REG - Midwich Group PLC - Result of AGM

MidwichAnnouncement

10/05/2021 16:40

RNS Number : 1341Y
  
Midwich Group PLC
  
10 May 2021
  
 

10 May 2021
Midwich Group PLC
("Midwich" or "the Group")
 
Result of AGM
 
Midwich, a global specialist audio visual distributor to the trade market, announces that at the Annual General Meeting held earlier today, all resolutions were duly passed.
 
Details of the proxy votes received on each resolution by Midwich's Registrar are set out below:
 



Resolution


In Favour


Against


Withheld


Total votes cast




Number of 
votes


%


Number of votes


%


Number of votes








1. 


Ordinary resolution to receive and adopt the Company's annual accounts for the financial year ended 31 December 2020


77,380,437


100


0


0


0


77,380,437




2. 


Ordinary resolution to re-elect Stephen Fenby as a director of the Company.


77,380,437


100


0


0


0


77,380,437




3.


Ordinary resolution to re-elect Andrew Herbert as a director of the Company.


76,719,527


100


0


0


660,910


76,719,527




4.


Ordinary resolution to re-elect Mike Ashley as a director of the Company.


77,380,437


100


0


0


0


77,380,437




5.


Ordinary resolution to re-elect Stephen Lamb as a director of the Company.


77,380,437


100


0


0


0


77,380,437




6.


Ordinary resolution to re-elect Hilary Wright as a director of the Company.


77,380,437


100


0


0


0


77,380,437




7.


Ordinary resolution to re-appoint Grant Thornton UK LLP as the Company's auditors.


77,380,437


100


0


0


0


77,380,437




8. 


Ordinary resolution to approve the Directors' Remuneration Report (excluding the directors' remuneration policy).


55,436,751


71.64


21,943,686


28.36


0


77,380,437




9.


Ordinary resolution to authorise the directors to allot shares. 


77,064,550


99.59


315,887


0.41


0


77,380,437




10.


Special resolution to disapply pre-emption rights.


77,378,941


100


0


0


1,496


77,378,941




11.


Further special resolution to disapply pre-emption rights in circumstances permitted by the Pre-emption Group guidelines.


77,378,941


100


0


0


1,496


77,378,941



 
The Board notes that resolution 8 (approval of the Directors' Remuneration Report) was passed with the necessary majority but with less than 80% in favour. Midwich had engaged directly with a number of the Group's shareholders in relation to this resolution prior to the AGM. The Board will continue to engage with shareholders to understand and discuss their concerns with respect to the resolution and will provide an update in due course and within six months at the latest.
 
For further information:
 



Midwich Group plc
Stephen Fenby, Managing Director
Stephen Lamb, Finance Director
 


Tel: +44 (0) 13 7964 9200




Investec Bank plc (NOMAD and Joint Broker to Midwich)
Carlton Nelson
Ben Griffiths
 


Tel: +44 (0) 20 7597 5970




Berenberg (Joint Broker to Midwich)
Ben Wright
Mark Whitmore
Alix Mecklenberg-Solodkoff
 


Tel: +44 (0) 20 3207 7800




FTI Consulting
Alex Beagley
Tom Hufton
Rafaella de Freitas


Tel: +44 (0) 20 3727 1000
 



 
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, EMEA, Asia Pacific and North America. The Group's long-standing relationships with over 500 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.
 
The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.
 
Initially a UK only distributor, the Group now has around 1,000 employees across the UK and Ireland, EMEA, Asia Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.
 
For further information, please visit www.midwichgroupplc.com
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
RAGAMMATMTJBBRB