Shaftesbury PLC Update on 2021 AGM resolution votes (9334I)
17 Agosto 2021 - 8:52AM
UK Regulatory
TIDMSHB
RNS Number : 9334I
Shaftesbury PLC
17 August 2021
SHAFTESBURY PLC
Update on 2021 annual general meeting resolution votes
In accordance with the requirement of Provision 4 of the UK
Corporate Governance Code (2018), Shaftesbury PLC ("the Company")
is providing this update following significant votes (defined as
above 20%) against the following resolutions at its annual general
meeting ("AGM") held on 25 February 2021.
Resolutions 15 (Disapplication of Pre-emption Rights - General)
and 16 (Disapplication of Pre-emption Rights - Specific), which
were special resolutions requiring a 75% majority, did not receive
sufficient support to be passed (receiving votes in favour of
72.03% and 70.94% respectively) at the 2021 AGM due to the votes
cast by a single shareholder holding over 25% of the Company's
issued share capital.
As noted in our announcement on 25 February 2021, the Board was
disappointed in this outcome given that each of the resolutions
followed the provisions of the Pre-Emption Group's Statement of
Principles for the disapplication of pre-emption rights and
reflected UK listed company market practice.
Subsequent to the AGM, we have engaged with the shareholder in
relation to the relevant resolutions and understand that the
shareholder felt that, following the capital raise undertaken by
the Company in 2020, the authorities were unlikely to be imminently
required, and also that certain of its own shareholders do not
generally support authorities for directors to issue shares
non-pre-emptively. Whilst the Board still considers the flexibility
afforded by these authorities to be in the best interests of the
Company and its shareholders, it will continue to consider its
approach on this matter and engage with shareholders as
appropriate. An update will be provided in the 2021 Annual
Report.
These resolutions were not previously passed at the AGMs for
each of the three years 2018 to 2020 due to votes against the
resolutions by Mr Samuel Tak Lee, the ultimate beneficial owner of
shares representing over 25% of the Company's issued share capital;
these shares were sold in 2020.
Desna Martin
Company Secretary
17 August 2021
020 7333 8118
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