Topps Tiles PLC Result of AGM (7062F)
19 Julio 2021 - 7:18AM
UK Regulatory
TIDMTPT
RNS Number : 7062F
Topps Tiles PLC
19 July 2021
Topps Tiles Plc
Result of AGM - Update
Further to its announcement of 20 January 2021 concerning
resolution 10 (Directors' Authority to Allot Shares), an ordinary
resolution which was passed but with less than 80% of the votes;
and resolutions 11 (Disapplication of Pre-emption Rights -
General), 12 (Disapplication of Pre-emption Rights - Specific) and
13 (Authority to Make Market Purchases of Shares), which were
special resolutions requiring a 75% majority and which did not
receive sufficient support to be passed, Topps Tiles Plc (the
"Company"), the UK's leading tile specialist, announces that:
-- Since the AGM, in accordance with provision 4 of the UK
Corporate Governance Code (the "Code"), the Board has consulted and
engaged with relevant shareholders to understand and discuss their
concerns with respect to these resolutions.
-- These resolutions are considered routine practice for UK
listed companies and are within the Investment Association's Share
Capital Management Guidelines. The Board is aware, however, that
some overseas investors have a policy of not supporting these kinds
of authorities, owing to concerns regarding potential dilution of
their shareholdings.
-- The views of all shareholders are important to the Company,
and the Board will continue to engage with relevant shareholders on
this topic. However, the Board highlights that the Company has no
recent history of issuing new shares other than to satisfy employee
share plans, and the Board still considers the flexibility afforded
by these authorities to be in the best interests of the Company and
shareholders.
Enquiries:
Topps Tiles Plc 0116 282 8000
Alistair Hodder, Company Secretary
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END
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July 19, 2021 08:18 ET (12:18 GMT)
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