Results of General Meeting and Board Changes

RNS Number : 7246E

Electra Private Equity PLC

05 November 2015

 



Electra Private Equity PLC

Results of General Meeting and Board changes

5 November 2015

Electra Private Equity PLC (the "Company") announces the results of the votes on the two resolutions which were considered on a poll at the Company's general meeting (the "General Meeting") held today.

Resolution 1, that Mr. Edward Bramson be and is hereby appointed as a director of the Company, was carried.

Resolution 2, that Mr. Ian Brindle be and is hereby appointed as a director of the Company, was carried.

The results of the poll were as follows:

Result of poll

Resolution No.	Votes For	%	Votes Against	%	Votes total	Proportion of the issued share capital of the Company represented by all votes (%)	Votes Withheld1
1. That Mr. Edward Bramson be and is hereby appointed as a director of the Company.	16,611,635	53.51	14,435,118	46.49	31,046,753	85.14	68,588
2. That Mr. Ian Brindle be and is hereby appointed as a director of the Company.	16,602,494	53.49	14,435,528	46.51	31,038,022	85.12	68,729

1    A vote withheld is not counted towards the votes "For" or "Against" a resolution.

Accordingly Mr. Bramson and Mr. Brindle have been appointed as non-executive directors of the Company with effect from today.

The Company will make a further announcement containing the information in respect of its two new directors which is required under Listing Rule 9.6.13 as soon as possible.

Following the conclusion of the General Meeting, Roger Yates informed the Company that he was stepping down as Chairman and was resigning from the Board with immediate effect. The Board has elected Dame Kate Barker, the Senior Independent Director, as Chairman in his place, and Roger Perkin as Senior Independent Director in place of Dame Kate Barker.

The Nominations Committee, under the chairmanship of Kate Barker, will be initiating immediately a process to seek a new non-executive director with a view to him or her becoming the independent Chairman of Electra.

Mr Yates said: "The votes cast at the General Meeting today show that a substantial number of shareholders voted in line with the Board's unanimous recommendation. Nevertheless it is important now to draw a line under the disagreements on the composition of the Board and move forward. I believe that to achieve this, a change in the chairmanship is an important element and, therefore, I have decided to resign from the Board with immediate effect. I am very grateful for the support that I have had, particularly from my Board colleagues, and I wish Electra continuing success."

Kate Barker said: "It was with considerable regret that we accepted Roger Yates' resignation today. I would like to express our sincere thanks for his leadership and significant contributions to Electra during his tenure. We will move swiftly to recruit a new independent non-executive Chairman. In the meantime my Board colleagues, including Mr. Bramson and Mr. Brindle, and I will seek to serve the best interests of all shareholders. In particular we look forward to our Manager, Electra Partners, continuing to deliver excellent investment performance for shareholders."

Enquiries

J.P. Morgan Cazenove [phone]

Michael Wentworth-Stanley

William Simmonds

Greenbrook Communications [phone]

Andrew Honnor

Matthieu Roussellier

Matthew Goodman

 

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