Safestore Holdings plc AGM and other meetings (5004I)

TIDMSAFE

RNS Number : 5004I

Safestore Holdings plc

21 March 2018

21 March 2018

Safestore Holdings plc

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

Result of Annual General Meeting

The 2018 Annual General Meeting of Safestore Holdings plc was held at midday today at the Company's registered office in Borehamwood, Hertfordshire.

All resolutions were passed by the requisite majority by way of a poll.

Commentating on the result of the AGM Alan Lewis, Chairman of Safestore said:

"After an 84% turnout, a majority of shareholders have approved the Directors' Remuneration Report which implements the new remuneration policy, adopted in July 2017. I would like to thank them for their continued support.

Although all resolutions were duly passed, the Board recognises the significant votes against the Remuneration Report (Resolution 2), the re-appointment of Claire Balmforth as a director (Resolution 11) and the re-appointment of the other members of the Remuneration Committee (Resolutions 9,10 and 12).

The Board appreciates that the remuneration policy continues to divide opinion amongst shareholders and Claire, as Remuneration Committee Chairman, and I will as a matter of priority be listening to and engaging with shareholders. I can assure shareholders that our management team will be maintaining focus on delivering market beating performance and value to all shareholders."

The following votes were cast in respect of the AGM resolutions:

 
            Ordinary            Votes        %        Votes        %        Votes        % of       Votes 
           Resolution            For                  Against               Total       Issued     Withheld 
                                                                                         Share 
                                                                                        Capital 
                                                                                         Voted 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To receive 
       the Annual 
       Report and 
 1     Accounts              176,583,123   99.84     290,000     0.16    176,873,123    84.23      179,039 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To approve 
       the Directors' 
       Remuneration 
 2     Report                91,521,500    51.74    85,351,738   48.26   176,873,238    84.23      178,923 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To appoint 
       Deloitte 
 3     LLP as auditor        174,992,189   98.93    1,884,965    1.07    176,877,154    84.23      175,007 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To authorise 
       the Directors 
       to determine 
       the auditors' 
 4     remuneration          175,309,894   99.11    1,568,454    0.89    176,878,348    84.23      173,814 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To declare 
       a final 
       dividend 
       of 9.80 
       pence per 
       ordinary 
 5     share                 176,740,076   100.00       0        0.00    176,740,076    84.17      312,086 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To re-elect 
       Alan Lewis 
 6     as a Director         150,001,502   84.80    26,878,313   15.20   176,879,815    84.23      172,346 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To re-elect 
       Frederic 
       Vecchioli 
 7     as a Director         176,308,975   99.68     573,341     0.32    176,882,316    84.23      169,846 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To re-elect 
       Andy Jones 
 8     as a Director         175,838,035   99.41    1,044,281    0.59    176,882,316    84.23      169,846 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To re-elect 
       Ian Krieger 
       as a 
 9     Director              134,583,888   76.09    42,298,427   23.91   176,882,315    84.23      169,846 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To re-elect 
       Joanne Kenrick 
 10    as a Director         137,288,888   77.62    39,593,427   22.38   176,882,315    84.23      169,846 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To elect 
       Claire Balmforth 
 11    as a Director         87,993,740    52.28    80,322,237   47.72   168,315,977    80.15     8,736,184 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To elect 
       Bill Oliver 
 12    as a Director         137,596,306   77.79    39,286,009   22.21   176,882,315    84.23      169,846 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To authorise 
       political 
       donations 
       and political 
 13    expenditure           171,324,286   99.52     834,040     0.48    172,158,326    81.98     4,893,836 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To authorise 
       the directors 
       to allot 
       relevant 
 14    securities            168,950,638   95.52    7,923,485    4.48    176,874,123    84.23      178,039 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      Special 
       Resolution* 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To authorise 
       the dis-application 
       of pre-emption 
 15    rights                175,454,799   99.79     370,579     0.21    175,825,378    83.73     1,226,784 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To authorise 
       market purchases 
       of ordinary 
 16    shares                175,615,500   99.58     741,390     0.42    176,356,890    83.98      695,271 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
      To authorise 
       general 
       to be called 
       on not less 
       than 14 
       clear days' 
       notice meetings 
       other than 
       annual general 
 17    meetings              164,917,781   93.24    11,964,535   6.76    176,882,316    84.23      169,846 
---  ---------------------  ------------  -------  -----------  ------  ------------  ---------  ---------- 
 

*Special Resolutions requiring a 75% majority

Notes

Where shareholders appointed the Chairman as their proxy with discretion as to voting, their votes were cast in favour of the resolutions and their shares have been included in the "votes for" column.

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

The current issued capital of Safestore Holdings plc is 209,990,730 shares.

In accordance with LR 9.6.2, copies of the resolutions passed as special business will be forwarded to the FCA for publication through the Document Viewing Facility and will be accessible via the National Storage Mechanism website at http://www.morningstar.co.uk/uk/NSM

For further information, please contact:

 
 Safestore Holdings plc        020 8732 1500 
 Nicholas Jennings, 
  Interim Company Secretary 
 
 www.safestore.com 
 
 
 Instinctif Partners           020 7457 2020 
 Mark Reed 
  Guy Scarborough 
 

Notes to editors:

 
            Value created since the March 2017 AGM and since 2013 
 
              *    Through continued organic growth, combined with the 
                   Alligator acquisition and a refinancing, both of 
                   which were immediately earnings accretive, Safestore 
                   has delivered for shareholders some GBP200m in market 
                   value through share price appreciation since the 
                   March 2017 AGM, as well as a 20% increase in the 
                   dividend for the full year ended 31 October 2017. 
 
 
 
              *    Over the four years to 31 October 2017, Safestore's 
                   cash tax adjusted earnings per share increased by 
                   110%, the dividend by 143% and Total Shareholder 
                   Return by 290%. Under current management the share 
                   price has quadrupled and market capitalisation has 
                   increased from GBP279m to c. GBP1.1bn. 
 
 
 
 
             About Safestore 
 
              *    Safestore is the UK's largest self-storage group with 
                   146 stores, comprising 120 wholly owned stores in the 
                   UK (including 67 in London and the South East with 
                   the remainder in key metropolitan areas such as 
                   Manchester, Birmingham, Glasgow, Edinburgh, Liverpool 
                   and Bristol) and 26 wholly owned stores in the Paris 
                   region. 
 
 
 
              *    Safestore was founded in the UK in 1998. It acquired 
                   the French business "Une Pièce en Plus" ("UPP") 
                   in 2004 which was founded in 1998 by the current 
                   Safestore Group CEO Frederic Vecchioli. 
 
 
 
              *    Safestore has been listed on the London Stock 
                   Exchange since 2007. It entered the FTSE 250 index in 
                   October 2015. 
 
 
 
              *    Safestore employs around 600 people in the UK and 
                   France. 
 

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March 21, 2018 12:13 ET (16:13 GMT)