Correction of AGM statement

RNS Number : 6414V

Severfield-Rowen PLC

30 May 2008

 



Friday 30 May 2008

Below is a corrected version of the AGM statement, issued earlier today at 13:29 under RNS No 6385V. The line 'Full details of the voting on each resolution are given below' has been removed from the first paragraph. All other details remain the same.

Severfield-Rowen Plc

Result of Annual General Meeting

Severfield-Rowen Plc, the market leading structural steel group, is pleased to announce the results of the resolutions proposed at the Annual General Meeting held earlier today.  Resolutions 1 to 2 and 4 to 10 were duly passed on a show of hands. Resolution 3 was not passed on a vote.

The Board notes the result of the voting in relation to Resolution 3. The Company, and in particular the Remuneration Committee, will pay due and appropriate cognisance to the sentiments behind the shareholders decision.

The objections of the shareholders directly related to the decision by the Remuneration Committee to award John Severs, the former Managing Director, a bonus in an amount outside investor guidelines.

The Company acknowledges this as a fact, albeit in respect of a one-off and exceptional bonus payment. At the same time it is worthy of note and regard that in the last five years that John Severs was Managing Director, the Company achieved an increase in total shareholder returns, the barometer by which investors judge the success of a Company and its management, of 800%.

Enquiries:

Severfield-Rowen Plc    

Toby Hayward, Chairman                                 01845 577 896

Tom Haughey, Chief Executive Officer           01845 577 896

Peter Davison, Finance Director                       01845 577 896

Pelham Public Relations    

Alex Walters                                                             020 3170 7435

 

END

 

 

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