MMH Marshall Motor Holdings Plc

TIDMMMH

RNS Number : 1600Q

Marshall Motor Holdings PLC

17 June 2020

17 June 2020

MARSHALL MOTOR HOLDINGS PLC

(the "Company" or "Group")

Notice of AGM, 2019 Final Dividend and Change of Auditor

Marshall Motor Holdings Plc, one of the UK's leading automotive retail groups, confirms that the Notice of its Annual General Meeting ('AGM') to be held on 16 July 2020 is now available on its website at www.mmhplc.com and will be posted to shareholders later today.

Attendance at the AGM

As previously announced, in light of ongoing Government advice to restrict all non-essential travel and social contact, the AGM will take place at the Company's office in Milton Keynes with the minimum quorum of attendees facilitated by the Company. Physical attendance by other shareholders will not be permitted, however, shareholders are encouraged to vote on the AGM resolutions electronically and also have the opportunity to submit questions on the AGM resolutions electronically before the meeting and such questions, limited to matters relating to the business of the AGM itself, should be sent to 2020AGM@mmhplc.com.

Cancellation of 2019 Final Dividend

The Company announced on 23 March 2020 that it was suspending the payment of the final dividend for the year ended 31 December 2019. The Board now considers it prudent not to recommend the payment of that final dividend and is not proposing a final dividend resolution at the AGM. The Board is very mindful of the importance of dividends to its shareholders and intends to resume the payment of dividends as soon as conditions allow. In the short period since our dealerships re-opened on 1 June, initial trading has been encouraging.

Appointment of new Auditor following competitive tender

The Notice of AGM includes a resolution to appoint BDO LLP as the Company's auditor in succession to Ernst & Young LLP who have been the Company's external auditors for over 20 years. During 2019, the Company's Audit Committee commenced a formal, competitive tender process for the external audit appointment. Following the conclusion of the tender process and in accordance with the recommendation of the Audit Committee, the Board has approved the appointment of BDO LLP as the Company's external auditor. Further details of the tender process are set out in the Notice of AGM.

As outgoing auditors, Ernst & Young LLP have provided the Company with a statement of reasons, as required by company law, which is also set out in the Notice of AGM. This statement confirms that there are no reasons and no matters connected with Ernst & Young LLP ceasing to hold office which they consider should be brought to the attention of the members or creditors of the company.

Alan Ferguson, Senior Independent Director and Chair of the Audit Committee, said:

"On behalf of the Board, I would like to thank Ernst & Young LLP for the service they have given the Group over many, many years, it has been much appreciated. The tender process we ran was extremely thorough and the Board is unanimous in its recommendation that BDO LLP are appointed as our auditors. Subject to shareholder approval, we are very much looking forward to working with BDO LLP over the coming years."

ENDS

For further information and enquiries please contact:

 
 Marshall Motor Holdings plc                   c/o Hudson Sandler 
 Daksh Gupta, Chief Executive Officer          Tel: +44 (0) 20 7796 
                                                4133 
 Richard Blumberger, Chief Financial Officer 
 Investec Bank plc (Financial Adviser,         Tel: +44 (0) 20 7597 
  NOMAD & Broker)                               5970 
 Christopher Baird 
 David Flin 
 David Anderson 
 Hudson Sandler                                Tel: +44 (0) 20 7796 
                                                4133 
 Nick Lyon 
  Bertie Berger 
 Nick Moore 
 

Notes to Editors

About Marshall Motor Holdings plc ( www.mmhplc.com )

The Group's principal activities are the sale and repair of new and used vehicles. The Group's businesses have a total of 117 franchises covering 24 brands, operating from 98 locations across 28 counties in England. In addition, the Group operates six trade parts specialists, two used car centres, six standalone body shops and one pre delivery inspection centre.

In 2020 the Group was recognised by the Great Place to Work Institute, being ranked the 12(th) best place to work in the UK (super large company category). This was the tenth year in succession that the Group has achieved Great Place to Work status and the sixth year in succession that it has been named as one of the UK's best work places.

LEI number: 213800BP3HZWHDWXAY78

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Group is Stephen Jones, Group Company Secretary.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 17, 2020 02:00 ET (06:00 GMT)

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