Result of AGM

PPHE Hotel Group Limited

22 May 2024

 

22 May 2024

PPHE HOTEL GROUP LIMITED
("PPHE Hotel Group" or "the Company")

Result of Annual General Meeting

PPHE Hotel Group confirms that at the Company's Annual General Meeting held on 22 May 2024 at 12 noon, all of the resolutions were decided on a poll and all resolutions proposed at the Annual General Meeting were passed. Resolutions 10 to 13 relating to the re-election of the independent Directors were duly passed by both a majority of the votes cast by the independent shareholders as well as by a majority of votes cast by all shareholders. These votes have been calculated separately and are shown below (independent shareholder votes cast being marked ***). Resolution 18 relating to the Rule 9 Waiver was duly passed by a majority of the votes cast by the independent shareholders only (independent shareholder votes cast being marked ***).

The full text of each resolution was included in the Company's Notice of Annual General Meeting (dated 13 March 2024) that was posted or e-mailed to shareholders and also made available on the Company's website www.pphe.com. The following table shows the results of the votes cast.

Resolution		Total votes cast	For (*)		Against (*)		Withheld (**)
			Number	%	Number	%
Ordinary resolutions
1.	To receive the Annual Report and Accounts	24,584,028	20,780,557	84.53%	3,803,471	15.47%	6,196
2.	To approve a final dividend of 20 pence per ordinary share for the year ended 31 December 2023	24,587,106	24,587,106	100.00%	0	0.00%	3,118
3.	To approve the Company's Remuneration Report (advisory vote)	23,385,322	21,931,414	93.78%	1,453,908	6.22%	1,204,902
4.	To appoint Brightman Almagor Zohar & Co, a member of the Deloitte Global Network as auditors of the Company	24,587,106	24,587,106	100.00%	0	0.00%	3,118
5.	To authorise the Directors to determine the auditors' remuneration	24,587,106	24,564,526	99.91%	22,580	0.09%	3,118
6.	To re-elect Eli Papouchado (Chairman)	24,460,207	22,388,280	91.53%	2,071,927	8.47%	130,017
7.	To re-elect Boris Ivesha (President & Co-Chief Executive)	24,138,829	20,266,415	83.96%	3,872,414	16.04%	451,395
8.	To re-elect Greg Hegarty (Co-Chief Executive)	24,587,106	20,759,690	84.43%	3,827,416	15.57%	3,118
9.	To re-elect Daniel Kos (Chief Financial Officer)	24,587,106	20,759,692	84.43%	3,827,414	15.57%	3,118
10.	To re-elect Kenneth Bradley (Deputy Chairman)	23,323,998	22,374,109	95.93%	949,889	4.07%	1,266,226
		***5,842,744	4,892,855	83.74%	949,889	16.26%	1,266,226
11.	To re-elect Nigel Keen (Senior Independent Director)	24,587,106	23,909,401	97.24%	677,705	2.76%	3,118
		***7,105,852	6,428,147	90.46%	677,705	9.54%	3,118
12.	To re-elect Stephanie Coxon (Non-Executive)	24,587,106	24,214,363	98.48%	372,743	1.52%	3,118
		***7,105,852	6,733,109	94.75%	372,743	5.25%	3,118
13.	To re-elect Marcia Bakker (Non-Executive)	24,587,106	24,240,082	98.59%	347,024	1.41%	3,118
		***7,105,852	6,758,828	95.12%	347,024	4.88%	3,118
18.	To approve a waiver of Rule 9 of the Takeover Code	***6,732,006	5,580,555	82.90%	1,151,451	17.10%	376,964
Extraordinary resolutions
14.	To approve an authority for Directors to allot shares	24,587,106	20,758,243	84.43%	3,828,863	15.57%	3,118
Special resolutions
15.	To approve a general authority to disapply pre-emption rights	24,587,106	20,735,237	84.33%	3,851,869	15.67%	3,118
16.	To approve a specific authority to disapply pre-emption rights	24,587,106	20,734,056	84.33%	3,853,050	15.67%	3,118
17.	To approve an authority to purchase own shares	24,587,106	24,281,225	98.76%	305,881	1.24%	3,118
19.	To approve amendments to the Articles of Association	24,587,106	20,783,635	84.53%	3,803,471	15.47%	3,118

*Includes discretionary votes

**A vote "Withheld" is not a vote in law and is therefore not counted towards the proportion of votes "For" or "Against" the resolution

*** Votes cast by independent shareholders

The Board is pleased with the support from shareholders for all of the resolutions proposed. The Board notes that there is a significant minority vote against resolutions 7 to 9 for the re-election of executive Directors of the Company. The Company understands that a large portion of these votes against is from overseas shareholders in jurisdictions where it is not market practice for management to sit on the board of a company.  As a result, the internal policy of such shareholders is to vote against resolutions for the re-election of executive directors to the Board.  The Company does not consider that this is reflective of any failure on the part of the Company to comply with UK Good Corporate Governance practice.

In accordance with the Listing Rules a copy of each of the resolutions in respect of special business of the Company passed at the Annual General Meeting has been forwarded to the Financial Conduct Authority and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Enquiries:

PPHE Hotel Group Limited	Tel: [phone]
Greg Hegarty, Co-Chief Executive Officer & Executive Director
Daniel Kos, Chief Financial Officer & Executive Director
Robert Henke, Executive Vice President of Commercial Affairs
Hudson Sandler	Tel: [phone]
Wendy Baker / Charlotte Cobb / India Laidlaw / Eloise Fleet	[e-mail]

Notes to Editors:

PPHE Hotel Group is an international hospitality real estate company, with a £2.2 billion portfolio, valued as at December 2023 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.

Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.

PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.

PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.

Company websites: www.pphe.com | www.arenahospitalitygroup.com

For reservations:

www.parkplaza.com | www.artotel.com | www.radissonhotels.com | www.arenahotels.com | www.arenacampsites.com

 

END