Result of AGM

RNS Number : 1218R

HSS Hire Group PLC

25 June 2020

 

25 June 2020

HSS Hire Group plc

Results of Annual General Meeting ("AGM")

Free float of shares

At the AGM of HSS Hire Group plc held today at 11.00 am at Hilton Garden Inn Heathrow, Pavilion Centre, Eastern Perimeter Road, Hatton Cross, Heathrow, TW6 2SQ, all resolutions set out in the Notice of Meeting were voted on a poll and were passed by the requisite majorities.

Resolutions 1 to 13 were passed as ordinary resolutions and resolutions 14 to 18 were passed as special resolutions. The results of the poll are set out below.

Ordinary resolutions	Votes for	% Votes for 1	Votes against	% Votes against 1	Total votes validly cast	% of Issued share capital voted 1,2,3	Votes withheld 2
Resolution 1: Receive annual report and accounts	146,814,527	100.00	3,315	0.00	146,817,842	86.26%	1,736
Resolution 2: Approve remuneration report	146,804,325	99.99	12,539	0.01	146,816,864	86.26%	2,714
Resolution 3: Re-election of Alan Peterson	146,813,521	100.00	4,321	0.00	146,817,842	86.26%	1,736
Resolution 4: Re-election of Amanda Burton	146,813,521	100.00	4,321	0.00	146,817,842	86.26%	1,736
Resolution 5: Re-election of Douglas Robertson	146,813,997	100.00	3,845	0.00	146,817,842	86.26%	1,736
Resolution 6: Re-election of Thomas Sweet-Escott	146,813,521	100.00	4,321	0.00	146,817,842	86.26%	1,736
Resolution 7: Re-election of Steve Ashmore	146,813,997	100.00	3,845	0.00	146,817,842	86.26%	1,736
Resolution 8: Re-election of Paul Quested	146,813,997	100.00	3,845	0.00	146,817,842	86.26%	1,736
Resolution 9: Re-appoint BDO LLP as auditors	146,811,562	100.00	6,826	0.00	146,818,388	86.26%	1,190
Resolution 10: Authorise directors to agree auditors' remuneration	146,813,099	100.00	5,289	0.00	146,818,388	86.26%	1,190
Resolution 11: Renew authority to allot new shares	146,809,668	99.99	7,698	0.01	146,817,366	86.26%	2,212
Resolution 12: Political donations	146,782,594	99.98	35,199	0.02	146,817,793	86.26%	1,785
Resolution 13: Approve amendments to directors' remuneration policy and Long Term Incentive Plan	146,802,910	99.99	11,185	0.01	146,814,095	86.26%	5,483

VOTES OF INDEPENDENT SHAREHOLDERS ON THE RESOLUTIONS CONCERNING THE RE-ELECTION OF THE INDEPENDENT NON-EXECUTIVE DIRECTORS
Ordinary resolutions	Votes for	% Votes for 1	Votes against	% Votes against 1	Total votes validly cast	% of Issued share capital voted 1,2,4	Votes withheld 2
Resolution 4: Re-election of Amanda Burton	61,131,813	99.99	4,321	0.01	61,136,134	72.33%	1,736
Resolution 5: Re-election of Douglas Robertson	61,132,289	99.99	3,845	0.01	61,136,134	72.33%	1,736

Special resolutions	Votes for	% Votes for 1	Votes against	% Votes against 1	Total votes validly cast	% of Issued share capital voted 1,2,3	Votes withheld 2
Resolution 14: Disapplication of pre-emption rights to allotment of equity securities	146,809,616	99.99	8,058	0.01	146,817,674	86.26%	1,904
Resolution 15: Disapplication of pre-emption rights for financing or capital investment	146,812,163	100.00	5,035	0.00	146,817,198	86.26%	2,380
Resolution 16: Authority to purchase own shares	146,812,748	100.00	5,521	0.00	146,818,269	86.26%	1,309
Resolution 17: Approve adoption of new articles	146,813,416	100.00	3,831	0.00	146,817,247	86.26%	2,331
Resolution 18: Notice of general meetings	146,813,627	100.00	5,237	0.00	146,818,864	86.26%	714

Notes:

1.  The percentages above are rounded to two decimal places.

2.  A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of votes "for" or "against" a resolution.

3.  The number of ordinary shares in issue on 25 June 2020 was 170,207,142. Shareholders are entitled to one vote per share.

4.  The number of ordinary shares in issue on 25 June 2020 controlled by Independent Shareholders as defined in the explanatory notes to the Notice of the Annual General Meeting circulated on 2 June 2020.

Copies of resolutions 14 to 18, being resolutions other than resolutions concerning ordinary business passed by the Company at the above AGM, have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM .

Free float

The continued improvement in the Group's performance is leading to increased investor interest.  However, the Company is cognisant of the level of the free float of its shares, which currently stands at c.13.75%.

The Board and its advisors believe that:

(a)  the market in the Company's shares operates properly, with a greater level of liquidity than many companies of its size;

(b)  continued progress in the Group's operational performance, including the demonstration of resilience through the period of disruption resulting from COVID-19, may lead to increased interest in the Company's shares from investors, both institutional and retail, thereby improving the level of free float.

The Company has been in dialogue with the FCA and agreed a modification of listing rule 9.2.15R, which would otherwise require a free float of at least 25%, until 20 August 2021.  The Board expects to extend the free float in the Company's shares during this time; however the Board is also able to consider multiple other options.

 

END

 

 

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