Response to requisition of a General Meeting
Inspecs Group plc
("INSPECS" or "the Group")
Response to requisition of a General Meeting
Inspecs Group plc ("Inspecs", the "Company" and together with its subsidiary undertakings, the "Group"), a leading designer, manufacturer and distributor of eyewear (sunglasses, optical frames, lenses and low vision products), announces that it received on 13 May 2025 a requisition notice (the "Requisition Notice") seeking to convene a general meeting (the "Requisition GM") from Downing LLP ("Downing") (via Seguro Nominees Limited). The Requisition Notice requests that shareholders of the Company vote on ordinary resolutions to:
· remove Robin Totterman as a director of the Company; and
· appoint Rocco Benetton as a director of the Company holding the role of Executive Chairman.
The Board unanimously rejects these proposals.
As previously announced, the Board is undertaking a formal search, supported by a leading executive search firm, for a new Independent Non-Executive Chair to succeed Robin Totterman. The search is progressing well, and the Board has included Rocco Benetton in this formal search process, at Downing's request.
Robin will step down from the role of Executive Chair on the appointment of a new independent Non-Executive Chair, which the Board expects to announce as soon as possible after this year's annual general meeting to be held on 3 June 2025 ("AGM").
The Board believes that its formal search process follows generally accepted principles of good corporate governance and will enable the Board to review a broad array of candidates, which in turn will deliver an optimal outcome for all shareholders. Furthermore, the Board believes the independence of the Chair is important for the efficacy of the Board going forward.
The Board also believes that, given his extensive industry knowledge, experience and relationships, Robin Totterman remains valuable to the Group and therefore, as previously announced, he will continue to perform his day-to-day executive functions within the business as well as remaining a director of the Company following the AGM.
With respect to the Requisition Notice, the Board recommends that Shareholders take no action and await a further announcement from the Company, which will be made in due course.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). The person responsible for making this announcement is Elliott Smith, Company Secretary.
For further information please contact:
|
Inspecs Group plc Richard Peck (CEO) Chris Kay (CFO) |
via FTI Consulting Tel: +44 (0) 20 3727 1000 |
|
Peel Hunt (Nominated Adviser and Broker) George Sellar Andrew Clark |
Tel: +44 (0) 20 7418 8900 |
|
FTI Consulting (Financial PR) Alex Beagley Harriet Jackson Amy Goldup |
Tel: +44 (0) 20 3727 1000 |
About Inspecs Group plc
INSPECS is a leading provider of eyewear solutions to the global eyewear market. The Group produces a broad range of eyewear frames, low vision aids and lenses, covering optical, sunglasses and safety, which are either "Branded" (under licence or under the Group's own proprietary brands), or "OEM" (unbranded or private label on behalf of retail customers).
INSPECS is building a global eyewear business through its vertically integrated business model. Its continued growth is underpinned by increasing the penetration of its own-brand portfolio, worldwide distribution, growing retail presence, maximising group synergies and its global network, expanding its manufacturing capacity and scaling the research and development department as it develops new and innovative eyewear products. The Group has operations across the globe: with offices and subsidiaries in the UK, Germany, Portugal, Scandinavia, the US and China (including Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK and Italy.
INSPECS customers are global optical and non-optical retailers, global distributors and independent opticians. Its distribution network covers over 80 countries and reaches approximately 75,000 points of sale.
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