Source - RNS
RNS Number : 7436M
Clipper Logistics plc
17 October 2016
 

Results of AGM

 

At the Annual General Meeting (AGM) of Clipper Logistics plc ("Clipper", "the Group", or "the Company"), held on 17 October 2016 all the resolutions put to the meeting were passed. The details of the votes cast are shown in a table below. The full text of each of the resolutions is shown in the Notice of the AGM, which is available on our website at www.clippergroup.co.uk. The maximum total of votes cast was 84,982,726 representing 84.98% of Clipper's issued share capital.

In accordance with Listing Rule 9.6.3 (1), copies of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at www.morningstar.co.uk/uk/NSM.

AGM - Poll results

 Resolution

Votes For

% For**

Votes Against

%

Against**

Votes Total

Votes Withheld

1

Annual Report and Accounts

84,982,726

100.00%

0

0.00%

84,982,726

0

2

Directors' Remuneration Report

84,875,681

99.87%

107,045

0.13%

84,982,726

0

3

Final Dividend

84,982,726

100.00%

0

0.00%

84,982,726

0

4

Appoint Auditors

84,880,310

99.88%

102,416

0.12%

84,982,726

0

5

Remuneration of Auditors

84,978,097

99.99%

4,629

0.01%

84,982,726

0

6

Re-elect Sean Fahey

84,978,097

99.99%

4,629

0.01%

84,982,726

0

7

Re-elect Mike Russell

84,978,097

99.99%

4,629

0.01%

84,982,726

0

8

Re-elect Ron Series

84,978,097

99.99%

4,629

0.01%

84,982,726

0

9

Re-elect Mike Russell - Independent

45,785,087

99.99%

4,629

0.01%

45,789,716

0

10

Re-elect Ron Series - Independent

45,785,087

99.99%

4,629

0.01%

45,789,716

0

11

Allot shares

82,268,487

97.68%

1,957,566

2.32%

84,226,053

756,673

12*

Purchase own shares

84,115,605

98.98%

867,121

1.02%

84,982,726

0

13*

Notice period for general meetings

78,721,385

92.63%

6,261,341

7.37%

84,982,726

0

14*

Allot equity securities for cash

84,875,681

99.87%

107,045

0.13%

84,982,726

0

15*

Allot equity securities for cash - acquisition or capital investment

82,268,487

96.81%

2,714,239

3.19%

84,982,726

0

16

Rule 9 Panel waiver - purchase of own shares

35,973,198

81.33%

8,256,765

18.67%

44,229,963

1,559,753

17

Rule 9 Panel waiver - share awards

34,646,888

78.33%

9,583,075

21.67%

44,229,963

1,559,753

 *Special Resolutions

**The percentage of votes cast for and against excludes withheld votes.

 

The Board is pleased that all Resolutions have been passed with the support of shareholders. The Board notes that resolution 17, relating to the approval of the Panel Waiver given in connection with share awards made under the Company's Performance Share Plan to the Company's Chairman and certain other officers of the Company who are regarded as acting in concert, received a vote of 78.33%% in favour and recognises that a significant minority of shareholders have voted against this resolution.

Ahead of the Annual General Meeting, Michael Russell, the Chairman of the Remuneration Committee wrote to a number of Clipper's largest shareholders to explain the approach of the Remuneration Committee in relation to this specific issue and also spoke to Institutional Shareholder Services an organisation which analyses Company annual reports and makes voting recommendations and seeks views from its members. A significant number of those shareholders contacted have continued to support the approach of the Remuneration Committee. However whilst the Board unanimously believes that the Remuneration Committee made the right decision in aligning executive reward to the shareholder experience, it is clear that there is a divergence of opinion amongst some shareholders as regards awards to the concert party. Looking forward the Board notes that the Remuneration Committee intends to extend its engagement with the Company's shareholders to fully understand shareholder views and to enable it to better address the reasons behind today's vote result.

 

ENQUIRIES

Clipper:

+44 (0)113 204 2050

Steve Parkin, Executive Chairman


David Hodkin, Chief Financial Officer


Guy Jackson, Company Secretary




Bell Pottinger LLP:

+44 (0) 20 3772 2500

David Rydell


Dan de Belder   


James Newman


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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