2 Jun 2021 13:17
2 June 2021
GYG PLC
Result of Annual General Meeting ("AGM")
GYG plc (AIM: GYG), the market leading global superyacht service and supply group, announces that resolutions 1 to 6 (inclusive) as set out in the Notice of AGM dated 7 May 2021, were duly passed today by the requisite majority.
Resolutions 7 to 9 (inclusive) were each proposed as a special resolution, which required a 75% majority of the votes to be cast in favour, and were narrowly defeated with 74.38%, 70.94% and 74.38% respectively of votes cast voting in favour. Each of these special resolutions was seeking a renewal of the relevant authority granted by shareholders at the 2020 AGM, and related to the following:
Resolution 7 | The disapplication of statutory pre-emption rights for rights issues, etc and up to 5% of issued share capital (excluding treasury shares) |
Resolution 8 | The disapplication of statutory pre-emption rights up to an additional 5% of issued share capital (excluding treasury shares) |
Resolution 9 | Authority for the Company to purchase its own shares |
All of the resolutions put to the AGM were voted on by way of a poll, and the full results of each poll will shortly be available on the Company's website, www.gygplc.com.
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
N+1 Singer Tom Salvesen Peter Steel Sebastian Burke
| Tel: +44 (0) 20 7496 3054 |
FTI Consulting Alex Beagley Fiona Walker Rafaella de Freitas
| Tel: +44 (0) 20 3727 1000 gyg@fticonsulting.com |
Notes to Editors:
GYG is the market leading global superyacht service and supply group with operations across the Mediterranean, Northern Europe and the United States. The Company trades under Pinmar, Pinmar Yacht Supply and Technocraft brands and its operations are split between:
· Coatings: Operating under the 40 year old Pinmar brand, this division works across two segments of the superyacht market, New Build and Refit. A New Build project involves the fairing and painting of new superyachts in the latter stages of a multiyear construction process. In the Refit division, the Group undertakes a variety of activities including repainting, finishing and caulking as well as bespoke scaffold containment systems and hardware removal (under the Technocraft brand) on a regular basis. Superyachts also require a major inspection and service every five years to comply with maritime, insurance and industry regulations, which will often include a substantial refit maintenance programme.
· Supply: Trading under Pinmar Yacht Supply, this division operates the sale and delivery of maintenance materials, consumables, spare parts and equipment to superyachts and trade customers both via direct yacht sales and from retail stores across Europe's main shipyards.
Technical innovation lies at the heart of GYG, and the Group continues to innovate and invest in new application technology and training, leveraging its strong relationship with all the main superyacht paint manufacturers. Remaining at the forefront of application technology and quality standards is a key pillar of GYG's unique proposition, particularly to the New Build market.