Last checked at 15 May 2014 17:28
15 May 2014
Vesuvius plc - Result of Annual General Meeting ("AGM")
Vesuvius plc ("the Company") confirms that, at its second AGM today, each of the resolutions set out in the Notice of Meeting to Shareholders dated 7 April 2014, was passed by Shareholders.
A poll was conducted on each resolution at the meeting and the results, certified by the scrutineer, Equiniti Limited, were as follows:
RESOLUTIONS | FOR | AGAINST | TOTAL | |||||
No. of votes cast1 | % of votes cast | No. of votes cast | % of votes cast | No. of votes cast | % of Issued Share Capital2 | Votes withheld3 | ||
1 | Receipt of Annual Report and Accounts | 220,255,436 | 99.99 | 26,495 | 0.01 | 220,281,931 | 81.22 | 193,528 |
2 | Declaration of Final Dividend | 220,290,858 | 100.00 | 0 | 0.00 | 220,290,858 | 81.22 | 184,601 |
3 | Election of N Connors | 220,000,939 | 99.87 | 285,494 | 0.13 | 220,286,433 | 81.22 | 189,026 |
4 | Election of C Gardell | 216,374,979 | 98.22 | 3,911,454 | 1.78 | 220,286,433 | 81.22 | 189,026 |
5 | Election of J Hewitt | 218,155,748 | 99.03 | 2,130,538 | 0.97 | 220,286,286 | 81.22 | 189,173 |
6 | Election of J Hinkley | 216,868,147 | 98.45 | 3,418,286 | 1.55 | 220,286,433 | 81.22 | 189,026 |
7 | Election of J McDonough | 208,681,547 | 94.73 | 11,604,837 | 5.27 | 220,286,384 | 81.22 | 189,075 |
8 | Election of C O'Shea | 217,976,258 | 98.95 | 2,310,175 | 1.05 | 220,286,433 | 81.22 | 189,026 |
9 | Election of F Wanecq | 217,981,635 | 98.95 | 2,305,728 | 1.05 | 220,287,363 | 81.22 | 188,096 |
10 | Re-appointment of Auditor | 216,509,731 | 99.27 | 1,592,827 | 0.73 | 218,102,558 | 80.42 | 2,372,901 |
11 | Remuneration of Auditor | 218,093,188 | 100.00 | 5,798 | 0.00 | 218,098,986 | 80.42 | 2,376,473 |
12 | Approve the directors' remuneration policy | 215,577,683 | 97.87 | 4,684,029 | 2.13 | 220,261,712 | 81.21 | 213,747 |
13 | Approve the directors' remuneration report | 218,852,126 | 99.35 | 1,427,883 | 0.65 | 220,280,009 | 81.22 | 195,450 |
14 | Authority to Incur Political Expenditure | 219,967,726 | 99.88 | 271,543 | 0.12 | 220,239,269 | 81.21 | 236,190 |
15 | Authority to Allot Shares | 218,397,961 | 9.14 | 1,889,620 | 0.86 | 220,287,581 | 81.22 | 187,878 |
16 | Special Resolution: Authority to Disapply Pre-emption Rights | 220,059,177 | 99.90 | 226,902 | 0.10 | 220,286,079 | 81.22 | 189,380 |
17 | Special Resolution: Authority to purchase Own Shares | 220,205,176 | 100.00 | 7,761 | 0.00 | 220,213,037 | 81.20 | 262,422 |
18 | Special Resolution: Authority to Call a General Meeting on 14 clear days' notice | 205,711,801
| 93.38 | 14,579,204 | 6.62 | 20,291,005 | 81.22 | 184,454
|
Vesuvius issued an Interim Management Statement on 15 May.
At today's AGM, the Chairman John McDonough said: "Market conditions have remained broadly unchanged since we announced our 2013 Results at the beginning of March, and the Group's trading performance for the first four months of this year has been in line with the Board's expectations. We are making good progress with our self-help initiatives to drive performance improvement regardless of the wider market environment, with margin improvement continuing in 2014.
Whilst there have been encouraging signs of increased activity in some end-markets, namely in Europe, conditions in other end markets remain challenging, and we therefore continue to expect the underlying trading environment during 2014 to be broadly similar to that experienced in 2013.
As previously disclosed, a continuation in the current strength of Sterling will have a negative impact on reported results. Despite this, management's sustained focus on self-help measures to drive operational efficiency, coupled with the strength of our customer relationships and our technical leadership and innovation, is expected to drive further margin improvement during the course of the year. Consequently, the Board remains confident in their expectations for the full year."
No further comments on trading were made at the meeting.
Notes:
1. Any proxy appointments which gave discretion to the Chairman have been included in the "for" total.
2. The total number of shares in issue is 278,485,071 of which 7,271,174 shares are held in Treasury.
3. A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" and "against" a resolution.
4. All percentages are shown to two decimal places.
This information will also shortly be available to view on the Company's website at: www.vesuvius.com.
In accordance with Listing Rule 9.6.2 a copy of all Resolutions will be submitted to the Financial Conduct Authority National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do. A copy of all Resolutions is also available from the Company Secretary, Vesuvius plc, 165 Fleet Street, London EC4A 2AE, England. In addition, a copy of all Resolutions will be filed with Companies House.
Vesuvius plc
165 Fleet Street
London EC4A 2AE
Tel: +44 (0) 20 7822 0000
Fax: +44 (0) 20 7822 0100
Web: www.vesuvius.com