10 May 2019 16:52
10 May 2019
GLI Finance Limited
(the "Company")
Results of Annual General Meeting & Proposed Board Changes
The Company is pleased to announce that at the Annual General Meeting held at 10:30am today, each of the Resolutions was duly passed without amendment. The Board recognises, however, that there was opposition (10.34% of the votes cast) to Resolution 2 regarding the approval of the Directors' Remuneration Report for the year ended 31 December 2018.
The Board has noted the concerns raised by some shareholders in this regard and has been in ongoing dialogue with the Company's largest shareholders. Following feedback received in the weeks preceding the Annual General Meeting, the Board, in consultation with the Remuneration Committee has come to an agreement on new executive and senior management bonus terms which will be incorporated into the Company's Remuneration Policy for 2019 and thereafter. This includes ensuring the payment of any bonuses will only be made once the year-end accounts have been finalised and announced, and that bonuses will be directly linked to profits. The Remuneration Committee believes this will ensure greater alignment with shareholder returns.
The Company has good relationships with its shareholders and will continue to engage with them regarding its approach to remuneration going forward.
As previously announced on 21 December 2015, the Somerston Group of companies ("Somerston"), the Company's largest shareholder, was granted the right to nominate one individual for appointment to the Board of the Company. Accordingly, the Board intends to appoint Nicholas Michael Wakefield as a non-executive director of the Company following completion of regulatory due diligence. Mr Wakefield is an Investment Director for Somerston Group and Managing Director of Somerston Asset Management Limited. Mr Wakefield has 20 years investment experience in both private and public investments. He is a CFA and CMT charterholder. A further announcement will be made upon Mr Wakefield's appointment.
Nicholas Wakefield commented, "Somerston wishes to extend its support to the Company by taking up our board seat. I look forward to working more closely with the Company."
Patrick Firth, Non-Executive Chairman of the Company, said: "I am delighted that Somerston have decided to take up their board seat and welcome Nick to the board. I am confident that Nick will be a valuable addition to the Board".
For further information, please contact:
GLI Finance Limited
Andy Whelan
+44 (0)1534 708900
Liberum Capital (Nominated Adviser and Corporate Broker)
Steve Pearce
Chris Clarke
Trystan Cullen
+44 (0) 20 3100 2190
Instinctif Partners (PR Advisor)
Tim Linacre/Katie Bairsto
+44 (0)207 457 2020
Praxis Fund Services (Company Secretary)
Matt Falla
+44 (0)1481 737600
LEI: 213800S2XOO3YSEGCA26