21 Sep 2018 15:50
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
21 September 2018
For Immediate Release
Result of AGM and Appointment of Deputy Chairman
The Company announces the outcome of votes cast by means of a poll in respect of the resolutions put to the Annual General Meeting held at 2pm on 21 September 2018. The table below gives details of the results of the poll in respect of the ordinary resolutions (resolutions 1 to 9) and special resolutions (resolutions 10 to 12) set out in the Company's notice of AGM dated 28 August 2018.
Resolution | Total Votes For * | % | Total Votes Against* | % | Total VotesWithheld ** |
1. To receive the Company's financial statements and Directors' and Auditors' reports for the year ended 30 April 2018 | 79,170,500 | 100.00 | 0 | 0.00 | 50,000 |
2. To approve the Directors' Remuneration Report for the year ending 30 April 2018 | 28,094,617 | 39.54 | 42,952,331 | 60.46 | 8,173,552 |
3. To re-elect Richard M Hurwitz as a Director of the Company | 53,681,555 | 77.20 | 15,851,854 | 22.80 | 9,687.091 |
4. To re-elect Peter Kiernan as a Director of the Company | 44,103,323 | 63.43 | 25,424,134 | 36.57 | 9,693,043 |
5. To elect Anthony Bromovsky | 67,739,185 | 85.58 | 11,417,763 | 14.42 | 63,552 |
6. To elect Duncan Goldie-Morrison | 67,739,185 | 85.58 | 11,417,763 | 14.42 | 63,552 |
7. To re-appoint PricewaterhouseCoopers LLP as auditors | 55,836,959 | 80.30 | 13,696,450 | 19.70 | 9,687,091 |
8. To authorise the Directors to set the auditors' remuneration | 59,948,825 | 86.22 | 9,578,632 | 13.78 | 9,693,043 |
9. Authority to allot shares | 79,156,303 | 100.00 | 645 | 0.00 | 63,552 |
10. General authority to disapply pre-emption rights (special resolution) | 58,004,610 | 73.28 | 21,152,338 | 26.72 | 63,552 |
11. Additional authority to disapply pre-emption rights for purposes of acquisitions or capital investments (special resolution) | 58,004,610 | 73.28 | 21,152,338 | 26.72 | 63,552 |
12. Authority to purchase own shares (special resolution) | 69,518,757 | 99.99 | 9,050 | 0.01 | 9,692,693 |
* Includes discretionary votes.
** A vote withheld is not treated as a vote in law and would not be counted in the calculation of the proportion of the votes cast for or against a resolution
Defined terms used in this announcement shall have the meanings set out in the AGM Notice.
The Board acknowledges the number of shareholder votes cast against the resolutions to approve the Directors' Remuneration Report. Now that the turnaround of Tungsten is largely completed, the Board intends to review Directors' remuneration and consult shareholders further on the conclusions of that review.
As at the date of the AGM, the number of issued shares and total voting rights of the Company was 126,088,147 shares in issue. The Company's Articles of Association set out that every member who is present in person or by proxy shall have one vote for every share of which he is the holder on a poll. The scrutineer of the poll was Equiniti Limited.
Appointment of Deputy Chairman
The Board is also pleased to announce the appointment of Tony Bromovsky as Deputy Chairman of the Company with immediate effect.
Enquiries:
Tungsten Corporation plc Richard Hurwitz, Chief Executive Officer David Williams, Chief Financial Officer
|
+44 20 7280 7713
| |
Panmure Gordon (Nominated Advisor) Dominic Morley | +44 20 7886 2500
| |
Canaccord Genuity Limited (Broker) Simon Bridges/Emma Gabriel | +44 20 7523 8000
| |
Neustria Partners Robert Bailhache/Nick Henderson/Charles Gorman [email] | +44 20 3021 2580
|
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers access to trade finance through Tungsten Network Finance.
Tungsten Network processes invoices for 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.