REG - Crest Nicholson Hdgs - Result of AGM <Origin Href="QuoteRef">CRST.L</Origin>

Crest Nicholson HoldingsAnnouncement

23/03/2017 14:15

RNS Number : 3608A
Crest Nicholson Holdings PLC
23 March 2017
Crest Nicholson Holdings plc
LEI: 213800ROIFXRRRKVQD25
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL
23 March 2017
Crest Nicholson Holdings plc 
("Crest" or the "Company")
RESULTS OF ANNUAL GENERAL MEETING
The Company advises that all of the resolutions were considered and voted upon by the shareholders by poll at the Annual General Meeting held today.
The full text of each resolution was included in the Notice of Meeting circulated to shareholders on 13 February 2017. The results of the poll incorporating proxy votes lodged in advance of the meeting are set out below.

Resolution
Votes For
Votes Against
Total Votes
% of issued Share Capital voted
Votes Withheld*
1
RECEIVE REPORT & ACCOUNTS
184,657,860
0
184,657,860
72.31%
5,535,896
2
DECLARATION OF FINAL DIVIDEND
190,193,756
0
190,193,756
74.48%
0
3
RE-ELECT WILLIAM RUCKER
185,051,763
4,876,397
189,928,160
74.37%
265,596
4
RE-ELECT STEPHEN STONE
186,464,671
3,726,955
190,191,626
74.48%
2,130
5
RE-ELECT PATRICK BERGIN
186,459,378
3,732,248
190,191,626
74.48%
2,130
6
RE-ELECT JIM PETTIGREW
188,378,229
1,811,527
190,189,756
74.48%
4,000
7
RE-ELECT PAM ALEXANDER OBE
189,914,132
279,624
190,193,756
74.48%
0
8
RE-ELECT SHARON FLOOD
189,912,963
280,793
190,193,756
74.48%
0
9
ELECT ROBERT ALLEN
186,136,283
4,057,223
190,193,506
74.48%
250
10
ELECT CHRIS TINKER
176,903,441
13,285,065
190,188,506
74.48%
5,250
11
RE-APPOINT AUDITORS
190,188,288
5,468
190,193,756
74.48%
0
12
AUTHORISE AUDIT & RISK COMMITTEE TO DETERMINE AUDITOR'S REMUNERATION
189,560,906
628,600
190,189,506
74.48%
4,250
13
APPROVE DIRECTORS' REMUNERATION REPORT
77,359,078
107,344,963
184,704,041
72.33%
5,489,715
14
APPROVE DIRECTORS' REMUNERATION POLICY
182,831,307
7,357,089
190,188,396
74.48%
6,662
15
AUTHORITY TO ALLOT SHARES
190,153,896
39,750
190,193,646
74.48%
1,412
16
DISAPPLY PRE-EMPTION RIGHTS **
188,320,077
1,872,319
190,192,396
74.48%
2,662
17
PURCHASE OWN SHARES **
185,456,927
4,107,427
189,564,354
74.23%
629,402
18
CALLING GENERAL MEETINGS ON 14 DAYS' NOTICE **
184,247,742
5,946,014
190,193,756
74.48%
0
* A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes for or against a resolution.
** Special resolution
No other resolutions were put to the meeting.
Copies of the resolutions passed, other than resolutions concerning ordinary business, will be submitted to the UK Listing Authority via the National Storage Mechanism and will be available in due course for inspection at http://www.morningstar.co.uk/uk/NSM
Whilst we note that our Remuneration Policy continues to be well supported with a 96% in favour vote, we are disappointed the advisory vote for this year's remuneration report was not carried. We understand from dialogue with shareholders ahead of the AGM that the main area of concern relates to the profit before tax per share (the "PBT Element") targets for the 2017-2019 LTIP which makes up 50% of the performance condition. As stated previously, the Board expects the rate of profit growth will remain robust but not at levels seen in recent years due to tough comparators, additional investment in land, examining approaches to offsite manufacture and a new division required to support our stretching annual growth targets of 4,000 new homes and 1.4 billion of sales by 2019. 
The PBT Element was agreed by the Remuneration Committee after taking into account those factors, and taking into account the uncertain economic backdrop and the competitive environment in which the Company operates. The remaining 50% of the LTIP is based on targets relating to return on capital employed, ensuring a balance of profitability and capital efficiency for shareholders. The Committee believes that this combination of measures presents a sufficiently stretching LTIP.
Every year, we have a regular dialogue with leading shareholders on a range of matters including remuneration. During the course of this year, we will continue this engagement with shareholders and will discuss remuneration arrangements and next year's LTIP targets; and seek to better communicate underlying rationale to shareholders with earlier engagement.
For further information: 
Crest Nicholson Holdings plc: +44 (0) 1932 580555 Kevin Maguire, Company Secretary
Finsbury +44 (0) 20 7251 3801 Faeth Birch, James Bradley

This information is provided by RNS
The company news service from the London Stock Exchange
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