REG - Luceco PLC - AGM Statement

LucecoAnnouncement

20/10/2023 17:00

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RNS Number : 8612Q  Luceco PLC  20 October 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 2023 AGM.

 

Prior to the 2023 AGM the Directors consulted with shareholders regarding
Resolution 20 - to approve the Rule 9 Waiver (the "Resolution"), the
significant majority of whom were supportive of the rationale for 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 delighted that Resolution 20 to approve the Rule 9 Waiver,
passed with 79.95% of participating independent shareholders voting in favour.
However, 20.05% of participating independent shareholders voted against
Resolution 20.

 

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.

 

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.

 

- ENDS-

 

For further information, please contact:

 

 Luceco plc                            Contact
 John Hornby, Chief Executive Officer  020 3128 8990 (Via MHP)
 Will Hoy, Chief Financial Officer     020 3128 8990 (Via MHP)

 MHP                                   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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