Empiric Student Property PLC Result of General Meeting (4914S)

TIDMESP

RNS Number : 4914S

Empiric Student Property PLC

21 December 2016

21 December 2016

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

RESULT OF GENERAL MEETING

The Board of Directors of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Resolutions proposed at the General Meeting held earlier today in connection with the amendments to the Investment Policy and the adoption of the new Directors' Remuneration Policy and new executive management long term incentive plan (the "Value Delivery Plan") were duly passed.

Full details of the Resolutions were set out in the circular published by the Company on 5 December 2016 (the "Circular").

As at the date of the General Meeting, there were 501,279,071 Shares with voting rights in issue. Details of the proxies received from Shareholders in respect of each Resolution are set out below:

 
      Resolution                 For   Percentage       Against   Percentage     Withheld 
----------------------  ------------  -----------  ------------  -----------  ----------- 
 1. To adopt the 
  proposed changes 
  to the Investment 
  Policy                 322,622,797       97.90%     6,923,610        2.10%      319,469 
----------------------  ------------  -----------  ------------  -----------  ----------- 
 2. To adopt the 
  new Directors' 
  Remuneration Policy    189,376,032       59.24%   130,291,527       40.76%   10,198,317 
----------------------  ------------  -----------  ------------  -----------  ----------- 
 3. To authorise 
  the Directors to 
  adopt the Value 
  Delivery Plan          189,408,057       59.25%   130,260,987       40.75%   10,196,832 
----------------------  ------------  -----------  ------------  -----------  ----------- 
 

Notes:

a) Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).

b) A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" a resolution.

c) Any proxy appointments which gave discretion to the Chairman have been included in the "For" totals.

The Board notes the significant level of votes against Resolutions 2 and 3. Whilst the Value Delivery Plan is not a standard multiple of salary scheme, the Majority Directors believe the plan is an appropriate incentive arrangement for executive management to deliver the 2025 Plan, which has been strongly endorsed by Shareholders under Resolution 1. The Board consulted extensively with Shareholders on the design of the Value Delivery Plan and will continue to engage with Shareholders and shareholder bodies as the Company commences the implementation of the 2025 Plan in order to emphasise the advantages of the Value Delivery Plan as an appropriate reward for performance and growth.

All capitalised terms in this announcement and not otherwise defined shall have the meaning given to them in the Circular. The Circular is available for inspection in electronic form on the Company's website, www.empiric.co.uk.

For further information on the Company, please contact:

 
 Empiric Student Property plc       (via Newgate below) 
 Paul Hadaway (Chief Executive) 
 Tim Attlee (Chief Investment 
  Officer) 
 Michael Enright (Chief Financial 
  Officer) 
 
 Akur Limited (Joint Financial      Tel: [phone] 
  Adviser) 
 Tom Frost 
 Anthony Richardson 
 Siobhan Sergeant 
 
 Jefferies International Limited    Tel: [phone] 
  (Joint Financial Adviser and 
  Broker) 
 Gary Gould 
 Stuart Klein 
 
 Newgate (PR Adviser)               Tel: [phone] 
 James Benjamin                     Em: [e-mail] 
 Zoe Pocock 
 Lydia Thompson 
 

Further information on Empiric can be found on the Company's website at www.empiric.co.uk.

Notes:

Empiric Student Property plc is a leading provider and operator of modern, direct-let student accommodation across the UK. Investing in both operating and development assets, the Company is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student(R) operating platform in partnership with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 21, 2016 06:37 ET (11:37 GMT)