Hibernia REIT PLC Results of AGM 2018 (3690W)

TIDMHBRN

RNS Number : 3690W

Hibernia REIT PLC

31 July 2018

Hibernia REIT plc

31 July 2018

Results of Annual General Meeting 2018

Hibernia REIT plc ("Hibernia" or the "Company") announces that at the Annual General Meeting held on 31 July 2018 all the resolutions set out in the notice of meeting were duly passed by the shareholders.

Details of voting on the resolutions put to shareholders at the Annual General Meeting are as follows:

 
 No   Resolution                           For or at the Chairman's          %         Against       %         Vote 
                                                  Discretion                                                 withheld 
      Consideration of the Annual 
      Report and Reports of the 
 1    Directors and Auditors                                547,290,253     99.88%       644,973    0.12%      321,618 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 2    To declare a final dividend of                        547,611,871     99.88%       644,973    0.12%            0 
      1.9 cent per share 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 3A   To re-appoint Daniel Kitchen as                       485,211,128     90.10%    53,297,728    9.90%    9,747,988 
      Director 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
      To re-appoint Kevin Nowlan as 
 3B   Director                                              545,604,004     99.52%     2,652,840    0.48%            0 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 3C   To re-appoint Thomas                                  544,724,837     99.36%     3,532,007    0.64%            0 
      Edwards-Moss as Director 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 3D   To re-appoint Colm Barrington                         378,452,382     69.03%   169,804,462   30.97%            0 
      as Director 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 3E   To re-appoint Stewart                                 515,353,781     94.00%    32,903,063    6.00%            0 
      Harrington as Director 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 3F   To re-appoint Terence O'Rourke                        515,353,781     94.00%    32,903,063    6.00%            0 
      as Director 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
      To re-appoint Frank Kenny as 
 3G   Director                                              534,634,605     97.52%    13,621,847    2.48%          392 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 4    To authorise the Directors to                         548,256,844    100.00%             0    0.00%            0 
      determine the remuneration of 
      the Auditors 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 5    To consider the continuation in                       548,256,844    100.00%             0    0.00%            0 
      office of the Auditors 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 6    Authority to allot relevant                           445,802,963     81.31%   102,451,881   18.69%        2,000 
      securities up to customary 
      limits 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 7    To receive and consider the                           334,980,162     61.67%   208,242,494   38.33%    5,034,188 
      Directors' Annual Report on 
      Remuneration 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 8    To receive and consider the                           515,896,303     94.10%    32,356,441    5.90%        4,100 
      Directors' Remuneration Policy 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 9    To approve the Company's Annual                       547,335,270     99.83%       917,474    0.17%        4,100 
      and Deferred Bonus Plan 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 10   To approve the Company's Long                         515,177,697     93.97%    33,075,047    6.03%        4,100 
      Term Incentive Plan 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 11   To authorise the Directors to                         483,884,006     88.26%    64,372,838   11.74%            0 
      hold certain EGMs on 14 days' 
      notice 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 12   Authority to disapply statutory                       504,162,324     99.59%     2,050,364    0.41%   42,044,156 
      pre-emption rights in specified 
      circumstances 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 13   Authority to disapply                                 479,152,688     94.65%    27,060,000    5.35%   42,044,156 
      pre-emption rights in 
      additional specified 
      circumstances 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 14   Authority to make market                              547,567,289 
      purchases and overseas market                                        100.00%             0    0.00%      689,555 
      purchases of Company's own 
      shares 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 15   Determination of the price                            548,254,844    100.00%             0    0.00%        2,000 
      range for the re-issue of 
      treasury shares off-market 
     --------------------------------  --------------------------------  ---------  ------------  -------  ----------- 
 

The Company notes the votes cast against Resolutions 3D and 7 and makes the following comments:

   i)             Mr Barrington is planning to reduce his board commitments by 30 September 2018; and 

ii) The Company consulted a significant number of shareholders, both prior to and after the publication of the AGM Notice, on the proposed new Remuneration Policy and the voting recommendations of the proxy advisers. While shareholders have voted significantly in favour of the new Remuneration Policy some shareholders have expressed concerns over the rate of salary increases for the Executive Directors and consequently have voted against Resolution 7 dealing with the Remuneration Report. The Remuneration Committee and the Board believe that it is appropriate and in the best interests of the Company to increase the salaries to the proposed levels now. The Board also believes that the new remuneration structure approved by the shareholders will deliver material cost savings for Hibernia compared with the current arrangements. The Company will continue to discuss the matter with shareholders and provide an update in next year's Remuneration Report.

ENDS

Contacts:

Hibernia REIT plc [phone]

Sean O'Dwyer, Company Secretary

Murray Consultants

Doug Keatinge: [phone], [e-mail]

Jill Farrelly: [phone], [e-mail]

About Hibernia REIT plc

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices.

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July 31, 2018 11:31 ET (15:31 GMT)