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30 May 2008 13:29
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Friday 30 MayΒ 2008
Severfield-RowenΒ Plc
Result of Annual General Meeting
Severfield-Rowen Plc, the market leading structural steel group, is pleased to announce the results of the resolutions proposed at the Annual General Meeting held earlier today. Full details of the voting on each resolution are given below. ResolutionsΒ 1Β toΒ 2Β andΒ 4Β toΒ 10Β were duly passedΒ on a show of hands. ResolutionΒ 3Β was not passed on a vote.
The Board notes the result of the voting in relation to Resolution 3. The Company, and inΒ particular the RemunerationΒ Committee, will pay due and appropriate cognisance to the sentiments behind the shareholders decision.
The objectionsΒ of the shareholders directly related to the decision by the Remuneration Committee to award John Severs, the former ManagingΒ Director,Β a bonus in an amountΒ outside investor guidelines.
The Company acknowledges this as a fact, albeit in respect of a one-offΒ and exceptional bonus payment. At the same time it is worthy of note and regard that in the last fiveΒ years that John Severs was Managing Director, the Company achieved an increase in total shareholder returns, the barometer by which investors judgeΒ the success of a Company and itsΒ management,Β ofΒ 800%.
Enquiries:
Severfield-RowenΒ Plc
Toby Hayward, Chairman 01845 577 896
Tom Haughey, Chief Executive Officer 01845 577 896
Peter Davison, Finance Director 01845 577 896
Β Pelham Public Relations
Alex Walters 020 3170 7435
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