Tristel PLC Result of AGM (7255I)
December 15 2020 - 5:39AM
UK Regulatory
TIDMTSTL
RNS Number : 7255I
Tristel PLC
15 December 2020
Tristel plc
("Tristel" of the "Company")
Result of AGM
Tristel plc (AIM:TSTL), the manufacturer of infection prevention
products, announces that at the Annual General Meeting held earlier
today, all resolutions were duly passed.
Where a resolution received approval by a majority of less than
80% of the votes cast, the Board has sought to understand the
reasons behind the against votes and take appropriate action if
considered necessary.
David Orr, who is a non-independent Director and whose
re-election was passed under Resolution 7, is a member of both the
Audit and Remuneration committees to the Board. Having heard
shareholders' views and in order to comply with UK best practice
recommendations for a Company of Tristel's size, David will step
down from these two Board committees.
Resolution 12, which concerns the 2021 Executive Management
Share Option Plan, was also duly passed. It is the Board's
understanding that shareholders who have voted against the
resolution have done so with respect to two features of the scheme.
The first is that no overall dilution limit has been disclosed, the
second is that a proportion of the awards under the plan vest
subject to absolute share price growth targets.
In recognition of the first point, the Board undertakes to
disclose dilution limits for participants in future Executive
Management plans. With respect to the second point, the Board
concludes, following consultation, that there is not a universally
held view amongst institutional shareholders regarding share price
growth targets. A counter view, widely expressed, is that a share
price performance measure aligns Management to all shareholders'
interests and provides very clear targets.
For further information please contact:
Tristel plc Tel: 01638 721 500
Paul Swinney, Chief Executive
Officer
Liz Dixon, Finance Director
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07854 391 303
finnCap Tel: 020 7220 0500
Geoff Nash / Giles Rolls, Corporate
Finance
Alice Lane, ECM
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END
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