REG - Safestore Hldgs plc - Result of Annual General Meeting

Safestore HoldingsAnnouncement

16/03/2022 18:00

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RNS Number : 0497F  Safestore Holdings plc  16 March 2022

 

 

 16 March 2022

 

Safestore Holdings plc

("Safestore", "the Company" or "the Group")

 

Result of Annual General Meeting

 

 

Annual General Meeting

 

The 2022 Annual General Meeting of Safestore Holdings plc was held at midday
today at the Company's registered office in Borehamwood, Hertfordshire.

 

All resolutions were passed by the requisite majority by way of a poll.

 

The following votes were cast in respect of the AGM resolutions:

 

 

     Resolution                                                                  Votes For    %        Votes Against  %           Total Votes (excluding withheld)  % of Issued Share Capital Voted  Votes Withheld
 1   To receive the Annual Report and Accounts                                   179,983,620  99.95%   89,581         0.05%                                         85.41%                           439,111

                                                                                                                                  180,073,201

 2   To approve the Directors' Remuneration Report                               129,213,061  72.15%   49,876,689     27.85%                                        84.95%                           1,422,562

                                                                                                                                    179,089,750

 3   To appoint Deloitte LLP as auditor                                          179,968,074  99.97%   52,526         0.03%                                         85.39%                           491,712

                                                                                                                                  180,020,600

 4   To authorise the Directors to determine the auditors' remuneration          180,446,611  99.97%   48,989         0.03%       180,496,100                       85.61%                           16,712

 5   To declare a final dividend of 12.7 pence per ordinary share                180,483,572  99.99%   12,528         0.01%       180,496,100                       85.61%                           16,212

 6   To elect Laure Duhot                                                        180,492,022  100.00%  2,225          0.00%       180,494,247                       85.61%                           18,065

 7   To elect Delphine Mousseau as a Director                                    180,490,412  100.00%  2,335          0.00%       180,490,412                       85.61%                           19,565
 8.  To re-elect David Hearn as a Director                                       170,061,250  94.22%   10,433,198     5.78%       180,494,448                       85.61%                           17,864
 9.  To re-elect Frederic Vecchioli as a Director                                180,472,661  99.99%   21,787         0.01%       180,494,448                       85.61%                           17,864
 10  To re-elect Andy Jones as a Director                                        178,913,188  99.12%   1,581,260      0.88%       180,494,448                       85.61%                           17,864
 11  To elect Gert van de Weerdhof as a Director                                 176,725,572  98.17%   3,292,376      1.83%       180,017,948                       85.39%                           494,364
 12  To re-elect Ian Krieger as a Director                                       171,751,822  95.16%   8,742,626      4.84%       180,494,448                       85.61%                           17,864
 13  To re-elect Claire Balmforth as a Director                                  176,601,980  97.84%   3,892,468      2.16%       180,494,448                       85.61%                           17,864

 14  To authorise political donations and political expenditure                  178,549,031  98.92%   1,945,266      1.08%       180,494,297                       85.61%                           18,015
 15  To authorise the directors to allot relevant securities                     154,765,715  85.75%   25,729,332     14.25%      180,495,047                       85.61%                           17,265

 16  To adopt new Articles of Association                                        179,971,069  99.71%   523,228        0.29%       180,494,297                       85.61%                           18,015
 17  To authorise the dis-application of pre-emption rights                      179,736,784  99.58%   758,232        0.42%       180,495,016                       85.61%                           17,296

 18  To authorise market purchases of ordinary shares                            179,937,226  99.98%   33,570         0.02%       179,970,796                       85.37%                           541,516

 19  To authorise general meetings  (other than annual general meetings) to be   166,077,229  92.01%   14,418,840     7.99%       180,496,069                       85.61%                           16,243
     called on not less than 14 clear days' notice meetings

 

Resolutions 1 to 15 were ordinary resolutions, requiring more than 50 per
cent. of shareholders' votes to be cast in favour of the resolutions.
Resolutions 16 to 19 were special resolutions, requiring at least 75 per cent.
of shareholders' votes to be cast in favour of the resolutions.

 

Where shareholders appointed the Chairman of the meeting as their proxy with
discretion as to voting, their votes were cast in favour of the resolutions
and their shares have been included in the "votes for" column.

 

A "vote withheld" is not a vote in law and is not counted in the calculation
of the percentages of votes cast for and against a resolution.

 

Commenting on the result of the AGM David Hearn, Chairman of Safestore said:

 

"The financial results for the year ended 31 October 2021 were a record set of
results and a testament to the strength of Safestore's business model and
management team. The business has delivered an exceptional trading performance
with significant financial and strategic progress.  After an 85.62% turnout,
I am pleased that all resolutions were duly passed and would like to thank our
shareholders for their continued support.

 

Whilst we received strong support for the Directors' Remuneration Report
(Resolution 2), it was only at 72%. The Board appreciates that the 2017
Remuneration Policy still continues to divide opinion amongst some
shareholders, even though it was voted through in 2017.  Following recent
shareholder engagement by myself and Ian Krieger as the Senior Independent
Director, it is understood that some shareholders who voted against the 2017
Remuneration Policy at its inception have a policy to vote against all future
remuneration reports that reflect the subsequent execution of it.  From
specific conversations with some of our leading shareholders it is clear that
their vote against the Remuneration Report does not reflect a vote against
either the management or the Board and that they accept fully that the
payouts reflect the outstanding value creation for all shareholders over the
past five years which has been a significant benefit to all our stakeholders.

 

As such, this vote does not represent a vote against Safestore's current
Remuneration Policy, which received over-whelming shareholder approval at
Safestore's 2020 Annual General Meeting.

 

We will continue to engage with shareholders on remuneration and governance
matters and are committed to consulting on an on-going basis regarding the
formation of the next remuneration policy later this year. We expect to submit
our next Remuneration Policy to shareholders for their approval at our AGM in
2023."

 

The current issued capital of Safestore Holdings plc is
210,827,104 ordinary shares.

 

In accordance with LR 9.6.2, copies of the resolutions passed as special
business have been submitted to the Financial Conduct Authority's National
Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

 

For further information, please contact:

 

 Instinctif Partners  020 7457 2020

 Guy Scarborough

 Bryn Woodward

 

Notes to editors:

 

 ·      Safestore is the UK's largest self-storage group with 162 stores
 at 31 January 2022, comprising 129 wholly owned stores in the UK (including 72
 in London and the South East with the remainder in key metropolitan areas such
 as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds,
 Newcastle and Bristol), 29 wholly owned stores in the Paris region and 4
 stores in Barcelona. In addition, the Group operates 10 stores in the
 Netherlands and 6 stores in Belgium under a joint venture agreement with
 Carlyle.
 ·      Safestore operates more self-storage sites inside the M25 and in
 central Paris than any competitor providing more proximity to customers in the
 wealthiest and more densely populated UK and French markets.
 ·      Safestore was founded in the UK in 1998. It acquired the French
 business "Une Pièce en Plus" ("UPP") in 2004 which was founded in 1998 by the
 current Safestore Group CEO Frederic Vecchioli.
 ·      Safestore has been listed on the London Stock Exchange since
 2007. It entered the FTSE 250 index in October 2015.
 ·      The Group provides storage to around 80,000 personal and business
 customers.
 ·      As at 31 January 2022, Safestore had a maximum lettable area
 ("MLA") of 7.067 million sq ft (excluding the expansion pipeline stores, and
 the Carlyle Joint Venture) of which 5.708 million sq ft was occupied.
 ·      Safestore employs around 700 people in the UK, Paris and
 Barcelona.

 

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