REG - Finsbury Food Group - Result of AGM

Finsbury FoodAnnouncement

17/11/2022 09:45

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RNS Number : 7681G  Finsbury Food Group PLC  17 November 2022

Finsbury Food Group Plc

Result of Annual General Meeting

The Annual General Meeting of Finsbury Food Group Plc was held at The Parkgate
Hotel, Westgate Street, Cardiff, CF10 1DA on 17 November 2022 at 9:00 a.m.

All ten resolutions put to members were passed on a poll. Resolutions 1-8 were
passed as ordinary resolutions and resolutions 9-10 were passed as special
resolutions.

The number of votes cast for and against each of the resolutions proposed, and
the number of votes withheld were as follows:

  Resolution                                                                      Votes for   %       Votes against  %      Votes withheld
 Resolution 1 (Ordinary)                                                          72,561,354  98.89   815,483        1.11   6,869

 To receive the reports of the Directors and the Financial Statements for the
 53 weeks ended 2 July 2022 together with the report of the auditor thereon.
 Resolution 2 (Ordinary)                                                          73,341,979  99.95   38,952         0.05   2,775

 To re-elect Robert Beveridge as a Director.
 Resolution 3 (Ordinary)                                                          72,988,121  99.46   392,810        0.54   2,775

 To re-elect Marnie Millard as a Director.
 Resolution 4 (Ordinary)                                                          59,952,749  81.70   13,430,853     18.30  104

 To re-elect Raymond Duignan as a Director.
 Resolution 5 (Ordinary)                                                          73,376,139  100.00  802            0.00   6,765

 To declare a final dividend for the 53 weeks ended 2 July 2022 of 1.67 pence
 per ordinary share.
 Resolution 6 (Ordinary)                                                          72,522,337  98.84   851,933        1.16   9,436

 To re-appoint PricewaterhouseCoopers LLP as auditor of the Company to hold
 office until the conclusion of the next general meeting at which accounts are

 laid before the Company.
 Resolution 7 (Ordinary)                                                          73,024,349  99.52   352,133        0.48   7,224

 To authorise the Directors to determine the fees payable to the auditor.
 Resolution 8 (Ordinary)                                                          73,295,494  99.90   74,276         0.10   13,936

 The Directors be generally authorised to allot shares and to grant rights to
 subscribe for or to convert any security into shares on the terms set out in

 the Notice.
 Resolution 9 (Special)                                                           73,350,640  99.97   19,130         0.03   13,936

 The Directors be empowered to allot equity securities for cash pursuant to the
 general authority conferred on them by resolution 8 and otherwise in
 accordance with the terms set out in the Notice.
 Resolution 10 (Special)                                                          72,855,586  99.30   516,699        0.70   11,421

 The Company be authorised to make market purchases of its ordinary shares of 1
 pence each on the terms set out in the Notice.

 

The Board has noted the lower approval rate for Resolution 4 and will be
making enquiries accordingly to ascertain the reasons therefor.

As at 17 November 2022, there were 130,383,361 ordinary shares in issue.
Shareholders are entitled to one vote per share. Votes withheld are not votes
in law and so have not been included in the calculation of the proportion of
votes for and against a resolution.

The full text of each resolution is available in the Notice of Annual General
Meeting, published on the AIM Rule 26 section of the Company's website.

For further information please contact:

 

 Finsbury Food Group                   www.finsburyfoods.co.uk (http://www.finsburyfoods.co.uk/)       029 20 357 500

 John Duffy (Chief Executive)

 Steve Boyd (Finance Director)

 Panmure Gordon (UK) Limited                                                                           020 7886 2500

 Oliver Cardigan (Corporate Finance)

 Atholl Tweedie

 Erik Anderson (Corporate Broking)

 Edward Walsh

 Alma PR                               finsbury@almapr.co.uk (mailto:finsbury@almapr.co.uk)            020 3405 0205

 Sam Modlin

 David Ison

 Matthew Young

Notes to Editors:

·      Finsbury Food Group Plc (AIM: FIF) is a leading UK and European
manufacturer of cake and bread bakery goods, supplying a broad range of
blue-chip customers within both the grocery retail and 'out of home eating'
foodservice sectors including major multiples and leading foodservice
providers.

·      The Company is one of the largest speciality bakery groups in the
UK and, together with its overseas division, has sales in the financial year
ending 2 July 2022 of £357 million.

·      The Company's bakery product range is comprehensive and includes:

·      Large premium and celebration cakes;

·      Small snacking cake formats such as cake slices and bites;

·      Artisan, healthy lifestyle and organic breads through to rolls,
muffins (sweet and savoury) and morning pastries, all of which are available
both fresh and frozen dependent on customer channel requirements; and

·      Gluten Free bread, morning goods and cake ranges.

·      The Company is one of the largest ambient cake manufacturers in
the UK, a market valued at £1.04 billion (source: IRI 52 w/e 8th October
2022). The retail bread and morning goods market has a value of £5.3 billion
(source: Kantar Worldpanel 52 w/e 4th September 2022). The retail Free From
cake market is valued at £58 million (source: Kantar Worldpanel 52 w/e 4th
September 2022). The retail Free From bread and morning goods market is valued
at £166 million (source: Kantar Worldpanel 52 w/e 4th September 2022).

 

·      The Company comprises a core UK bakery division and an overseas
division:

·      The UK bakery division has manufacturing sites in Cardiff, East
Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.

·      The overseas division comprises the Company's 85% owned company,
Lightbody-Stretz Limited, which supplies and distributes the Group's
UK-manufactured products and third-party products, primarily to Europe, and
the Company's manufacturing facilities in Rybarzowice and Żywiec in Poland.

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