13 May 2019 13:00
13 May 2019
Midwich Group PLC
("Midwich" or the "Group")
Result of AGM
Midwich Group (AIM: MIDW), a specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe and Asia Pacific, announces that at the Annual General Meeting held earlier today, all resolutions were duly passed.
Details of the proxy votes received on each resolution by Midwich's Registrar are set out below:
Resolution | In Favour | Against | Withheld | Total votes cast | |||
Number of votes | % | Number of votes | % | Number of votes | |||
1. | Ordinary resolution to receive and adopt the Company's annual accounts for the financial year ended 31 December 2018. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
2. | Ordinary resolution to re-elect Stephen Fenby as a director of the Company. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
3. | Ordinary resolution to re-elect Andrew Herbert as a director of the Company. | 56,942,200 | 99.46 | 306,914 | 0.54 | 0 | 57,249,114 |
4. | Ordinary resolution to re-elect Mike Ashley as a director of the Company. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
5. | Ordinary resolution to re-elect Stephen Lamb as a director of the Company. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
6. | Ordinary resolution to re-elect Hilary Wright as a director of the Company. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
7. | Ordinary resolution to re-appoint Grant Thornton UK LLP as the Company's auditors. | 56,575,943 | 100 | 0 | 0 | 673,171 | 57,249,114 |
8. | Ordinary resolution to declare a final dividend for the financial year ended 31 December 2018 of 10.60p per ordinary share. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
9. | Ordinary resolution to approve the Directors' Remuneration Report (excluding the directors' remuneration policy). | 55,946,181 | 97.72 | 1,302,933 | 2.28 | 0 | 57,249,114 |
10. | Ordinary resolution to authorise the directors to allot shares. | 57,105,264 | 99.75 | 143,850 | 0.25 | 0 | 57,249,114 |
11. | Special resolution to disapply pre-emption rights. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
12. | Further special resolution to disapply pre-emption rights in circumstances permitted by the Pre-emption Group guidelines. | 57,249,114 | 100 | 0 | 0 | 0 | 57,249,114 |
For further information:
Midwich Group plc Stephen Fenby, Managing Director Stephen Lamb, Finance Director
| Tel: +44 (0) 13 7964 9200 |
Investec Bank plc (NOMAD and Joint Broker to Midwich) James Rudd Carlton Nelson
| Tel: +44 (0) 20 7597 5970 |
Berenberg (Joint Broker to Midwich) Ben Wright Mark Whitmore Laure Fine
| Tel: +44 (0) 20 3207 7800 |
FTI Consulting Alex Beagley Tom Hufton Fern Duncan | Tel: +44 (0) 20 3727 1000
|
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia Pacific. The Group's long-standing relationships with over 400 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 17,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.
Initially a UK only distributor, the Group now has 900 employees across the UK and Ireland, Continental Europe and Asia Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.
For further information, please visit www.midwichgroupplc.com
Midwich Group (MIDW)