Safestore Holdings plc Withdrawal of Resolutions (0137A)
March 21 2017 - 2:01AM
UK Regulatory
TIDMSAFE
RNS Number : 0137A
Safestore Holdings plc
21 March 2017
21 March 2017
Safestore Holdings plc
("Safestore" or "the Company")
The notice of the Annual General Meeting (AGM) of Safestore to
be held on Wednesday 22 March 2017 includes resolutions 13 and 14:
the proposals to adopt a new Directors' Remuneration Policy and the
Long Term Incentive Plan (LTIP), which is intended to replace the
existing LTIP (the proposals).
Following consultations with shareholders, the Company announces
that it no longer intends to seek shareholders' approval for the
proposals. As a result, the existing Directors' Remuneration Policy
as approved by shareholders at the 2014 AGM will remain in place to
31(st) October 2017 during which time the Company will seek
shareholder approval for a new Directors' Remuneration Policy.
Chairman Alan Lewis said:
"After an extensive consultation process which resulted in
amendments to and tightening of performance conditions, the Board
had proposed a new and innovative long term incentive plan. Its
central aim was to incentivise and reward a wider group of
executive directors and senior management to drive corporate
performance over the next five years.
While we have received considerable support from shareholders on
the proposed structure it is clear that for others concerns remain.
Under these circumstances the Board considers it appropriate to
withdraw the remuneration proposals. The Board will continue to
engage in dialogue with shareholders to find a solution that best
meets the needs of all."
For further information, please contact:
Instinctif Partners
Mark Reed/ Guy Scarborough 020 7457 2020
For background
In the three years under the leadership of the executive
directors and senior management team, the new strategy - which
focused on improving Capital Structure, Operational Delivery and
Portfolio Management - has resulted in earnings per share growth of
78% and the dividend per share increasing by over 100%. The
delivery of the strategy has resulted in over GBP500m of value to
shareholders, with the market capitalisation of the company
trebling from cGBP260m to cGBP780m and, from October 2015,
elevation into the FTSE 250 Index.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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