AGM Update Statement: 23 November 2021

RNS Number : 1613T

Network International Holdings PLC

23 November 2021

 

Network International Holdings Plc

2021 AGM Update Statement: 23 November 2021

Network International Holdings Plc (LSE: NETW) (the "Company"), the leading enabler of digital commerce across the Middle East and Africa (MEA), provides an update in relation to Resolution 17 passed with the necessary majority at the Company's Annual General Meeting held on 20 April 2021, to grant authority to the directors to allot shares. While the resolution received 75.32% support from shareholders, 24.68% of votes received were against. The authority approved by shareholders is in accordance with the institutional guidelines issued by the UK Investment Association and in line with the prevailing voting guidelines of leading corporate governance agencies applicable to UK listed companies.

Whilst it remains standard market practice for many UK FTSE listed companies to retain this type of authority, we understand following dialogue, that some institutional investors, typically based outside the UK, have specific policies against supporting this type of resolution.

The Company has a comprehensive programme of engagement with its major shareholders and would endeavor to discuss any potential allotment of shares in advance of it taking place.

We will maintain dialogue with shareholders for which this authority continues to present concerns and will keep best practice in this area under review. We will provide a final update in the 2021 Annual Report. 

Jaishree Razzaq

Chief Risk Officer & Group Company Secretary

Network International Holdings Plc

Investor Relations enquiries

Network International  [e-mail]

Amie Gramlick, Head of Investor Relations    

Media enquiries

Teneo   [e-mail]

Ben Foster, Andy Parnis   

 

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