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CRST Crest Nicholson Holdings Plc

193.20
-1.30 (-0.67%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Crest Nicholson Holdings Plc LSE:CRST London Ordinary Share GB00B8VZXT93 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.30 -0.67% 193.20 193.20 194.10 195.50 191.60 194.50 1,107,962 16:35:14
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Construction Machinery & Eq 657.5M 17.9M 0.0697 27.76 497.14M

Crest Nicholson Holdings PLC Result of AGM (3608A)

23/03/2017 2:12pm

UK Regulatory


Crest Nicholson (LSE:CRST)
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TIDMCRST

RNS Number : 3608A

Crest Nicholson Holdings PLC

23 March 2017

Crest Nicholson Holdings plc

LEI: 213800ROIFXRRRKVQD25

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL

23 March 2017

Crest Nicholson Holdings plc

("Crest" or the "Company")

RESULTS OF ANNUAL GENERAL MEETING

The Company advises that all of the resolutions were considered and voted upon by the shareholders by poll at the Annual General Meeting held today.

The full text of each resolution was included in the Notice of Meeting circulated to shareholders on 13 February 2017. The results of the poll incorporating proxy votes lodged in advance of the meeting are set out below.

 
                                     Votes             Votes             Total           % of issued          Votes 
                Resolution            For             Against            Votes          Share Capital        Withheld* 
                                                                                            voted 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                 RECEIVE 
                 REPORT & 
     1           ACCOUNTS         184,657,860            0            184,657,860          72.31%           5,535,896 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
               DECLARATION 
                 OF FINAL 
     2           DIVIDEND         190,193,756            0            190,193,756          74.48%               0 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                RE-ELECT 
                 WILLIAM 
     3            RUCKER          185,051,763        4,876,397        189,928,160          74.37%            265,596 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                RE-ELECT 
                 STEPHEN 
     4            STONE           186,464,671        3,726,955        190,191,626          74.48%             2,130 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                RE-ELECT 
                 PATRICK 
     5            BERGIN          186,459,378        3,732,248        190,191,626          74.48%             2,130 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                RE-ELECT 
     6        JIM PETTIGREW       188,378,229        1,811,527        190,189,756          74.48%             4,000 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                RE-ELECT 
              PAM ALEXANDER 
     7             OBE            189,914,132         279,624         190,193,756          74.48%               0 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                RE-ELECT 
     8         SHARON FLOOD       189,912,963         280,793         190,193,756          74.48%               0 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
              ELECT ROBERT 
     9            ALLEN           186,136,283        4,057,223        190,193,506          74.48%              250 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
               ELECT CHRIS 
     10           TINKER          176,903,441       13,285,065        190,188,506          74.48%             5,250 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
               RE-APPOINT 
     11          AUDITORS         190,188,288          5,468          190,193,756          74.48%               0 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                AUTHORISE 
                 AUDIT & 
                  RISK 
                COMMITTEE 
              TO DETERMINE 
                AUDITOR'S 
     12       REMUNERATION        189,560,906         628,600         190,189,506          74.48%             4,250 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                 APPROVE 
                DIRECTORS' 
               REMUNERATION 
     13           REPORT          77,359,078        107,344,963       184,704,041          72.33%           5,489,715 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                 APPROVE 
                DIRECTORS' 
               REMUNERATION 
     14           POLICY          182,831,307        7,357,089        190,188,396          74.48%             6,662 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                AUTHORITY 
                 TO ALLOT 
     15           SHARES          190,153,896         39,750          190,193,646          74.48%             1,412 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                DISAPPLY 
               PRE-EMPTION 
     16         RIGHTS **         188,320,077        1,872,319        190,192,396          74.48%             2,662 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                PURCHASE 
                OWN SHARES 
     17             **            185,456,927        4,107,427        189,564,354          74.23%            629,402 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
                 CALLING 
                 GENERAL 
                 MEETINGS 
               ON 14 DAYS' 
     18         NOTICE **         184,247,742        5,946,014        190,193,756          74.48%               0 
-------  ------------------  ----------------  ----------------  ----------------  ------------------  --------------- 
 

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

** Special resolution

No other resolutions were put to the meeting.

Copies of the resolutions passed, other than resolutions concerning ordinary business, will be submitted to the UK Listing Authority via the National Storage Mechanism and will be available in due course for inspection at http://www.morningstar.co.uk/uk/NSM

Whilst we note that our Remuneration Policy continues to be well supported with a 96% in favour vote, we are disappointed the advisory vote for this year's remuneration report was not carried. We understand from dialogue with shareholders ahead of the AGM that the main area of concern relates to the profit before tax per share (the "PBT Element") targets for the 2017-2019 LTIP which makes up 50% of the performance condition. As stated previously, the Board expects the rate of profit growth will remain robust but not at levels seen in recent years due to tough comparators, additional investment in land, examining approaches to offsite manufacture and a new division required to support our stretching annual growth targets of 4,000 new homes and GBP1.4 billion of sales by 2019.

The PBT Element was agreed by the Remuneration Committee after taking into account those factors, and taking into account the uncertain economic backdrop and the competitive environment in which the Company operates. The remaining 50% of the LTIP is based on targets relating to return on capital employed, ensuring a balance of profitability and capital efficiency for shareholders. The Committee believes that this combination of measures presents a sufficiently stretching LTIP.

Every year, we have a regular dialogue with leading shareholders on a range of matters including remuneration. During the course of this year, we will continue this engagement with shareholders and will discuss remuneration arrangements and next year's LTIP targets; and seek to better communicate underlying rationale to shareholders with earlier engagement.

For further information:

Crest Nicholson Holdings plc: +44 (0) 1932 580555 Kevin Maguire, Company Secretary

Finsbury +44 (0) 20 7251 3801 Faeth Birch, James Bradley

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

March 23, 2017 10:12 ET (14:12 GMT)

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