REG - Luceco PLC - AGM Statement

LucecoAnnouncement

13/01/2023 07:00

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RNS Number : 5670M  Luceco PLC  13 January 2023

13 January 2023

LUCECO PLC

 

Annual General Meeting ('AGM') Update Statement

 

In accordance with Provision 4 of the 2018 UK Corporate Governance Code,
Luceco plc ("the Company") has released this statement to provide an update to
shareholders on the actions taken following the outcome of Resolution 20 at
the 2022 AGM.

 

Throughout 2022, and ahead of the 2022 AGM, the Company engaged with its
shareholders to understand their views. We will continue to engage regularly
with shareholders both on matters relating to the below resolution and to
consider their views in our general decision making.

 

Resolution 20 - To approve the Rule 9 Waiver, which failed to pass with 29.9%
of participating independent shareholders voting in favour.

 

Prior to the 2022 AGM the Directors consulted with shareholders regarding
Resolution 20 - to approve the Rule 9 Waiver (the "Resolution"), the majority
of whom were supportive of the rationale for to permitting the Company to buy
back shares as proposed. Per the Notice of AGM, the members of the Concert
Party were not entitled to vote on the Resolution. The Board was naturally
disappointed in the failure to pass the resolution by a majority of votes cast
by the independent shareholders of the Company.

 

The Board continues to consider that the ability for the Company to buy back
shares is in the best interests of all shareholders, particularly in light of
the current share price levels, which presents an opportunity to generate
attractive returns for all shareholders through allocating capital to buying
back ordinary shares.

 

The approval of the Rule 9 waiver under Resolution 20 is a prerequisite for
the Company to be able to commence a share buyback programme and, therefore,
the Board believes it to be in the best interests of the Company and the
Non-Concert Party Shareholders as a whole to approve the Rule 9 waiver
resolution.

 

Following the AGM, we have contacted the major shareholders who had not
supported the Resolution to understand the reasons for their vote against the
proposal and to continue a transparent and constructive dialogue on this
topic. The Board will continue to engage as appropriate with those
shareholders regarding their views in this area.

 

- ENDS-

 

For further information, please contact:

 

 Luceco plc                            Contact
 John Hornby, Chief Executive Officer  020 3128 8990 (Via MHP Communications)
 Matt Webb, Chief Financial Officer    020 3128 8990 (Via MHP Communications)

 MHP Communications                    Contact
 Tim Rowntree                          020 3128 8990
 Ollie Hoare                           020 3128 8276

 

Note to Editors

 

Luceco plc - Bringing Power To Life

 

Luceco plc (LSE:LUCE) is a supplier of high quality and innovative wiring
accessories, EV chargers, LED lighting and portable power products for a
global customer base.

 

For more information, please visit www.lucecoplc.com
(http://www.lucecoplc.com) .

 

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