Dialight PLC Update on AGM voting (5298O)
October 02 2019 - 6:14AM
UK Regulatory
TIDMDIA
RNS Number : 5298O
Dialight PLC
02 October 2019
2 October 2019
Dialight plc
("the Company")
Update on AGM voting
Following the Company's 2019 annual general meeting (AGM) and as
set out in the statement released on 17 April 2019, the Company has
reviewed the principal reasons for the low levels of support shown
in respect of three of the AGM resolutions.
In respect of Resolution 2 (Remuneration Report), the Company
recognises that there were significant votes against (28.99%). The
Company has engaged with 16 of its top shareholders. Of the issues
identified: (1) one issue, relating to a former CEO, will be
non-recurring; (2) issues concerning CEO and chairman remuneration
levels have been addressed (and disclosed on the Company's
website); and, (3) the remaining issues (primarily concerned with
the operation of the PSP scheme) will be addressed either in the
Company's draft 2020 Remuneration Report (to be consulted upon with
shareholders in Autumn 2019) or by the Company's Remuneration
Committee in setting performance targets for future awards.
In respect of Resolutions 15 and 16 (pre-emption rights), the
Company also recognises that there were significant votes against
(21.09% and 21.30% respectively). These votes against were
principally from three shareholders, one of whom no longer holds
shares in the Company. The Company has consulted with each of these
shareholders and will take note of their objections when deciding
whether or not to seek similar such powers at the 2020 AGM and/or
when drafting explanatory notes in relation to the use by the
Company of any such powers granted.
Contacts:
Dialight Plc
Tel: +44 (0)203 058 3546
Richard Allan - General Counsel and Company Secretary
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END
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