Last checked at 8 Mar 2023 07:01
LEI: 213800VDC1BKJEZ8PV53 8 March 2023
SIG plc (the "Company" or "SIG")
Directorate changes
SIG announces that Christian Rochat, one of the two Directors appointed by CD&R Sunshine S.À R.L ("CD&R"), informed the Company yesterday that he does not intend to stand for re-election at the Annual General Meeting on 4 May 2023 (the "AGM"). CD&R yesterday served notice on the Company that it intends to nominate Mr Diego Straziota for appointment to SIG's Board at the AGM.
Mr Straziota is a Managing Director at CD&R principally engaged in evaluating investment opportunities in the industrials and business services verticals. He has served as CD&R's appointed observer to SIG's Audit & Risk Committee since July 2020. There are no disclosures required in respect of this appointment pursuant to Listing Rule 9.6.13 (1) to (6).
Commenting on these changes, SIG's Chairman Andrew Allner said "Christian joined the Board at the time of CD&R's investment in July 2020. We are grateful to him for the contribution he has made to the Company's turnaround and progress since then, to the benefit of all of SIG's shareholders. Diego is well-known to the Board, and we look forward to working with him."
SIG plc |
| +44 (0) 114 285 6300 | |
Andrew Allner | Chairman | ||
FTI Consulting |
| +44 (0) 20 3727 1340 | |
Richard Mountain | |||
Peel Hunt LLP - Joint broker to SIG | +44 (0) 20 7418 8900 | ||
Mike Bell / Charles Batten | |||
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Investec Bank plc - Joint broker to SIG | +44 (0) 20 7597 5970 | ||
Bruce Garrow / David Anderson |
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Notes
· There are no remuneration payments (within the meaning of section 430(2B) of the Companies Act 2006) that will be paid to Christian Rochat following him ceasing to be a director and he will not receive any payment for loss of office
· Under the terms of the relationship agreement dated 29 May 2020 between the Company and CD&R, whilst CD&R holds at least 20% of the votes able to be cast at general meetings of the Company, CD&R has the right to appoint two non-executive directors to the Board (each a "Nominee Director"). In addition, whilst CD&R holds at least 10% of the votes able to be cast at general meetings of the Company, CD&R has the right to designate a Nominee Director to sit on each of the Remuneration Committee and the Nominations Committee, and to appoint an observer to the Audit & Risk Committee
· Christian Rochat is a member of the Nominations Committee. Upon him ceasing to be a director, CD&R's other current Nominee Director, Bruno Deschamps, shall be appointed a member of the Nominations Committee. Bruno will remain a member of the Remuneration Committee
· Diego Straziota shall continue to be CD&R's appointed observer to the Audit & Risk Committee following his appointment as a Nominee Director