: Kantar Worldpanel 52 w/e 4th September 2022). The retail Free From bread and morning goods market is valued at £166 million (source: Kantar Worldpanel 52 w/e 4th September 2022).
· The Company comprises a core UK bakery division and an overseas division:
· The UK bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.
· The overseas division comprises the Company's 85% owned company, Lightbody-Stretz Limited, which supplies and distributes the Group's UK-manufactured products and third-party products, primarily to Europe, and the Company's manufacturing facilities in Rybarzowice and Żywiec in Poland.