Mediclinic International plc Result of AGM (6311G)

TIDMMDC

RNS Number : 6311G

Mediclinic International plc

25 July 2019

Mediclinic International plc

(Incorporated in England and Wales)

Company Number: 08338604

LSE Share Code: MDC

JSE Share Code: MEI

NSX Share Code: MEP

ISIN: GB00B8HX8Z88

LEI: 2138002S5BSBIZTD5I60

South African income tax number: 9432434182

("Mediclinic", the "Company", or the "Group")

25 July 2019

ANNOUNCEMENT OF THE ANNUAL GENERAL MEETING POLL RESULTS

Mediclinic announces that at its Annual General Meeting ("AGM") held on 24 July 2019, all resolutions set out in the notice of the AGM were passed by the requisite majority of votes by shareholders by way of poll. The results of the poll for each resolution were as follows:

 
                                Total Shares     % of       Votes For     %      Votes Against     %             Votes 
                                       Voted    Issued                                                        Withheld 
                                                 Share 
                                                Capital 
                                                 Voted 
       Ordinary Resolutions 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To receive the 
        Company's financial 
        statements and 
        the reports of 
        the Directors and 
 1.     auditor                 651,940,713     88.43     651,933,735   100.00       6,978       0.00       811,572 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To approve the 
       Directors' 
       Remuneration 
 2     Report                   639,306,513     86.72     456,707,341   71.44     182,599,172    28.56    13,445,771 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To declare a final 
        dividend of 4.70 
        pence per ordinary 
 3.     share                   652,546,926     88.51     652,543,691   100.00       3,235       0.00       205,359 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To elect Dr Anja 
 4.     Oswald as a Director    652,548,766     88.51     640,718,620   98.19     11,830,146     1.81       203,519 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Dr 
        Ronnie van der 
 5.     Merwe as a Director     652,544,766     88.51     651,316,911   99.81      1,227,855     0.19       207,519 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Mr 
        Jurgens Myburgh 
 6.     as a Director           652,461,766     88.50     650,647,906   99.72      1,813,860     0.28       290,519 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Dr 
        Edwin Hertzog as 
 7.     a Director              646,065,630     87.63     623,481,653   96.50     22,583,977     3.50      6,686,654 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Dr 
        Muhadditha Al Hashimi 
 8.     as a Director           652,543,321     88.51     652,442,657   99.98       100,664      0.02       208,964 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Mr 
        Jannie Durand as 
 9.     a Director              646,065,631     87.63     604,064,308   93.50     42,001,323     6.50      6,686,654 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Mr 
        Alan Grieve as 
 10.    a Director              646,065,211     87.63     641,261,092   99.26      4,804,119     0.74      6,687,074 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Dr 
        Felicity Harvey 
 11.    as a Director           652,544,766     88.51     652,447,353   99.99       97,413       0.01       207,519 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Mr 
        Seamus Keating 
 12.    as a Director           652,544,766     88.51     640,707,466   98.19     11,837,300     1.81       207,519 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Mr 
        Danie Meintjes 
 13.    as a Director           645,955,026     87.62     642,611,449   99.48      3,343,577     0.52      6,797,258 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-elect Mr 
        Trevor Petersen 
 14.    as a Director           652,542,691     88.51     639,472,536   98.00     13,070,155     2.00       209,594 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To re-appoint 
       PricewaterhouseCoopers 
       LLP as auditor 
 15.   of the Company           652,545,158     88.51     646,028,433   99.00      6,516,725     1.00       207,127 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To authorise the 
       Audit and Risk 
       Committee to determine 
       the remuneration 
 16.   of the auditor           652,544,645     88.51     652,259,510   99.96       285,135      0.04       207,640 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To authorise the 
        Directors to make 
 17.    political donations     652,428,001     88.50     548,136,283   84.01     104,291,718    15.99      324,284 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To authorise the 
        Directors to allot 
 18.    ordinary shares         652,548,147     88.51     514,756,732   78.88     137,791,415    21.12      204,138 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       Special Resolutions 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To authorise the 
       Directors to dis-apply 
       statutory pre-emption 
 19.   rights                   652,544,590     88.51     569,519,112   87.28     83,025,478     12.72      207,695 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To authorise the 
       Directors to dis-apply 
       pre-emption rights 
       for purposes of 
       acquisitions or 
 20.   capital investments      652,544,589     88.51     568,339,245   87.10     84,205,344     12.90      207,695 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
       To approve the 
        calling of general 
        meetings on not 
        less than 14 days' 
        clear notice (other 
        than annual general 
 21.    meetings)               652,544,849     88.51     608,821,495   93.30     43,723,354     6.70       207,436 
      -----------------------  -------------  ---------  ------------  -------  --------------  ------  -------------- 
 

VOTES OF SHAREHOLDERS EXCLUDING THE CONTROLLING SHAREHOLDER ON ELECTION AND RE-ELECTION OF INDEPENT NON-EXECUTIVE DIRECTORS

