Find Your Broker
Share Name Share Symbol Market Type Share ISIN Share Description
Debenhams LSE:DEB London Ordinary Share GB00B126KH97 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.09p +3.10% 2.992p 3.05p 3.11p 3.20p 2.822p 3.00p 28,232,183 16:35:26
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 2,277.0 -491.5 -37.5 - 36.74

Debenhams plc Result of AGM

10/01/2019 4:48pm

UK Regulatory (RNS & others)


Debenhams (LSE:DEB)
Historical Stock Chart

1 Month : From Dec 2018 to Jan 2019

Click Here for more Debenhams Charts.

TIDMDEB

RNS Number : 8022M

Debenhams plc

10 January 2019

This announcement contains Inside Information

Debenhams plc

Results of Annual General Meeting - Sir Ian Cheshire to stand down as Chairman

Debenhams plc held its annual general meeting for shareholders at 2.00pm today, 10 January 2019.

Following today's AGM, at a board meeting, Sir Ian Cheshire informed the Company of his decision to step down from the board and this will take place with immediate effect.

Sir Ian joined the board in January 2016 and was appointed Chairman in April 2016. Given the decision of two major shareholders who voted against his re-election to the board, Sir Ian has concluded it is no longer possible for him to remain Chairman of Debenhams plc.

Additionally, following today's shareholder vote, Sergio Bucher was not re-elected to the board of Debenhams plc principally as a result of the votes of the same two major shareholders. Of the votes cast on resolution 5, Sergio received 44.15% votes in favour of his re-election. Excluding those two shareholders, the vote for Sergio to continue on the Board was approximately 99.6% in favour.

The board is mindful of its responsibilities to all shareholders and has full confidence in Sergio and in the management's plan to reshape the business. As a result, the board and Sergio have agreed that he should continue as CEO of Debenhams plc, reporting to the board. The board believes that it is in the best interests of Debenhams plc that the executive team remains fully focused on delivery of the plan. In the meantime, the board remains open to constructive suggestions from shareholders that are in the interests of the business as a whole. The board is committed to delivering the appropriate capital structure to ensure a sustainable and profitable future for all stakeholders.

Terry Duddy, Debenhams' Senior Independent Director, who is appointed Interim Chairman with immediate effect, said: "I recognise that individual shareholders have wished to register their dissatisfaction. I would like to thank Ian for his strong leadership of the board and his contribution to the business. We wish him all the best for the future. I am looking forward to working with Sergio. My first task is to meet with shareholders so that I understand any concerns that they may have."

Sir Ian Cheshire said, "It has been a great privilege to get to know my Debenhams colleagues over the past three years. In unprecedented market conditions the team has worked incredibly hard to build a format for the future and a comprehensive plan to reshape the business, which will put Debenhams on the road to recovery and future success. Whilst it is right that I step down today, I wish the team at Debenhams every success in the future".

The following table shows the results of the poll on all resolutions put to the meeting. The votes for and against below are expressed as a percentage of votes received.

As at 10 January 2019, Debenhams plc's capital consists of 1,286,863,381 ordinary shares of 0.01p each. The Company holds 59,041,231 ordinary shares in Treasury. Therefore, the total number of voting rights in Debenhams plc is 1,227,822,150.

