AGM Statement

RNS Number : 2754H

Vesuvius plc

15 May 2014

 



 15 May 2014

Vesuvius plc - Result of Annual General Meeting ("AGM")

Vesuvius plc ("the Company") confirms that, at its second AGM today, each of the resolutions set out in the Notice of Meeting to Shareholders dated 7 April 2014, was passed by Shareholders.

A poll was conducted on each resolution at the meeting and the results, certified by the scrutineer, Equiniti Limited, were as follows:

	RESOLUTIONS	FOR		AGAINST		TOTAL
		No. of votes cast1	% of votes cast	No. of votes cast	% of votes cast	No. of votes cast	% of Issued Share Capital2	Votes withheld3
1	Receipt of Annual Report and Accounts	220,255,436	99.99	26,495	0.01	220,281,931	81.22	193,528
2	Declaration of Final Dividend	220,290,858	100.00	0	0.00	220,290,858	81.22	184,601
3	Election of  N Connors	220,000,939	99.87	285,494	0.13	220,286,433	81.22	189,026
4	Election of C Gardell	216,374,979	98.22	3,911,454	1.78	220,286,433	81.22	189,026
5	Election of J Hewitt	218,155,748	99.03	2,130,538	0.97	220,286,286	81.22	189,173
6	Election of  J Hinkley	216,868,147	98.45	3,418,286	1.55	220,286,433	81.22	189,026
7	Election of  J McDonough	208,681,547	94.73	11,604,837	5.27	220,286,384	81.22	189,075
8	Election of  C O'Shea	217,976,258	98.95	2,310,175	1.05	220,286,433	81.22	189,026
9	Election of  F  Wanecq	217,981,635	98.95	2,305,728	1.05	220,287,363	81.22	188,096
10	Re-appointment of  Auditor	216,509,731	99.27	1,592,827	0.73	218,102,558	80.42	2,372,901
11	Remuneration of Auditor	218,093,188	100.00	5,798	0.00	218,098,986	80.42	2,376,473
12	Approve the directors' remuneration policy	215,577,683	97.87	4,684,029	2.13	220,261,712	81.21	213,747
13	Approve the directors' remuneration report	218,852,126	99.35	1,427,883	0.65	220,280,009	81.22	195,450
14	Authority to Incur Political Expenditure	219,967,726	99.88	271,543	0.12	220,239,269	81.21	236,190
15	Authority to Allot Shares	218,397,961	9.14	1,889,620	0.86	220,287,581	81.22	187,878
16	Special Resolution: Authority to Disapply Pre-emption Rights	220,059,177	99.90	226,902	0.10	220,286,079	81.22	189,380
17	Special Resolution: Authority to purchase Own Shares	220,205,176	100.00	7,761	0.00	220,213,037	81.20	262,422
18	Special Resolution: Authority to Call a General Meeting on 14 clear days' notice	205,711,801	93.38	14,579,204	6.62	20,291,005	81.22	184,454

Vesuvius issued an Interim Management Statement on 15 May.  

At today's AGM, the Chairman John McDonough said: "Market conditions have remained broadly unchanged since we announced our 2013 Results at the beginning of March, and the Group's trading performance for the first four months of this year has been in line with the Board's expectations.  We are making good progress with our self-help initiatives to drive performance improvement regardless of the wider market environment, with margin improvement continuing in 2014.

Whilst there have been encouraging signs of increased activity in some end-markets, namely in Europe, conditions in other end markets remain challenging, and we therefore continue to expect the underlying trading environment during 2014 to be broadly similar to that experienced in 2013.

As previously disclosed, a continuation in the current strength of Sterling will have a negative impact on reported results.  Despite this, management's sustained focus on self-help measures to drive operational efficiency, coupled with the strength of our customer relationships and our technical leadership and innovation, is expected to drive further margin improvement during the course of the year. Consequently, the Board remains confident in their expectations for the full year."

No further comments on trading were made at the meeting.

Notes:

1.   Any proxy appointments which gave discretion to the Chairman have been included in the "for" total.

2.   The total number of shares in issue is 278,485,071 of which 7,271,174 shares are held in Treasury.

3.   A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" and "against" a resolution.

4.   All percentages are shown to two decimal places.

This information will also shortly be available to view on the Company's website at: www.vesuvius.com.

In accordance with Listing Rule 9.6.2 a copy of all Resolutions will be submitted to the Financial Conduct Authority National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do. A copy of all Resolutions is also available from the Company Secretary, Vesuvius plc, 165 Fleet Street, London EC4A 2AE, England. In addition, a copy of all Resolutions will be filed with Companies House.

Vesuvius plc

165 Fleet Street

London EC4A 2AE

Tel:      [phone]

Fax:     [phone]

Web:   www.vesuvius.com

 

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