Results of the General Meeting

RNS Number : 5382B

Restaurant Group PLC

08 October 2020

 

The Restaurant Group plc (the "Company")

Results of the General Meeting

The Company announces that, at the General Meeting held today, the resolutions put to shareholders to approve the new Directors' Remuneration Policy and The Restaurant Group Restricted Share Plan were passed as ordinary resolutions by poll vote.

The number of votes for and against the Resolutions, and the number of votes withheld, were as follows:

Resolution	For		Against		Percentage of issued share capital voted (%)	Votes withheld
	Votes	%	Votes	%
1. To approve the new Directors' Remuneration Policy	301,883,862	63.17%	175,972,938	36.83%	81.02	8,310,903
2. To approve The Restaurant Group Restricted Share Plan	302,845,902	63.36%	175,110,138	36.64%	81.04	8,211,663

Notes:

1)  The total number of shares in issue at 8 October 2020 was 589,795,475.

2)  Percentages for and against are expressed as a proportion of the total votes cast.

3)  Where shareholders appointed the Chairman of the meeting as their proxy with discretion as to voting, those votes have been cast in favour of the resolutions and are included in the total of those votes for.

4)  A 'vote withheld' is not a vote in law and is not counted in the calculation of the proportion of votes validly cast.

Debbie Hewitt MBE, Chairman of The Restaurant Group, said:

"We are pleased that the majority of our shareholders have approved the new Policy and Restricted Share Plan, which we believe are in the long-term interests of the Company and its shareholders. We engaged extensively with a number of our shareholders and proxy advisers ahead of formally proposing the new policy to investors and we very much appreciate the time all have given.  

We recognise that some shareholders did not support the proposal. We have signalled our intention that the 2021 grant (due to be made in March 2021) will be at the lower level of 100% of salary using the 5-day average closing share price over the period immediately prior to grant, with this lower level intended for subsequent grants. We will continue engaging with our shareholders in the coming months.

The circumstances surrounding this year's award are exceptional. Our management team has proactively taken voluntary executive pay cuts of up to 40% and waived the payment of bonuses that were approved pre-Covid. This is a long-term scheme and the 2020 award will only vest in full in 3 years' time if the underpins are achieved (and would then be subject to a further 2-year holding period) . In the short term the senior team continue to take pay cuts while the Company is still making use of the Government's Job Retention Furlough scheme . "

A copy of this announcement confirming the voting figures will be displayed shortly on the Company's website at www.trgplc.com.

For further details please contact:

MHP Communications (Financial PR adviser) Oliver Hughes Simon Hockridge

Tel: [phone]

 

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