Result of AGM

RNS Number : 1341Y
Midwich Group PLC
10 May 2021
 

10 May 2021

Midwich Group PLC

("Midwich" or "the Group")

 

Result of AGM

 

Midwich, a global specialist audio visual distributor to the trade market , announces that at the Annual General Meeting held earlier today, all resolutions were duly passed.

 

Details of the proxy votes received on each resolution by Midwich's Registrar are set out below:

 

Resolution

In Favour

Against

Withheld

Total votes cast

Number of

votes

%

Number of votes

%

Number of votes


1.

Ordinary resolution to receive and adopt the Company's annual accounts for the financial year ended 31 December 2020

77,380,437

100

0

0

0

77,380,437

2.

Ordinary resolution to re-elect Stephen Fenby as a director of the Company.

77,380,437

100

0

0

0

77,380,437

3.

Ordinary resolution to re-elect Andrew Herbert as a director of the Company.

76,719,527

100

0

0

660,910

76,719,527

4.

Ordinary resolution to re-elect Mike Ashley as a director of the Company.

77,380,437

100

0

0

0

77,380,437

5.

Ordinary resolution to re-elect Stephen Lamb as a director of the Company.

77,380,437

100

0

0

0

77,380,437

6.

Ordinary resolution to re-elect Hilary Wright as a director of the Company.

77,380,437

100

0

0

0

77,380,437

7.

Ordinary resolution to re-appoint Grant Thornton UK LLP as the Company's auditors.

77,380,437

100

0

0

0

77,380,437

8.

Ordinary resolution to approve the Directors' Remuneration Report (excluding the directors' remuneration policy).

55,436,751

71.64

21,943,686

28.36

0

77,380,437

9.

Ordinary resolution to authorise the directors to allot shares.

77,064,550

99.59

315,887

0.41

0

77,380,437

10.

Special resolution to disapply pre-emption rights.

77,378,941

100

0

0

1,496

77,378,941

11.

Further special resolution to disapply pre-emption rights in circumstances permitted by the Pre-emption Group guidelines.

77,378,941

100

0

0

1,496

77,378,941

 

The Board notes that resolution 8 (approval of the Directors' Remuneration Report) was passed with the necessary majority but with less than 80% in favour. Midwich had engaged directly with a number of the Group's shareholders in relation to this resolution prior to the AGM. The Board will continue to engage with shareholders to understand and discuss their concerns with respect to the resolution and will provide an update in due course and within six months at the latest.

 

For further information:

 

Midwich Group plc

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director

 

Tel: +44 (0) 13 7964 9200

Investec Bank plc  (NOMAD and Joint Broker to Midwich)

Carlton Nelson

Ben Griffiths

 

Tel: +44 (0) 20 7597 5970

Berenberg  (Joint Broker to Midwich)

Ben Wright

Mark Whitmore

Alix Mecklenberg-Solodkoff

 

Tel: +44 (0) 20 3207 7800

FTI Consulting

Alex Beagley

Tom Hufton

Rafaella de Freitas

Tel: +44 (0) 20 3727 1000

 

 

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, EMEA, Asia Pacific and North America. The Group's long-standing relationships with over 500 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

 

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

 

Initially a UK only distributor, the Group now has around 1,000 employees across the UK and Ireland, EMEA, Asia Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

 

For further information, please visit  www.midwichgroupplc.com

 

 

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