Countrywide PLC Result of AGM (6985D)

TIDMCWD

RNS Number : 6985D

Countrywide PLC

28 April 2017

28 April 2017

Countrywide plc

Voting results of Annual General Meeting held on 27 April 2017

Countrywide plc ("the Company") announces that its Annual General Meeting ("AGM") held at Vintners Place, 68 Upper Thames Street, London EC4V 3BJ on 27 April 2017 at 10.00am was successfully concluded. All resolutions were duly passed by shareholders by way of a poll. The voting results are below and the voting represents 85.4% of the issued share capital of 237,931,467 shares.

Resolution 17, intended to give the Company flexibility to disapply pre-emption rights for the purposes of acquisitions or capital investment was duly passed by 79.78% of votes cast at the meeting. This resolution is contemplated by the Pre-emption Group's Statement of Principles and the approval sought by the Company is in line with market practice. The Company will seek the views of those shareholders opposed to resolution 17 in order to understand their concerns.

Resolution 20, being the ordinary resolution to approve the waiver by the Panel on Takeovers and Mergers under Rule 9 of the City Code on Takeovers and Mergers (the "Takeover Code") in connection with the Company's buyback programme, was duly passed by 78.16% of the independent shareholders of the Company (being shareholders of the Company other than funds managed by Oaktree Capital Management (UK) LLP or any persons acting in concert with such funds, together "Oaktree") whose votes were cast at the meeting. As a result, the Company will be able to make use of the option to return value to its shareholders through a possible future buyback programme. Had resolution 20 not been passed, the Company would have been unable to exercise the share buyback authority obtained pursuant to resolution 19 (which was passed by 99.97% of the shares whose votes were cast at the meeting), as doing so would have forced Oaktree to make a mandatory offer for all remaining shares of the Company pursuant to Rule 9 of the Takeover Code. The Company intends to continue to engage with shareholders who voted against resolution 20 in order to understand their concerns.

As required by Listing Rule 9.6.3R, a copy of resolution 20, not being ordinary business, has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

The poll results are also to be posted on the Company's website.

A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.

Resolutions 16, 17 and 19 were special resolutions and the full text of all of the resolutions is set out in the Notice of AGM on the Company's website.

Countrywide - Poll Results by All Shareholders

 
 RESOLUTION                                                       VOTES 
-----------  ------------------  ---------------------------------------------------------------------- 
                                          FOR                  AGAINST         WITHHELD        TOTAL 
-----------  ------------------  ---------------------  --------------------  -----------  ------------ 
                                  Votes         %             Votes   %             Votes 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Company's 
               annual 
               report 
 1             and accounts       202,391,173   99.99%        4,238   0.01%       790,382   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Directors' 
               remuneration 
 2             report             202,605,393   99.71%      580,400   0.29%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Directors' 
               remuneration 
 3             policy             202,605,093   99.71%      580,400   0.29%           300   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Peter 
 4             Long               199,800,005   98.33%    3,384,511   1.67%         1,277   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of David 
 5             Watson             203,111,378   99.96%       74,415   0.04%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Alison 
 6             Platt              202,849,052   99.83%      336,741   0.17%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Jim 
 7             Clarke             201,385,847   99.11%    1,798,669   0.89%         1,277   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Caleb 
 8             Kramer             202,852,216   99.84%      332,953   0.16%           624   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Richard 
 9             Adam               203,111,081   99.96%       72,811   0.04%         1,901   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Catherine 
 10            Turner             203,111,746   99.96%       73,423   0.04%           624   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Jane 
 11            Lighting           203,111,908   99.96%       73,885   0.04%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Re-election 
               of Rupert 
 12            Gavin              203,112,370   99.96%       73,423   0.04%             0   203,185,793 
                                               -------                        -----------  ------------ 
              Reappointment 
 13            of auditor         202,759,772   99.79%      426,021   0.21%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Remuneration 
               of auditor 
               to be determined 
               by the 
               Audit and 
 14            Risk Committee     203,152,923   99.99%       28,632   0.01%         4,238   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Authority 
               to allot 
 15            shares             202,998,430   99.91%      187,363   0.09%             0   203,185,793 
                                               -------                        -----------  ------------ 
              General 
               power to 
               disapply 
               pre-emption 
 16            rights             198,835,909   97.86%    4,349,884   2.14%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Additional 
               authority 
               to disapply 
               pre-emption 
               rights 
               for the 
               purpose 
               of acquisitions 
               or capital 
 17            investments        162,111,751   79.78%   41,074,042   20.22%            0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Political 
 18            donations          202,769,730   99.83%      340,363   0.17%        75,700   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Authority 
               to make 
               market 
 19            purchases          203,125,631   99.97%       60,162   0.03%             0   203,185,793 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
              Approval 
               of waiver 
               of Rule 
               9 offer 
 20            obligation         102,576,490   78.16%   28,666,057   21.84%   71,943,236   203,185,783 
-----------  ------------------  ------------  -------  -----------  -------  -----------  ------------ 
 

Notes:-

   1)   Percentage of votes cast for proxy votes results calculated excludes withheld votes. 
   2)   Total of ordinary shares in issue (eligible to vote) 237,931,467. 
   3)   Total of votes received per Resolution (including withheld votes) 203,185,793 
   4)   Participation level per Resolution (including withheld votes) 85.4% 

Countrywide - Poll Results by Independent Shareholders

 
 RESOLUTION                                              VOTES 
-----------  ------------------  ----------------------------------------------------  ------------ 
                                          FOR                 AGAINST        WITHHELD         Total 
                                                                                              Votes 
-----------  ------------------  ---------------------  ------------------  ---------  ------------ 
                                        Votes        %       Votes       %      Votes 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
              Re-election 
     4         of Peter Long      128,103,150   97.43%   3,384,511   2.57%      1,277   131,487,661 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
              Re-election 
     5         of David Watson    131,414,523   99.94%      74,415   0.06%          0   131,488,938 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
              Re-election 
               of Richard 
     9         Adam               131,414,226   99.94%      72,811   0.06%      1,901   131,487,037 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
              Re-election 
               of Catherine 
     10        Turner             131,414,891   99.94%      73,423   0.06%        624   131,488,314 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
              Re-election 
     11        of Jane Lighting   131,415,053   99.94%      73,885   0.06%          0   131,488,938 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
              Re-election 
     12        of Rupert Gavin    131,415,515   99.94%      73,423   0.06%          0   131,488,938 
-----------  ------------------  ------------  -------  ----------  ------  ---------  ------------ 
 

Note:-

1) Percentage of votes cast by independent shareholders for Resolutions 4, 5, 9, 10, 11 and 12 appointing Independent Non-Executive Directors exclude Oaktree's holding of 71,696,855.

Gareth Williams

Company Secretary

Countrywide plc

County House

100 New London Road

Chelmsford

Essex CM2 0RG

Enquiries:

Jim Clarke

Group Chief Financial Officer

[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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April 28, 2017 06:10 ET (10:10 GMT)