REG - Topps Tiles - Result of AGM

Topps TilesAnnouncement

13/07/2022 07:01

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RNS Number : 2321S  Topps Tiles PLC  13 July 2022

 

 

Topps Tiles Plc

("Topps Tiles" or "the Company")

 

Result of AGM - Update

 

Further to its announcement on 19 January 2022 that resolutions 4 (to re-elect
Darren Shapland as a Director), 12 (Directors' Authority to Allot Shares), 13
(Disapplication of Pre-emption Rights - General), 14 (Disapplication of
Pre-emption Rights - Specific) and 15 (Authority to Make Market Purchases of
Shares) passed with less than 80% of votes cast in favour at the 2022 Annual
General Meeting ("AGM"), Topps Tiles announces that:

 

 ●    Since the AGM, in accordance with provision 4 of the UK Corporate Governance
      Code, the Board has engaged with the relevant shareholder to understand and
      discuss their views with respect to these resolutions.

 ●    Whilst the Board fully respects and acknowledges that a shareholder may choose
      to vote against specific resolutions, the Board considers all the resolutions
      proposed and subsequently passed to be in the best interests of all
      shareholders. Specifically -

      ◦                                         It considers that Darren Shapland, who was appointed to the Board in March
                                                2015, continues to discharge his role as Chairman effectively and that his
                                                contribution is important to the Company's long-term sustainable success.

      ◦                                         That resolutions 12-15, which also appeared on the Investment Association's
                                                Public Register in 2021, are considered routine practice for UK listed
                                                companies and are within the Investment Association's Share Capital Management
                                                Guidelines. The Board is aware, however, that some non-UK resident investors
                                                have a policy of not supporting resolutions of this nature which, when passed,
                                                grant the Board specific authorities without the need to seek further
                                                shareholder approval.

      ◦                                         The views of all shareholders are important to the Company and the Board is
                                                committed to maintain ongoing engagement with its shareholders. However, the
                                                Board highlights that the Company has no recent history of issuing new shares
                                                other than to satisfy employee share plans, and the Board still considers the
                                                flexibility afforded by these authorities to be in the best interests of the
                                                Company and its shareholders.

 

 

Enquiries:

 

 Stephen Hopson, CFO              0116 282 8000

 Richard Cole, Company Secretary

 

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