TIDMLAM
RNS Number : 1302R
Lamprell plc
25 June 2020
25 June 2020
LAMPRELL PLC
("Lamprell" or the "Company", and with its subsidiaries the
"Group")
RESULTS OF 2020 AGM
The Company held its 2020 Annual General Meeting today at 6.00PM
local time, at the Lamprell Hamriyah offices in Sharjah, United
Arab Emirates. Meeting attendance was reduced to the minimum
necessary quorum of shareholders, facilitated by the Company. All
valid proxy votes (whether submitted electronically or in hard copy
form) were included in the poll taken at the meeting. All
resolutions set out in the Notice of Annual General Meeting were
passed by the requisite majority. Each of the resolutions put to
the Annual General Meeting was voted on by way of a poll and the
results are set out below:
Resolution Resolution TOTAL SHARES FOR/ DISCRETION % AGAINST % WITHHELD
no VOTED
Ordinary Business
2019 Report and
1 Accounts 260,480,393 259,517,608 99.6 962,785 0.4 2,312
2019 Annual Report
2 on Remuneration 260,481,705 204,614,733 78.6 55,866,972 21.4 1,000
Re-elect John
Malcolm as a
director of the
3 Company 260,482,705 257,246,510 98.8 3,236,195 1.2 0
Re-elect Christopher
McDonald as a
director of the
4 Company 260,482,705 260,469,825 99.9 12,880 <0.1 0
Re-elect Antony
Wright as a director
5 of the Company 260,482,705 260,469,825 99.9 12,880 <0.1 0
Re-elect James
Dewar as a director
6 of the Company 205,592,108 205,579,228 99.9 12,880 <0.1 54,890,597
Re-elect James
Dewar as a director
of the Company
(Independent
7 Shareholder vote) 92,418,817 92,396,937 99.9 12,880 <0.1 54,890,597
Re-elect Debra
Valentine as
a director of
8 the Company 205,591,852 204,338,868 99.4 1,252,984 0.6 54,890,853
Re-elect Debra
Valentine as
a director of
the Company
(Independent
9 Shareholder vote) 92,409,561 91,156,577 98.6 1,252,984 1.4 54,890,853
Re-elect Mel
Fitzgerald as
a director of
10 the Company 205,592,108 203,376,339 98.9 2,215,769 1.1 54,890,597
Re-elect Mel
Fitzgerald as
a director of
the Company
(Independent
11 Shareholder vote) 92,409,817 91,434,152 98.9 975,665 1.1 54,890,597
Re-appoint Deloitte
LLP as auditors
12 of the Company 260,480,393 260,478,825 99.9 1,568 <0.1 2,312
Authorise the
Audit & Risk
Committee to
fix the auditors'
13 remuneration 260,480,393 260,478,825 99.9 1,568 <0.1 2,312
Special Business
Authorise the
directors to
allot shares
pursuant to Article
14 5.1 260,470,783 205,556,237 78.9 54,914,546 21.1 11,922
Pre-emption rights
pursuant to Article
15 5.2 260,471,705 205,568,436 78.9 54,903,269 21.1 11,000
Directors' authority
to make market
purchases of its
16 own shares 260,482,705 259,483,873 99.6 998,832 0.4 0
Amending the Articles
17 of Association 260,482,449 260,480,137 99.9 2,312 <0.1 256
Notes:
1. Any proxy appointments which gave discretion to the Chairman
have been included in the 'FOR' total.
2. A 'VOTE WITHHELD' is not a vote in law and is not counted in
the calculation of the proportion of votes for or against a
resolution and is not included in the total proxy votes received
for each resolution.
3. Number of ordinary shares of 5 pence each in issue at meeting
date: 341,726,570.
4. The Controlling Shareholder (as defined in the AGM Notice)
was not eligible to vote on resolutions 7, 9 and 11. Voting on
resolutions 7, 9 and 11 was by Independent Shareholders (as defined
in the AGM Notice) only. The Controlling Shareholder holds a total
of 113,182,291 Ordinary Shares, equating to 33.12% of the issued
ordinary share capital with voting rights.
5. The Board would like to thank its shareholders for their
engagement and support ahead of the AGM and throughout the year.
While most of the resolutions were passed with very significant
majorities, the Board notes that Resolutions 2, 14 and 15 (i.e.
against the 2019 DRR and to authorise the Directors to make
allotments of shares), were passed with around 21% of votes cast
against them. The Board is disappointed with the outcome and
acknowledges the views and concerns voiced by a major shareholder
with whom the non-executive Chairman and CEO have engaged ahead of
this meeting. While the Board has an understanding of the concerns
raised by the shareholder, the Board considers that the vote
against the Resolutions does not accurately reflect those concerns.
Resolution 2 was an advisory vote and Resolutions 14 and 5 were
proposed in accordance with routine practice for UK-listed
companies and complied with the guidance published by the
Investment Association and the Pre-Emption Group. The Board has no
present intention to exercise these authorities but considers that
it is advisable to have the flexibility to do so in appropriate
circumstances given the current macro environment. The Board will
continue to consult and engage with the relevant major shareholder
in order to understand better their reasons for voting against
these resolutions. In accordance with the provisions of the 2018 UK
Corporate Governance Code, the Board shall provide an update on
this engagement process within six months of the AGM.
Copies of the resolutions passed as Special Business will be
submitted to the National Storage Mechanism and will be available
for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
- Ends -
Enquiries:
Lamprell plc Alex Ridout, Company Secretary +971 (0) 4 803 9308
Maria Babkina +44 (0) 7852 618 046
Tulchan Communications, London
Martin Robinson +44 (0) 207 353 4200
Martin Pengelley
Harry Cameron
Notes to editors
Lamprell, based in the United Arab Emirates ("UAE") and with
over 40 years' experience, is a leading provider of fabrication,
engineering and contracting services to the offshore and onshore
oil & gas and renewable energy industries. The Group has
established leading market positions in the fabrication of
shallow-water drilling jackup rigs, liftboats, land rigs, and rig
refurbishment projects, and it also has an international reputation
for building complex offshore and onshore process modules and fixed
platforms.
Lamprell employs more than 4,000 people across multiple
facilities, with its primary facilities located in Hamriyah, in the
UAE. Combined, the Group's facilities cover approximately 800,000m2
with over 1.5 km of quayside. In addition, the Group has facilities
in Saudi Arabia (through a joint venture agreement).
Lamprell is listed on the London Stock Exchange (symbol
"LAM").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
RAGFAMATMTMTBIM
(END) Dow Jones Newswires
June 25, 2020 11:05 ET (15:05 GMT)
Lamprell (LSE:LAM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lamprell (LSE:LAM)
Historical Stock Chart
From Apr 2023 to Apr 2024