 
       Ordinary Resolutions     Total Shares     % of     Votes For       %     Votes Against    %     Votes Withheld 
                                       Voted    Issued 
                                                 Share 
                                                Capital 
                                                 Voted 
       To elect Dr Anja 
 4.     Oswald as a Director    324,050,878     79.28     312,220,732   96.35    11,830,146     3.65      203,519 
      -----------------------  -------------  ---------  ------------  ------  --------------  -----  --------------- 
       To re-elect Dr 
        Muhadditha Al Hashimi 
 8.     as a Director           324,045,433     79.28     323,944,769   99.97      100,664      0.03      208,964 
      -----------------------  -------------  ---------  ------------  ------  --------------  -----  --------------- 
       To re-elect Mr 
        Alan Grieve as 
 10.    a Director              317,567,323     77.69     312,763,204   98.49     4,804,119     1.51     6,687,074 
      -----------------------  -------------  ---------  ------------  ------  --------------  -----  --------------- 
       To re-elect Dr 
        Felicity Harvey 
 11.    as a Director           324,046,878     79.28     323,949,465   99.97      97,413       0.03      207,519 
      -----------------------  -------------  ---------  ------------  ------  --------------  -----  --------------- 
       To re-elect Mr 
        Seamus Keating 
 12.    as a Director           324,046,878     79.28     312,209,578   96.35    11,837,300     3.65      207,519 
      -----------------------  -------------  ---------  ------------  ------  --------------  -----  --------------- 
       To re-elect Mr 
        Trevor Petersen 
 14.    as a Director           324,044,803     79.28     310,974,648   95.97    13,070,155     4.03      209,594 
      -----------------------  -------------  ---------  ------------  ------  --------------  -----  --------------- 
 

Notes:

 
 1.   Any proxy appointments giving discretion to the Chairman 
       of the Meeting have been included in the "For" total. 
 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. 
 3.   The Company's total ordinary shares in issue (total voting 
       rights) as at 24 July 2019 was 737 243 810 ordinary shares 
       of 10 pence each. Ordinary shareholders are entitled to 
       one vote per ordinary share held. 
 4.   As the Company has a controlling shareholder, Remgro Limited, 
       as defined in the Financial Conduct Authority's Listing 
       Rules, each resolution to elect an independent non-executive 
       director (Resolutions 4, 8, 10 to 12 and 14) have under 
       Listing Rule 9.2.2E been approved by a majority of the 
       votes cast by: 
       (a) the shareholders of the Company as a whole; and 
       (b) the independent shareholders of the Company, that 
       is, all the shareholders entitled to vote on each resolution, 
       excluding the controlling shareholder. 
 

Statement regarding voting results

The Board notes that while Resolutions 2 and 18 were passed with a majority of 71.44% and 78.88% respectively, a number of our shareholders opposed these resolutions.

The views of all shareholders are important to us and we are disappointed in this outcome. We will reflect carefully on the different feedback already received and continue to engage with shareholders on this important issue, to understand more fully the reasons for their position.

We will publish an update on that engagement within six months of the AGM. In the meantime, the Board notes that as indicated in our 2019 Annual Report, we expect to seek shareholder approval for a new Directors' Remuneration Policy at our AGM in 2020 in line with the normal cycle for renewal and taking into consideration investors' feedback.

Additionally, the voting outcome on Resolution 18 reflects the prevailing institutional voting policies in South Africa. As a company with a primary premium listing on the London Stock Exchange, the Board considers it appropriate to seek authorities in line with the UK Investment Association's Share Capital Management Guidelines, which provide the Company with greater flexibility to respond to market developments and business opportunities as they arise. Many of our South African institutional investors understand the Company's position but they operate under mandates that do not allow them to support this level of flexibility. We will continue to engage with our South African shareholders on this topic; however in view of the marked differences between UK and South African market practice in this area, it is likely that there will continue to be significant votes against this resolution (and, as a consequence, the resolutions regarding the disapplication of pre-emption rights).

In accordance with paragraph 9.6.2 of the Listing Rules, a copy of the resolutions passed at the meeting has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

The complete poll results and details of proxy votes lodged before the AGM will be available shortly on the Investor Relations section of the Company's website at http://ir.mediclinic.com.

About Mediclinic International plc

Mediclinic is an international private healthcare services group, established in South Africa in 1983, with divisions in Switzerland, Southern Africa (South Africa and Namibia) and the United Arab Emirates.

The Group's core purpose is to enhance the quality of life by way of appropriate healthcare services.

Mediclinic is focused on providing specialist-orientated, multi-disciplinary services across the continuum of care in such a way that the Group will be regarded as the most respected and trusted provider of healthcare services by patients, medical practitioners, funders and regulators of healthcare in each of its markets.

Mediclinic comprises 77 hospitals, five sub-acute hospitals, 13 day case clinics and 21 outpatient clinics. Hirslanden operates 18 hospitals, two day case clinics and three outpatient clinics in Switzerland with more than 1 900 inpatient beds; Mediclinic Southern Africa operates 52 hospitals, five sub-acute hospitals and 9 day case clinics with more than 8 500 inpatient beds; and Mediclinic Middle East operates seven hospitals, two day case clinics and 21 outpatient clinics with more than 900 inpatient beds in the United Arab Emirates.

The Company's primary listing is on the London Stock Exchange ("LSE") in the United Kingdom, with secondary listings on the JSE Ltd in South Africa and the Namibian Stock Exchange in Namibia.

Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a leading private healthcare group based in the United Kingdom and listed on the LSE.

For further information, please contact:

Company Secretary, Link Company Matters Limited

Jayne Meacham / Caroline Emmet

[phone]

Investor Relations, Mediclinic International plc

James Arnold, Head of Investor Relations

[e-mail]

[phone]

Media queries

FTI Consulting

Brett Pollard/Debbie Scott - UK

[phone]

Sherryn Schooling - South Africa

[phone]

Registered address: 6(th) Floor, 65 Gresham Street, London, EC2V 7NQ, United Kingdom

Website: www.mediclinic.com

Joint corporate brokers: Morgan Stanley & Co International plc and UBS Investment Bank

JSE Ltd sponsor: Rand Merchant Bank (A division of FirstRand Bank Ltd)

NSX sponsor: Simonis Storm Securities (Pty) Ltd

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.

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July 25, 2019 02:00 ET (06:00 GMT)