Last checked at 19 Mar 2018 11:59
19 March 2018
Persimmon Plc (the "Company")
Annual Report 2017 and Annual General Meeting
Following the release of our 2017 final results on 27 February 2018, the Company announces that the following documents are today being made available to shareholders:-
1. Annual Report for the year ended 31 December 2017;
2. Notice of Annual General Meeting to be held on 25 April 2018 and Explanatory Circular; and
3. Proxy Form for the 2018 Annual General Meeting.
As detailed in the Annual Report, the management team continues to pursue the execution of the Group's new strategy launched in 2012 with great success. Given the strong performance and financial position of the Group, having completed its annual review of the availability of surplus capital, the Board concluded to increase the Capital Return Plan to shareholders. The total value of the Capital Return Plan was increased to £13.00 per share to 2021, more than double the £6.20 per share original commitment made by the Board in 2012. This has been achieved by management whilst at the same time having invested c. £3.2bn in land, opened 1,189 new sales outlets, and increased output by over 70% to deliver over 80,000 new homes to the Group's customers over the last 6 years.
In addition, the Company recently announced on 15 March 2018 the appointment of Roger Devlin as Chairman from 1 June 2018. Nigel Mills, Senior Independent Director and Acting Chairman of the Company said "Following a very thorough process, the Board has agreed that Roger is the right candidate to chair Persimmon. I am sure that his wide business experience and his personal qualities will enable him to make a significant contribution to the future of the Group."
We believe it to be in the best interests of the Company and its shareholders now to move forwards. The 2017 PSP was supported by 95% of shareholders at last year's AGM and further amendments are being made to 2018 remuneration and to the overall remuneration approach in the future. The Executives have offered reductions in their contractual entitlements, accountability has been shown at Board level and further governance changes have been introduced including, most recently, the appointment of a new Chairman. The business, led by an excellent and committed management team, continues to perform well. Accordingly, we are asking that shareholders support all the resolutions at the forthcoming AGM.
Detailed information may be found in the Annual Report 2017. Printed copies of the Annual Report 2017 and Notice of Annual General Meeting 2018 are available on request from the Company Secretary, Persimmon Plc, Persimmon House, Fulford, York, YO19 4FE and are also available to view on our Company website at: persimmonhomes.com/corporate/investors.
In accordance with Listing Rule 9.6.1, a copy of each of the above documents has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM.