Market announcement / 24 Sep 2024

Result of AGM 2024

At the Annual General Meeting of Gateley, held yesterday at 12.30pm, all the resolutions, other than resolution 90, which was a special resolution requiring over 75%, to amend the Company’s articles of association in order to allow virtual AGMs, were passed on a poll. The result of the poll voting (including all proxies) is detailed below. 

 

Resolution

Votes for*

Votes against

Votes withheld
1.

To receive the audited accounts of the Company

 56,253,433 6,184 11,831
2.

To approve the directors’ remuneration report

56,034,581

222,444

14,423
3.

To declare a final dividend

56,259,515

102

11,831
4.

To reappoint Edward Knapp as a director

56,171,438

87,330

12,680
5.

To reappoint Neil Andrew Smith as a director

55,746,928

425,360

99,160
6.

To appoint MacIntyre Hudson LLP as auditors of the Company

56,171,924

87,025

12,499
7.

To authorise the directors to fix the remuneration of the auditors

56,163,628

85,936

21,884
8.

To authorise the directors to allot relevant securities

56,157,202

102,247

11,999
9.

To adopt new articles of association**

34,697,888

21,538,602

34,958
10.

To authorise the directors to allot equity securities for cash**

54,535,437 

1,722,247

13,764
11. To authorise the directors to allot equity securities for an acquisition or capital investment** 53,506,610 2,751,074 13,764
12. To authorise the Company to purchase its own shares** 43,000,930  80,980 13,189,538


* Any proxy appointments, which gave discretion to the Chairman have been included in the ‘For’ votes total.

** Special resolution.

Nigel Payne, Chairman of Gateley, said:

“I am delighted that all resolutions, other than resolution 9, passed at today’s AGM. I note, however, with disappointment and some considerable degree of frustration, in my last AGM as Chair of Gateley the votes against resolution 9, being the board’s resolution to amend the Company’s Articles to allow virtual AGMs to take place. 

“Over the past five years, the average number of non-staff shareholders attending the AGM is less than one. Indeed, none of the institutional shareholders who voted against this resolution have appeared in person at our AGM in the nine years that I have chaired the business. In my opinion, virtual AGMs are environmentally friendly, provide easier access to a broader range of shareholders, are commensurate with Gateley’s ESG policies and responsible business principles and generally attract higher attendances. The board will no doubt consider over the coming months if it should re-introduce the resolution at next year’s AGM.

“I also note that a number of shareholders seem to have followed the direction of voting as recommended by certain unregulated proxy voting advisers, without any consultation with the company. I would like to thank those shareholders that communicated directly with the company and I continue to encourage all shareholders to so engage in future and not to simply follow unregulated advice or indeed vote against board resolutions without the courtesy of first engaging with the company to see if any disagreements or misunderstandings might be resolved.”

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