Reach PLC Result of AGM (3121M)

TIDMRCH

RNS Number : 3121M

Reach PLC

07 May 2020

7 May 2020

Reach plc

Results of Annual General Meeting ("AGM")

In accordance with the arrangements announced on 7 April 2020, the AGM of Reach plc (the 'Company') was held today at 10.30 am at Stoke Mill, Woking Road, Guildford GU1 1QA.

All valid proxy votes (whether submitted electronically or in hard copy form) were included in the poll taken at the meeting. Save for resolution 4, which was not put to the meeting, r esolutions 1 to 15 and 19 were passed as ordinary resolutions and resolutions 16 to 18 and 20 were passed as special resolutions. The results of the poll are set out below.

 
                                   VOTES        %        VOTES        %         VOTES      % of ISC VOTED     VOTES 
                                    FOR                  AGAINST                 CAST                        WITHHELD 
            Annual Report and 
 1                   Accounts   252,448,687   99.98%       39,042    0.02%   252,487,729           84.37%    5,240,724 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 2        Remuneration Policy   244,766,337   96.91%    7,808,500    3.09%   252,574,837           84.40%    5,153,616 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 3        Remuneration Report   218,662,132   99.63%      819,763    0.37%   219,481,895           73.34%   38,246,558 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 4                   Dividend                                          WITHDRAWN 
     ------------------------  --------------------------------------------------------------------------------------- 
 5         Elect Anne Bulford   257,563,346   99.94%      153,738    0.06%   257,717,084           86.12%       11,370 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 6           Elect Jim Mullen   251,705,903   97.67%    6,007,063    2.33%   257,712,966           86.11%       15,487 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 7      Re-elect Simon Fuller   256,931,503   99.73%      704,105    0.27%   257,635,608           86.09%       92,846 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
                Re-elect Nick 
 8                 Prettejohn   257,534,335   99.93%      184,148    0.07%   257,718,483           86.12%        9,970 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 9       Re-elect Steve Hatch   172,992,422   67.13%   84,724,322   32.87%   257,716,744           86.12%       11,710 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 10      Re-elect David Kelly   249,865,515   96.95%    7,851,796    3.05%   257,717,311           86.12%       11,142 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
               Re-elect Helen 
 11                 Stevenson   257,564,186   99.94%      155,256    0.06%   257,719,442           86.12%        9,012 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
              Re-elect Olivia 
 12               Streatfeild   252,394,728   97.93%    5,324,798    2.07%   257,719,526           86.12%        8,927 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
                      Appoint 
       PricewaterhouseCoopers 
 13                       LLP   257,692,075   99.99%       29,384    0.01%   257,721,459           86.12%        6,995 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 14    Auditors' remuneration   257,697,642   99.99%       21,763    0.01%   257,719,405           86.12%        9,049 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 15              Allot shares   257,195,878   99.80%      516,538    0.20%   257,712,416           86.11%       16,038 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
            Disapplication of 
 16        pre-emption rights   257,606,658   99.96%      107,953    0.04%   257,714,611           86.11%       13,843 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
       Further disapplication 
 17     of pre-emption rights   252,430,428   97.95%    5,282,422    2.05%   257,712,850           86.11%       15,603 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 18    Purchase of own shares   252,464,752   97.98%    5,215,370    2.02%   257,680,122           86.10%       48,331 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 19       Political donations   220,557,951   85.59%   37,147,757   14.41%   257,705,708           86.11%       22,746 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
           Notice for General 
 20                  Meetings   256,058,315   99.36%    1,659,072    0.64%   257,717,387           86.12%       11,067 
     ------------------------  ------------  -------  -----------  -------                ---------------  ----------- 
 

Notes:

1. A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" and "against" a resolution.

2. The issued share capital figure used to calculate the percentage voted is 299,268,697. This s the figure as at the close of business on 5 May 2020 and excludes the number of ordinary shares held in treasury at that date.

3. As announced on 6 April 2020 the Board withdrew its recommendation of the final dividend for the financial year ended 29 December 2019. A confirmatory motion was passed by a simple majority on a show of hands at the Company's AGM earlier today to formally withdraw resolution numbered 4 relating to the approval of the final dividend.

The Board notes that although resolution 9, to re-elect Steve Hatch, was passed with the necessary majority, 32.87% of votes cast were against. The negative vote is understood to be due to Mr. Hatch's record of attendance at board and committee meetings in 2019. The Board regards Mr. Hatch's contribution as invaluable and benefits greatly from his expertise and strategic insight. Mr. Hatch is involved in all key debates and decisions.

The Company will seek to understand shareholders' reasons and concerns as part of its ongoing programme of engagement and will provide an update within 6 months as required by the UK Corporate Governance Code.

In accordance with Listing Rule 9.6.3R of the UK Financial Conduct Authority (FCA), a copy of the resolutions passed as Special Business at the AGM have been submitted to the UK Listing Authority and will be available for public inspection at the National Storage Mechanism (NSM) https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

 
 Enquiries 
 Reach plc 
 Jim Mullen, Chief Executive 
  Simon Fuller, Chief Financial Officer 
  Lorraine Clover, Group Company Secretary       020 7293 3000 
 Tulchan Communications 
 David Allchurch / Giles Kernick                 020 7353 4200 
 
 
 LEI: 213800GNI5XF3XOATR61 
  Classification: 3.1 Additional Information 
 
 

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May 07, 2020 09:00 ET (13:00 GMT)