Result of AGM

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: [phone]
Investec Bank plc  (NOMAD and Joint Broker to Midwich) Carlton Nelson Ben Griffiths	Tel: [phone]
Berenberg  (Joint Broker to Midwich) Ben Wright Mark Whitmore Alix Mecklenberg-Solodkoff	Tel: [phone]
FTI Consulting Alex Beagley Tom Hufton Rafaella de Freitas	Tel: [phone]

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

 

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