Result of AGM

Pollen Street Group Limited
14 June 2024
 

 

Pollen Street Group Limited

 (the "Company")

 

Results of Annual General Meeting

 

The Company announces that at its Annual General Meeting held on Thursday, 13 June 2024, all the resolutions set out in the Notice of Annual General Meeting were passed by the requisite majority.

 

Following the announcement made on 15 January 2024 advising of Lucy Tilley's appointment as Chief Financial Officer and Executive Director of the Company, her appointment as Director was confirmed and is effective as of today, and she will commence as Chief Financial Officer on 24 June 2024, succeeding Julian Dale.

 

In addition, Robert Sharpe and Jim Coyle, will both have served as directors of the Company, and Pollen Street Limited, formerly Pollen Street plc, for 9 years by the end of 2024. The Nominations Committee, in line with UK corporate governance best practice, will therefore commence the work required to identify and appoint their successors ahead of the 2025 AGM.

 

Resolutions 9, 18 and 19 - approval of Rule 9 Waiver and re-election of Joanne Lake

 

The Board is grateful for the engagement of shareholders and proxy agencies in our consultation exercise ahead of the AGM and is pleased that all resolutions were passed. The Board notes that, although they were approved, Resolutions 18 and 19 relating to the Rule 9 Waiver received less than 80% support. Accordingly, the Company will continue to engage with proxy advisers and shareholders, on the rationale and merits of the Rule 9 Waiver. The Company will provide an update on further consultations within six months of today's AGM in accordance with the UK Corporate Governance Code.

 

It was also noted that the resolution to re-elect Joanne Lake received 74.60% due to concerns about overboarding, however, the small cap nature of each of her other mandates should be acknowledged along with her excellent attendance record during the previous years. The Company will continue to review on a regular basis directors' capacity to fulfil their duties.

 

 

VOTES
FOR

%

VOTES
AGAINST

%

VOTES
TOTAL

% of ISC VOTED*

VOTES
WITHHELD

Resolution 1

50,963,079

99.92%

41,243

0.08%

51,004,322

80.16%

0

Resolution 2

50,963,079

99.92%

41,243

0.08%

51,004,322

80.16%

0

Resolution 3

48,573,141

95.23%

2,431,181

4.77%

51,004,322

80.16%

0

Resolution 4

48,106,732

94.32%

2,897,590

5.68%

51,004,322

80.16%

0

Resolution 5

43,867,763

89.12%

5,357,556

10.88%

49,225,319

77.36%

1,779,003

Resolution 6

48,538,869

99.81%

92,384

0.19%

48,631,253

76.43%

2,373,069

Resolution 7

48,019,835

94.15%

2,984,487

5.85%

51,004,322

80.16%

0

Resolution 8

50,960,693

99.91%

43,629

0.09%

51,004,322

80.16%

0

Resolution 9

38,047,362

74.60%

12,956,960

25.40%

51,004,322

80.16%

0

Resolution 10

47,973,485

94.06%

3,030,837

5.94%

51,004,322

80.16%

0

Resolution 11

48,585,863

99.91%

45,390

0.09%

48,631,253

76.43%

2,373,069

Resolution 12

50,958,228

99.91%

46,094

0.09%

51,004,322

80.16%

0

Resolution 13

50,961,296

99.92%

42,717

0.08%

51,004,013

80.15%

309

Resolution 14

50,436,004

98.89%

568,318

1.11%

51,004,322

80.16%

0

Resolution 15

45,735,580

89.67%

5,268,742

10.33%

51,004,322

80.16%

0

Resolution 16

45,726,380

89.65%

5,277,942

10.35%

51,004,322

80.16%

0

Resolution 17

45,632,761

89.47%

5,371,561

10.53%

51,004,322

80.16%

0

Resolution 18

22,441,378

79.73%

5,707,013

20.27%

28,148,391

44.24%

11,582,090

Resolution 19

17,217,833

66.80%

8,557,489

33.20%

25,775,322

40.51%

13,955,159

 

* Excludes the 1,177,098 shares held in treasury at close of business on 12 June 2024.

 

 

NOTES:




1.

Votes "For" and "Against" any resolution are expressed as a percentage (rounded to two decimal places) of votes validly cast for that resolution.

 

2.

A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" any resolution.

 

3.

The number of shares in issue at close of business on 12 June 2024 was 64,209,597 and 1,177,098 Ordinary Shares are held in treasury. The total number of voting rights in the Company is therefore 63,032,499. Up to 80.16% of voting capital was instructed.

 

4.

The full text of the resolutions passed at the AGM can be found in the Notice of Annual General Meeting which is available on the Company's website at https://ir.pollenstreetgroup.com/investors/regulatory-announcements/

 

5.

Copies of resolutions will be made available for inspection from the National Storage Mechanism, situated at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

6.

These poll results (inclusive of proxy results lodged before the AGM) will be available shortly on the Company's website at https://ir.pollenstreetgroup.com/investors/regulatory-announcements/

 

7.

 

Each resolution to re-elect independent non-executive directors (resolutions 5, 7 9 and 10) has per Listing Rule 9.2.2E been approved by a majority of the votes cast by: (i) the shareholders of the Company as a whole; and (ii) the independent shareholders of the Company, that is, all the shareholders entitled to vote on each resolution excluding the Concert Party.

 

8.

 

Per the Notice of AGM, the members of the Concert Party were not entitled to vote on the Authority for the Company to purchase its own shares or the Rule 9 Waiver Resolutions (resolutions 18 and 19).

 

For further information about this announcement please contact:

 

Pollen Street Group Limited

Chris Palmer / Shweta Chugh: +44 (0)20 3728 6750

 

Barclays Bank plc - Joint Broker

Neal West / Stuart Muress: +44 (0)20 7623 2323

 

Investec - Joint Broker

Ben Griffiths / Bruce Garrow: +44 (0)20 7597 4000 

 

Link Company Matters Limited - Company Secretary

polncosec@linkgroup.co.uk

 

 

14 June 2024

 

 

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