Result of AGM

RNS Number : 0719E

Spirent Communications PLC

03 May 2017

 

SPIRENT COMMUNICATIONS PLC

RESULTS OF 2017 ANNUAL GENERAL MEETING

London, UK - 3 May 2017: Spirent Communications plc ("the Company") (LSE: SPT), a leading communications technology company, announces that at the 2017 Annual General Meeting ("2017 AGM") of the Company held earlier today, all resolutions as set out in the Notice of 2017 AGM dated 29 March 2017 were duly passed by shareholders on a show of hands.

In accordance with Listing Rule 9.6.18R, the following resolutions are those which were passed at the meeting concerning special business (as defined by the Company):

Resolution 11: Approval of the authority for the directors to allot securities;

Resolution 12: Approval of the authority for the Company to disapply pre-emption rights;

Resolution 13: Approval of the authority for the Company to market purchase up to 9.99 per cent of its own shares; and

Resolution 14: Approval of the authority for the Company to call a general meeting on not less than 14 clear days' notice.

Certified copies of the document setting out the above resolutions passed at the 2017 AGM have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM 

The results of the proxy voting in advance of the meeting and Notice of 2017 AGM (giving the full text of each of the above resolutions) can be viewed by visiting our website at https://corporate.spirent.com/Investors/Shareholder_Meetings .

The Board of Directors notes the votes cast against Resolution 2, which sought shareholder approval of the Company's 2016 Report on directors' remuneration.  This represented the views of two significant shareholders.  The policy of one such shareholder is to vote against any Remuneration Report where vesting of LTIP's is not a minimum period of five years or three years plus a two-year holding period post vesting. The other significant shareholder did not disclose to the Company the reason for its vote against the Remuneration Report. The Remuneration Committee will continue to keep under review and consider the views of shareholders on the issue of holding periods post vesting of LTIP awards.  The Board however notes that the Company's CEO currently has a beneficial interest in 2,004,759 Spirent shares, well above the Board's recommended holding of 100% of base salary, and this has been the case for many years.  Our new CFO is currently building her beneficial holding having joined the Company in September 2016.  The Board believe the interests of management and shareholders are aligned in this regard.

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Enquiries

Angus Iveson Company Secretary

Spirent Communications plc

[phone]

About Spirent Communications plc

Spirent Communications plc is a global leader in test and measurement inspiring innovation within development labs, communication networks and IT organisations.  We enable today's communication ecosystem as well as tomorrow's emerging enterprises to deploy life enriching communications networks, devices, services and applications.  Further information about Spirent Communications plc can be found at http://corporate.spirent.com/.

Spirent Communications plc Ordinary Shares are traded on the London Stock Exchange (ticker: SPT).  The Company operates a Level 1 American Depositary Receipt ("ADR") programme with each ADR representing four Spirent Communications plc Ordinary Shares.  The ADRs trade in the US over-the-counter ("OTC") market under the symbol SPMYY and the CUSIP number is 84856M209.  Spirent ADRs are quoted on the Pink OTC Markets electronic quotation service which can be found at http://www.otcmarkets.com/marketplaces/otc-pink. 

Spirent and the Spirent logo are trademarks or registered trademarks of Spirent Communications plc.  All other trademarks or registered trademarks mentioned herein are held by their respective companies.  All rights reserved.

Cautionary statement regarding forward-looking statements

This document may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events.  You can sometimes, but not always, identify these statements by the use of a date in the future or such words as "will", "anticipate", "estimate", "expect", "project", "intend", "plan", "should", "may", "assume" and other similar words.  By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future.  You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause our actual results to differ materially from those expressed or implied by these statements.  The Company undertakes no obligation to update any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise.

 

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