Clipper Logistics plc Result of AGM (3700C)

TIDMCLG

RNS Number : 3700C

Clipper Logistics plc

28 September 2018

 
 FOR IMMEDIATE RELEASE   28 september 2018 
 

Clipper Logistics plc

Results of AGM

At the Annual General Meeting ("AGM") of Clipper Logistics plc ("Clipper", "the Group", or "the Company"), held on 28 September 2018 all the resolutions put to the meeting were passed, except resolutions 9 and 13 which were withdrawn by the Chairman during the meeting. 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 87,967,391 representing 86.65% 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      %        Votes Total     Votes 
                                                                         Against**                  Withheld 
       Annual Report and 
 1      Accounts                  87,661,961    99.65%         305,430       0.35%    87,967,391           0 
       Directors' Remuneration 
 2      Report                    87,967,391   100.00%               0       0.00%    87,967,391           0 
 3     Final Dividend             87,967,191   100.00%             200       0.00%    87,967,391           0 
 4     Re-appoint Auditors        87,967,391   100.00%               0       0.00%    87,967,391           0 
 5     Remuneration of Auditors   87,967,391   100.00%               0       0.00%    87,967,391           0 
 6     Re-elect Steven Parkin     86,560,769    98.40%       1,406,621       1.60%    87,967,390           0 
 7     Re-elect Antony Mannix     87,943,159    99.97%          24,232       0.03%    87,967,391           0 
 8     Allot shares               86,462,791    98.65%       1,185,377       1.35%    87,648,168     319,221 
       Notice period for 
 10*    general meetings          87,822,316    99.84%         145,075       0.16%    87,967,391           0 
       Allot equity securities 
 11*    for cash                  87,967,191   100.00%             200       0.00%    87,967,391           0 
       Allot equity securities 
        for cash - acquisition 
 12*    or capital investment     86,619,891    98.47%       1,347,499       1.53%    87,967,390           0 
       Rule 9 Panel waiver 
 14     - share awards            36,496,501    75.29%      11,975,141      24.71%    48,471,642      33,800 
 

*Special Resolutions

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

The Board notes that resolution 14, 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 75.29%% in favour and recognises that a significant minority of shareholders have voted against this resolution.

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:                                [phone] 
 Steve Parkin, Executive Chairman 
 David Hodkin, Chief Financial 
  Officer 
 Marianne Hodgkiss, Company Secretary 
 

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 [e-mail] or visit www.rns.com.

END

RAGFKFDKBBKDDCB

(END) Dow Jones Newswires

September 28, 2018 08:03 ET (12:03 GMT)