Luceco PLC AGM Statement (8612Q)
October 20 2023 - 10:48AM
UK Regulatory
TIDMLUCE
RNS Number : 8612Q
Luceco PLC
20 October 2023
LUCECO PLC
Annual General Meeting ('AGM') Update Statement
In accordance with Provision 4 of the 2018 UK Corporate
Governance Code, Luceco plc ("the Company") has released this
statement to provide an update to shareholders on the actions taken
following the outcome of Resolution 20 at the 2023 AGM.
Prior to the 2023 AGM the Directors consulted with shareholders
regarding Resolution 20 - to approve the Rule 9 Waiver (the
"Resolution"), the significant majority of whom were supportive of
the rationale for permitting the Company to buy back shares as
proposed. Per the Notice of AGM, the members of the Concert Party
were not entitled to vote on the Resolution.
The Board was delighted that Resolution 20 to approve the Rule 9
Waiver, passed with 79.95% of participating independent
shareholders voting in favour. However, 20.05% of participating
independent shareholders voted against Resolution 20.
Following the AGM, we have contacted the major shareholders who
had not supported the Resolution to understand the reasons for
their vote against the proposal and to continue a transparent and
constructive dialogue on this topic. The Board will continue to
engage as appropriate with those shareholders regarding their views
in this area.
The Board continues to consider that the ability for the Company
to buy back shares is in the best interests of all shareholders,
particularly in light of the current share price levels, which
presents an opportunity to generate attractive returns for all
shareholders through allocating capital to buying back ordinary
shares.
- ENDS-
For further information, please contact:
Luceco plc Contact
================================== =======================
John Hornby, Chief Executive 020 3128 8990 (Via MHP)
Officer
Will Hoy, Chief Financial Officer 020 3128 8990 (Via MHP)
MHP Contact
================================== =======================
Tim Rowntree 020 3128 8990
Ollie Hoare 020 3128 8276
Note to Editors
Luceco plc - Bringing Power To Life
Luceco plc (LSE:LUCE) is a supplier of high quality and
innovative wiring accessories, EV chargers, LED lighting and
portable power products for a global customer base.
For more information, please visit www.lucecoplc.com .
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END
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