Mears Group PLC Withdrawal of Requisition for a General Meeting (5111V)
July 24 2018 - 1:00AM
UK Regulatory
TIDMMER
RNS Number : 5111V
Mears Group PLC
24 July 2018
24 July 2018
Mears Group PLC
("Mears" or the "Company")
Withdrawal of the Requisition for a General Meeting
Mears Group PLC (LSE: MER), the provider of support services to
the Housing and Care sectors in the UK, is pleased to announce
that, following constructive discussions with Shareholder Value
Management AG ("SVM"), it has received written notice from SVM on
behalf of Frankfurter Aktienfonds für Stiftungen, a fund managed by
Axxion S.A. and advised by SVM, withdrawing its request that the
Company convene a general meeting for the purpose of removing Bob
Holt from the board of directors of the Company (the "Board") and
appointing Andrew Hogarth as a non-executive director of the
Company (together, the "Resolutions").
As announced on 6 July 2018, the Board has been evolving
steadily in recent years, reflecting the development of the Company
and its key operating markets and the requirements of good
corporate governance. This process of evolution and planned
succession within the Mears boardroom remains continuous including
the recruitment of a successor to Bob Holt as Chairman.
In line with previous Board appointments, the recruitment of the
new Chairman will entail a considered, competitive and structured
process in accordance with good governance practice. It will be led
by Julia Unwin, Chair of the Company's Nomination Committee and the
Senior Independent Director on the Board. Allowing sufficient time
for the proper consideration of suitable candidates, the Board
expects the new Chairman to have been identified before the end of
October this year and it will consider the appointment of Andrew
Hogarth, alongside other candidates, as part of its overall
process. The Board will keep shareholders updated as the process
progresses.
The Board places great value on having regular dialogue with its
institutional shareholders and it welcomes the considered thoughts
provided. As a result of this approach, the Board believes it has
an excellent understanding of the views of its shareholders towards
its succession plans and it is confident that this is the best way
forward for all Mears shareholders.
The Board remains focused on delivering Mears' high quality
services to its customers, securing important new Housing contracts
for the Company and improving financial returns to its
shareholders.
For further information, contact:
Mears Group PLC
David Miles, Chief Executive Tel: +44(0)7778 220 185
www.mearsgroup.co.uk
Buchanan
Mark Court, Sophie Wills, Catriona Flint Tel: +44(0)20 7466 5000
mears@buchanan.uk.com
Notes for editors
Mears employs around 12,000 people and provides services in
every region of the UK. In partnership with our Housing clients, we
maintain, repair and upgrade the homes of hundreds of thousands of
people in communities from remote rural villages to large inner
city estates. Mears has extended its activities to provide broader
housing solutions to solve the challenge posed by the lack of
affordable housing. Our Care teams provide support to over 15,000
people a year, enabling older and disabled people to continue
living in their own homes.
We focus on long-term outcomes for people rather than short-term
solutions, and invest in innovations that make a positive impact on
people's quality of life and on their communities' social, economic
and environmental wellbeing.
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
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