Share Name Share Symbol Market Type Share ISIN Share Description
GLI FINANCE LIMITED NEX:GLIF.GB NEX Ordinary Share GB00B0CL3P62
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.90 1.00 2.80 1.90 1.90 1.90 0.00 07:50:40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

GLI Finance Limited Results of AGM & Proposed Board Changes

10/05/2019 4:52pm

UK Regulatory (RNS & others)


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RNS Number : 7312Y

GLI Finance Limited

10 May 2019

10 May 2019

GLI Finance Limited

(the "Company")

Results of Annual General Meeting & Proposed Board Changes

The Company is pleased to announce that at the Annual General Meeting held at 10:30am today, each of the Resolutions was duly passed without amendment. The Board recognises, however, that there was opposition (10.34% of the votes cast) to Resolution 2 regarding the approval of the Directors' Remuneration Report for the year ended 31 December 2018.

The Board has noted the concerns raised by some shareholders in this regard and has been in ongoing dialogue with the Company's largest shareholders. Following feedback received in the weeks preceding the Annual General Meeting, the Board, in consultation with the Remuneration Committee has come to an agreement on new executive and senior management bonus terms which will be incorporated into the Company's Remuneration Policy for 2019 and thereafter. This includes ensuring the payment of any bonuses will only be made once the year-end accounts have been finalised and announced, and that bonuses will be directly linked to profits. The Remuneration Committee believes this will ensure greater alignment with shareholder returns.

The Company has good relationships with its shareholders and will continue to engage with them regarding its approach to remuneration going forward.

As previously announced on 21 December 2015, the Somerston Group of companies ("Somerston"), the Company's largest shareholder, was granted the right to nominate one individual for appointment to the Board of the Company. Accordingly, the Board intends to appoint Nicholas Michael Wakefield as a non-executive director of the Company following completion of regulatory due diligence. Mr Wakefield is an Investment Director for Somerston Group and Managing Director of Somerston Asset Management Limited. Mr Wakefield has 20 years investment experience in both private and public investments. He is a CFA and CMT charterholder. A further announcement will be made upon Mr Wakefield's appointment.

Nicholas Wakefield commented, "Somerston wishes to extend its support to the Company by taking up our board seat. I look forward to working more closely with the Company."

Patrick Firth, Non-Executive Chairman of the Company, said: "I am delighted that Somerston have decided to take up their board seat and welcome Nick to the board. I am confident that Nick will be a valuable addition to the Board".

For further information, please contact:

GLI Finance Limited

Andy Whelan

+44 (0)1534 708900

Liberum Capital (Nominated Adviser and Corporate Broker)

Steve Pearce

Chris Clarke

Trystan Cullen

+44 (0) 20 3100 2190

Instinctif Partners (PR Advisor)

Tim Linacre/Katie Bairsto

+44 (0)207 457 2020

Praxis Fund Services (Company Secretary)

Matt Falla

+44 (0)1481 737600

LEI: 213800S2XOO3YSEGCA26

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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May 10, 2019 11:52 ET (15:52 GMT)

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