17 Jun 2020 07:00
17 June 2020
MARSHALL MOTOR HOLDINGS PLC
(the "Company" or "Group")
Notice of AGM, 2019 Final Dividend and Change of Auditor
Marshall Motor Holdings Plc, one of the UK's leading automotive retail groups, confirms that the Notice of its Annual General Meeting ('AGM') to be held on 16 July 2020 is now available on its website at www.mmhplc.com and will be posted to shareholders later today.
Attendance at the AGM
As previously announced, in light of ongoing Government advice to restrict all non-essential travel and social contact, the AGM will take place at the Company's office in Milton Keynes with the minimum quorum of attendees facilitated by the Company. Physical attendance by other shareholders will not be permitted, however, shareholders are encouraged to vote on the AGM resolutions electronically and also have the opportunity to submit questions on the AGM resolutions electronically before the meeting and such questions, limited to matters relating to the business of the AGM itself, should be sent to 2020AGM@mmhplc.com.
Cancellation of 2019 Final Dividend
The Company announced on 23 March 2020 that it was suspending the payment of the final dividend for the year ended 31 December 2019. The Board now considers it prudent not to recommend the payment of that final dividend and is not proposing a final dividend resolution at the AGM. The Board is very mindful of the importance of dividends to its shareholders and intends to resume the payment of dividends as soon as conditions allow. In the short period since our dealerships re-opened on 1 June, initial trading has been encouraging.
Appointment of new Auditor following competitive tender
The Notice of AGM includes a resolution to appoint BDO LLP as the Company's auditor in succession to Ernst & Young LLP who have been the Company's external auditors for over 20 years. During 2019, the Company's Audit Committee commenced a formal, competitive tender process for the external audit appointment. Following the conclusion of the tender process and in accordance with the recommendation of the Audit Committee, the Board has approved the appointment of BDO LLP as the Company's external auditor. Further details of the tender process are set out in the Notice of AGM.
As outgoing auditors, Ernst & Young LLP have provided the Company with a statement of reasons, as required by company law, which is also set out in the Notice of AGM. This statement confirms that there are no reasons and no matters connected with Ernst & Young LLP ceasing to hold office which they consider should be brought to the attention of the members or creditors of the company.
Alan Ferguson, Senior Independent Director and Chair of the Audit Committee, said:
"On behalf of the Board, I would like to thank Ernst & Young LLP for the service they have given the Group over many, many years, it has been much appreciated. The tender process we ran was extremely thorough and the Board is unanimous in its recommendation that BDO LLP are appointed as our auditors. Subject to shareholder approval, we are very much looking forward to working with BDO LLP over the coming years."
ENDS
For further information and enquiries please contact:
Marshall Motor Holdings plc | c/o Hudson Sandler |
Daksh Gupta, Chief Executive Officer | Tel: +44 (0) 20 7796 4133 |
Richard Blumberger, Chief Financial Officer
| |
Investec Bank plc (Financial Adviser, NOMAD & Broker) | Tel: +44 (0) 20 7597 5970 |
Christopher Baird | |
David Flin | |
David Anderson
| |
Hudson Sandler | Tel: +44 (0) 20 7796 4133 |
Nick Lyon Bertie Berger | |
Nick Moore |
Notes to Editors
About Marshall Motor Holdings plc (www.mmhplc.com)
The Group's principal activities are the sale and repair of new and used vehicles. The Group's businesses have a total of 117 franchises covering 24 brands, operating from 98 locations across 28 counties in England. In addition, the Group operates six trade parts specialists, two used car centres, six standalone body shops and one pre delivery inspection centre.
In 2020 the Group was recognised by the Great Place to Work Institute, being ranked the 12th best place to work in the UK (super large company category). This was the tenth year in succession that the Group has achieved Great Place to Work status and the sixth year in succession that it has been named as one of the UK's best work places.
LEI number: 213800BP3HZWHDWXAY78
This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Group is Stephen Jones, Group Company Secretary.