18 Jun 2010 11:18
Stobart Group Limited
('Stobart' or 'the Group')
Interim Management Statement and Results of AGM
Stobart Group ('Stobart' or 'the Group'), one of the UK's leading providers of multimodal transport logistics solutions, is issuing the following Interim Management Statement - covering the period from 1 March 2010 to date - to coincide with its Annual General Meeting ('AGM'), which was held today.
The Group has made a solid start to the year and is trading in line with expectations. During the first quarter, volumes have shown less volatility than the corresponding period in 2009. However, despite the economic climate starting to show recovery, market conditions remain challenging.
The performance of the business is ahead of the same period last year, helped by the start of new and enhanced contracts, including chilled volume with Tesco from their new distribution centre adjacent to our Inland Port in Widnes and a 10 year contract for the movement of wood product with A. W. Jenkinson.
In March we diversified into supply chain management and control through a joint venture in Stobart Biomass Products, alongside the UK biomass market leader A.W. Jenkinson. This new company sources and distributes biomass fuel to the UK renewable energy market. Visibility of orders has improved over the past two months with further viable projects identified.
At the start of June, we secured our long term funding position through the £100m, 10 year term loan from M&G. This loan has partly been used to repay existing bank debt but, more importantly, will fund key capital projects across the Group, the first of which will be the further enhancement of London Southend Airport following ministerial consent for the runway extension in March.
Stobart Group expects to announce its results for the six months to 31 August 2010 on 20 October 2010.
Details of voting at Annual General Meeting
The resolutions were passed at the AGM on a show of hands. With respect to Resolutions 11 and 13, the Board assures shareholders that it will not allot more than 5% of the share capital without pre-emption rights before the date of the next AGM. Details of the proxy votes received in advance of the meeting are as follows:
|
| Votes in favour | Votes at Chairman's discretion | Votes against | Votes withheld | % in favour excl. Discretion and withheld votes |
| To receive the Company's Annual Accounts for the financial year ended 28 February 2010 together with the last Directors' report, the last Directors' Remuneration Report and the Auditors' Report on those accounts.
| 200,739,246 | 55,755 | 6,877 | 1,562,083 | 99.20 |
| To declare a final dividend for the year ended 28 February 2010 of 4p per ordinary share of 10p each in the capital of the Company.
| 202,306,197 | 55,755 | 2,009 | 0 | 99.97 |
| To re-elect Daniel Dayan, who was appointed during the year and who, being eligible, offers himself for re-election as a Director in accordance with article 74 of the articles of association of the Company. | 202,241,412 | 64,843 | 31,082 | 26,624 | 99.94 |
| To re-elect Jesper Kjaedegaard, who was appointed during the year and who, being eligible, offers himself for re-election as a Director in accordance with article 74 of the articles of association of the Company.
| 202,264,010 | 63,843 | 11,168 | 24,940 | 99.95 |
| To re-elect Andrew Tinkler under article 76, who retires by rotation pursuant to article 75(1) of the articles of association of the Company and provision A.7.1 of the Combined Code and who, being eligible, offers himself for re-election as a Director.
| 202,213,919 | 58,708 | 69,040 | 22,294 | 99.93 |
| To re-elect Ben Whawell under article 76, who retires by rotation pursuant to article 75(1) of the articles of association of the Company and provision A.7.1 of the Combined Code and who, being eligible, offers himself for re-election as a Director.
| 202,273,821 | 63,843 | 3,357 | 22,940 | 99.96 |
| To re-elect David Irlam under article 76, who retires by rotation pursuant to article 75(1) of the articles of association of the Company and provision A.7.1 of the Combined Code and who, being eligible, offers himself for re-election as a Director.
| 202,279,028 | 65,343 | 2,009 | 17,581 | 99.96 |
| To re-appoint Ernst Young LLP as Auditors of the Company.
| 201,707,007 | 60.755 | 590,835 | 5,364 | 99.68 |
| To authorise the Directors to fix the Auditors' remuneration.
| 202,277,927 | 61,890 | 17,280 | 6,864 | 99.96 |
| To approve the Directors' Remuneration Report for the Financial Year ended 28 February 2010.
| 198,844,000 | 72,943 | 797,127 | 2,649,890 | 98.26 |
| To consider and, if thought fit, pass the following resolution which will be proposed as an ordinary resolution:
THAT, in accordance with article 7 of the articles of association of the Company the directors of the Company be and they are hereby generally and unconditionally authorised to exercise all or any of the powers of the Company to allot shares in the Company or to grant rights to subscribe for, or to convert any security into, shares in the Company (such shares and rights being together referred to in this resolution as "Relevant Securities") up to an aggregate nominal value of £8,867,312.50 to such persons at such times and generally on such terms and conditions as the directors may determine (subject always to the articles of incorporation of the Company), provided that this authority shall, unless previously renewed, varied or revoked by the Company in general meeting, expire at the conclusion of the next annual general meeting of the Company or on the date which is 6 months after the next accounting reference date of the Company (if earlier) save that the directors of the Company may, before the expiry of such period, make an offer or agreement which would or might require Relevant Securities to be allotted after the expiry of such period and the directors of the Company may allot Relevant Securities in pursuance of such offer or agreement as if the authority conferred by this resolution had not expired.
| 196,851,204 | 680,624 | 4,835,046 | 58,336 | 97.25 |
| To consider and, if thought fit, pass the following resolution which will be proposed as a special resolution:
THAT prior to the Annual General Meeting of the Company to be held in 2011, a general meeting of the Company, other than an Annual General Meeting, may be called on not less than 14 clear days' notice.
| 200,920,439 | 679,557 | 815,609 | 9,606 | 99.26 |
| To consider and, if thought fit, pass the following resolution which will be proposed as a special resolution:
THAT pursuant to section 42 of the Companies (Guernsey) Law, 2008 (as amended) (the "Guernsey Act"), that with effect from the date of this resolution, the existing articles of association shall be amended and replaced in their entirety with the regulations in the form of the amended articles of incorporation of the Company provided to the Meeting and marked "A" and initialled by the Chairman of the Meeting for the purposes of identification (the "Amended Articles").
| 191,570,452 | 681,057 | 10,127,798 | 45,903 | 94.64 |
18 June 2010
ENQUIRIES:
Stobart Group 01925 605400
Andrew Tinkler, Chief Executive Officer
Ben Whawell Chief Financial Officer
i-nfluence 0207 2879610
James Andrew