 
          Resolution               VOTES        %        VOTES        %        % of        VOTES 
                                    FOR                 AGAINST              ISC VOTED    WITHHELD 
                                  (Note 1)                                                (Note 2) 
 1 To receive the 
  directors' report 
  and accounts for 
  the year ended 1 
  September 2018                733,205,779   88.77    92,762,881   11.23       67.27%       20,600 
                               ------------  ------  ------------  ------  -----------  ----------- 
 2 To approve the 
  directors' remuneration 
  report for the year 
  ended 1 September 
  2018                          710,893,164   86.15   114,241,126   13.85       67.20%      854,969 
                               ------------  ------  ------------  ------  -----------  ----------- 
 3 To elect Rachel 
  Osborne as a director         731,915,302   88.66    93,626,106   11.34       67.24%      447,852 
                               ------------  ------  ------------  ------  -----------  ----------- 
 4 To re-elect Sir 
  Ian Cheshire as a 
  director                      357,023,605   43.38   466,022,494   56.62       67.03%    2,943,160 
                               ------------  ------  ------------  ------  -----------  ----------- 
 5 To re- elect Sergio 
  Bucher as a director          364,583,194   44.15   461,277,714   55.85       67.26%      128,352 
                               ------------  ------  ------------  ------  -----------  ----------- 
 6 To re-elect Terry 
  Duddy as a director           732,302,842   88.67    93,529,156   11.33       67.26%      157,262 
                               ------------  ------  ------------  ------  -----------  ----------- 
 7 To re-elect David 
  Adams as a director           680,053,101   83.87   130,780,294   16.13       66.04%   15,155,864 
                               ------------  ------  ------------  ------  -----------  ----------- 
 8 To re-elect Stephen 
  Ingham as a director          724,895,953   87.78   100,942,595   12.22       67.26%      150,712 
                               ------------  ------  ------------  ------  -----------  ----------- 
 9 To re-elect Nicky 
  Kinnaird as a director        732,314,251   88.67    93,541,864   11.33       67.26%      133,145 
                               ------------  ------  ------------  ------  -----------  ----------- 
 10 To re-elect Lisa 
  Myers as a director           732,336,471   88.68    93,521,644   11.32       67.26%      131,145 
                               ------------  ------  ------------  ------  -----------  ----------- 
 11 To appoint Ernst 
  & Young LLP as the 
  auditors                      732,668,814   88.71    93,264,635   11.29       67.27%       55,811 
                               ------------  ------  ------------  ------  -----------  ----------- 
 12 To authorise the 
  Audit Committee to 
  determine the remuneration 
  of the auditors               733,056,597   88.75    92,893,988   11.25       67.27%       38,675 
                               ------------  ------  ------------  ------  -----------  ----------- 
 13 To give the directors 
  authority to allot 
  shares                        724,638,737   87.74   101,222,540   12.26       67.26%      127,983 
                               ------------  ------  ------------  ------  -----------  ----------- 
 14 To disapply pre-emption 
  rights                        710,423,907   86.03   115,409,525   13.97       67.26%      155,828 
                               ------------  ------  ------------  ------  -----------  ----------- 
 15 To authorise the 
  Company to buy its 
  own shares                    725,126,628   87.82   100,601,492   12.18       67.25%      261,139 
                               ------------  ------  ------------  ------  -----------  ----------- 
 16 To authorise short 
  notice general meetings       626,590,746   75.87   199,331,716   24.13       67.27%       66,798 
                               ------------  ------  ------------  ------  -----------  ----------- 
 

Note 1 The "For" vote includes those giving the Chairman discretion.

Note 2 A vote "Withheld" is not a vote in law and is not counted in the calculation of the votes "For" or "Against" a resolution.

The Board notes that at today's AGM resolution 16 was passed with a less than 80% majority. The Company does however note that certain shareholders typically vote against shortening a general meeting notice period as a matter of principle.

The full text of the resolutions can be found in the Notice of Annual General Meeting which is available for inspection at the National Storage Mechanism http://www.morningstar.co.uk/uk/nsm and on the Company's website https://ir.debenhams.com/. In accordance with Listing Rule 9.6.2, a copy of the resolutions passed, other than resolutions concerning ordinary business, will be submitted to the National Storage Mechanism.

The content of this announcement includes a disclosure in accordance with Listing Rule 9.6.11.

END

Enquiries

 
 Analysts and Investors 
  Debenhams plc 
  Katharine Wynne, Director of 
  Investor Relations                020 3549 6304 
 Media 
  Brunswick Group 
  Tim Danaher, Craig Breheny        020 7404 5959 
 

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.

END

RAGBLGDBIXBBGCG

(END) Dow Jones Newswires

January 10, 2019 11:48 ET (16:48 GMT)

1 Year Debenhams Chart

1 Year Debenhams Chart

1 Month Debenhams Chart

1 Month Debenhams Chart
Your Recent History
LSE
DEB
Debenhams
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20190119 16:28:03