TheWorks.co.uk PLC AGM -- Update on Proxy Votes (3680O)
02 Octubre 2023 - 4:51AM
UK Regulatory
TIDMWRKS
RNS Number : 3680O
TheWorks.co.uk PLC
02 October 2023
TheWorks.co.uk plc (the "Company")
2 October 2023
AGM - Update on Proxy Votes
Following the deadline of Monday 2 October 2023 for the receipt
of proxy voting instructions in relation to the Company's Annual
General Meeting ("AGM"), to be held on Wednesday 4 October 2023 at
9.00am, the Company today announces an update on votes cast in
relation to the declaration of final dividend (Resolution 2).
As of 9.00am on Monday 2 October 2023, votes over a total of
23,366,016 (c.68.97% of total votes cast) Ordinary Shares had been
cast by proxy against Resolution 2, the proposed Final Dividend of
1.6 pence per share, as set out in the AGM Notice published on 8
September 2023. Resolution 2 is an ordinary resolution requiring
more than 50% of votes cast to be in favour in order to pass.
Based on the current proxy votes cast, Resolution 2 is not
expected to pass at the AGM. However, shareholders should note that
the instructions as to how proxy votes should be cast may be
changed at any time until voting on the resolution has closed.
Accordingly, the final voting position may be different to that
indicated by the proxies cast to date.
As noted in the preliminary results announcement on 30 August
2023, ([1]) the Board carefully considered its approach to capital
distribution for FY23. In seeking to achieve a reasonable
compromise between returns to shareholders and prudence, the Board
proposed a final dividend, with some shareholders subsequently
expressing a preference for share buybacks over dividends.
Should Resolution 2 not pass at the AGM, the Board will make the
appropriate announcements in accordance with the UK Corporate
Governance Code and will consult further with Shareholders
regarding alternative capital distributions, including
consideration of share buybacks which form part of the Company's
recently updated capital distribution policy.
Resolution In favour (including at Chair's discretion) Against Withheld
Votes % Votes Cast Votes % Votes Cast Votes
--------------------- ----------------------- ----------- ------------- ---------
2 10,513,679 31.03% 23,366,016 68.97% 1,854
--------------------- ----------------------- ----------- ------------- ---------
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (596/2014/EU) as the
same has been retained in UK law as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019 (SI 2019/310).
Notes:
[1] https://ir.design-portfolio.co.uk/viewer/101/59882
Enquiries:
TheWorks.co.uk plc via Sanctuary Counsel
Gavin Peck, CEO
Steve Alldridge, CFO
Sanctuary Counsel
Ben Ullmann 0207 340 0395
Rachel Miller theworks@sanctuarycounsel.com
Kitty Rider
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END
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