AGM Update - Withdrawal of AGM Resolution

LondonMetric Property PLC

11 July 2023

 

11 July 2023

LONDONMETRIC PROPERTY PLC

AGM Update - withdrawal of AGM resolution

The notice of the Annual General Meeting (AGM) of LondonMetric Property Plc to be held on Wednesday 12 July 2023 includes a proposal to adopt a new Directors' Remuneration Policy under resolution three.

Following feedback from shareholders and the proxy voting agencies, the Company announces that it no longer intends to seek shareholder approval for the new Remuneration Policy and that it has therefore decided to withdraw resolution three from the agenda.  As a result, the existing Directors' Remuneration Policy, as approved by shareholders at the 2020 AGM, will remain in place and continue to apply.

The Company will undertake a new consultation with shareholders and thereafter seek shareholder approval for a new Directors' Remuneration Policy before 31 March 2024.

The withdrawal of resolution three does not affect the validity of the notice of AGM, the proxy form or any proxy votes already submitted in respect of the remaining resolutions to be proposed at the AGM. The numbering of all other proposed resolutions at the AGM remains unchanged.

All arrangements for the AGM are unchanged from those previously notified.

Chairman, Patrick Vaughan, commented:

"As a result of a substantial number of our shareholders and the proxy voting agencies having reservations with the new proposals, the Board considers it appropriate to withdraw the remuneration policy resolution. We will now engage in further dialogue with shareholders, with whom we have always had exceptionally strong alignment, to find a better solution that meets the needs of all."

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: [phone]

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: [phone]          

 

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