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Stobart Group LTD

Stobart Group LTD Result of AGM and change of director

Stobart Group Ltd (LON:STOB), the Infrastructure and Support Services Group, announced the result of voting on the resolutions at its Annual General Meeting, held at 11.00 a.m. on 6 July 2018.

A poll was held on each of the resolutions. Resolutions 1 to 13 (other than Resolution 4 and 7) in the Notice of Annual General Meeting, including Resolution 2 to re-elect Iain Ferguson as a Director, were passed by the required majority.

Resolution 4, given the removal of Andrew Tinkler from the Board on 14 June 2018, was ineffective and therefore not put to a vote.

Resolution 7, given the resignation of Richard Laycock from the Board on 5 July 2018, was ineffective and therefore not put to a vote.

A further resolution (Resolution A below) was proposed from the floor of the Annual General Meeting, that Andrew Tinkler be appointed as a Director. A poll was held on this resolution and was passed by the required majority.

However, following such appointment, the Directors other than Andrew Tinkler, acting unanimously in accordance with the Company’s Articles of Incorporation, removed him from his position as a Director of the Company.

Accordingly, the Board of the Company now comprises: Iain Ferguson (Chairman), Warwick Brady (Chief Executive), Andrew Wood (Senior Independent Director) and John Coombs (Non-Executive Director).

Stobart Group, Iain Ferguson, Chairman said: “This is an important day for corporate governance in the UK and for ensuring that the interests of all shareholders are fairly represented and protected.

“I am pleased to have been re-elected. The Board will now immediately start the important process of uniting shareholders and stakeholders, and progressing our strategy to deliver further shareholder returns.

“Andrew Tinkler will not be part of this process- the Board has taken the decision again to dismiss him, following the passing of his resolution to be elected as a Director of the Company. The Board maintains the view that, notwithstanding the support of certain shareholders, given the seriousness of his breach of fiduciary duty and the impending court cases against him, it would not be in the best interests of the Company for him to act as a Director.

“The Board will now focus on ensuring that the Group’s strategy is delivered, while maintaining the highest standards of corporate governance. We will be meeting with all of our colleagues face-to-face over the coming weeks to address concerns and explain our plans for ongoing growth as a united team.

“At the same time, we will seek to diversify our shareholder base to reduce concentration; we are already in discussions with potential investors who are interested in Stobart Group’s growth potential.

“We will be making further Board appointments to support the delivery of the next phase of the Group’s strategy. We have identified an excellent female candidate as a Non-Executive Director and we will recruit a Chief Financial Officer to replace Richard Laycock, who has stepped down from the Board.

“Stobart Group is an excellent business and an iconic brand. The Board recognises the responsibility and privilege that it has in ensuring the business is well managed for the benefit of all shareholders, staff and society. We are committed to upholding the highest standards of corporate governance and to act in the best interests of all shareholders.”

The results of the poll on each resolution are set out below. In respect of Resolution A, which was put to the Annual General Meeting from the floor of the meeting, the numbers below reflect the manner in which the Chairman exercised his discretion to exercise votes for which he had been appointed as proxy for the meeting and which were not otherwise voted on that resolution:

 

 

 

 

For

 

 

 

 

Against

TOTAL

VOTES

CAST

Votes withheld

Resolution

No. of votes

%

No. of votes

%

No. of votes

No. of votes

1.   To receive the Company’s Annual Accounts, Directors’ Report and Auditor’s Report.

299,689,732

 

99.19

 

2,433,996

 

0.81

 

302,123,728

 

1,561,542

 

2.   To re-elect Iain Ferguson CBE as a Director.

 

154,741,139

 

51.21

 

147,426,975

 

48.79

 

302,168,114

 

889,435

 

3.   To re-elect Warwick Brady as a Director.

 

      

175,714,622

 

60.23

 

116,017,900

 

39.77

 

291,732,522

 

11,975,188

 

4.   Ineffective

5.   To re-elect Andrew Wood as a Director.

 

172,238,578

 

59.05

 

119,435,913

 

40.95

 

291,674,491

 

12,014,875

 

6.   To re-elect John Coombs as a Director.

 

175,221,074

 

60.08

 

116,432,447

 

39.92

 

291,653,521

 

12,035,845

 

7.   Ineffective

8.   To reappoint KPMG LLP as auditors of the Company.

 

301,369,301

 

99.40

 

1,811,381

 

0.60

 

303,180,682

 

504,588

 

9.   To authorise the Directors to agree the auditors’ remuneration.

 

303,164,118

 

99.99

 

26,585

 

0.01

 

303,190,703

 

494,568

 

10. To approve the Directors’ Remuneration Report.

 

191,482,746

 

64.63

 

104,809,330

 

35.37

 

296,292,076

 

7,393,194

 

11. To grant the Directors powers to issue shares up to an aggregate value of £11,576,447.

 

228,760,380

 

77.22

 

67,492,151

 

22.78

 

296,252,531

 

7,432,740

 

12. To authorise the Directors to generally and unconditionally issue shares for cash, under the authority given by Resolution 11.

 

228,335,459

 

75.36

 

74,661,701

 

24.64

 

302,997,160

 

688,111

 

13. To authorise the Company to make one or more market acquisitions.

 

295,323,325

 

99.68

 

935,259

 

0.32

 

296,258,584

 

7,426,686

 

A.     To elect Andrew Tinkler as a director (proposed from the floor of the meeting).

152,753,164

 

51.44

 

144,174,389

 

48.56

 

296,927,553

 

6,835,232

The number of ordinary shares in issue on 6 July 2018 was 354,328,831. A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes ‘For’ or ‘Against’ a resolution.