National Storage Mechanism | Additional information
RNS Number : 1663S
Raven Property Group Limited
06 July 2020
 

6 July 2020

 

Raven Property Group Limited ("Raven" or the "Company")

 

Result of Annual General Meeting and Directorate change

 

Raven announces that, at the Annual General Meeting ("AGM") of the Company held at 10:00 a.m. today, the resolutions set out in the Notice of 2020 AGM dated 5 June 2020, were duly passed following a poll on each resolution.

 

Defined terms used in this announcement shall have the same meaning as set out in the Notice of 2020 AGM dated 5 June 2020.

 

Annual General Meeting Poll Results

 

Resolution

For (see note 1)

Against (see note 1)

Number of votes withheld (see note 2)

Total votes cast

Number of votes

%

Number of votes

%

1

To receive the Annual Report and Accounts

409,627,464

99.99%

35,634

0.01%

2,200

409,663,098

2

To approve the Directors' Remuneration Report

132,521,060

73.60%

47,539,757

26.40%

229,604,482

180,060,817

3

To re-appoint Richard Jewson

178,180,506

77.62%

51,383,535

22.38%

180,101,258

229,564,041

4

To re-appoint Anton Bilton

390,853,518

95.41%

18,809,096

4.59%

2,684

409,662,614

5

To re-appoint Glyn Hirsch

397,018,597

96.91%

12,644,018

3.09%

2,684

409,662,615

6

To re-appoint Mark Sinclair

397,018,597

100.00%

182

0.00%

12,646,520

397,018,779

7

To re-appoint Colin Smith

397,018,597

100.00%

182

0.00%

12,646,520

397,018,779

8

To re-appoint David Moore

193,708,119

84.38%

35,855,922

15.62%

180,101,258

229,564,041

9

To re-appoint Michael Hough

396,362,867

96.76%

13,284,031

3.24%

18,400

409,646,898

10

To re-appoint Ernst & Young as auditors

409,611,082

99.99%

38,016

0.01%

16,200

409,649,098

11

To authorise the Directors to fix the remuneration of the auditors

409,662,353

100.00%

2,462

0.00%

484

409,664,815

12

To authorise the Directors to allot ordinary shares, convertible preference shares and preference shares

396,398,906

96.77%

13,250,677

3.23%

15,716

409,649,583

13*

To authorise the Company to make market purchases of its ordinary shares

409,629,584

99.99%

35,714

0.01%

0

409,665,298

14*

To authorise the Company to make market purchases of its convertible preference shares

396,985,748

96.90%

12,679,550

3.10%

0

409,665,298

15*

To authorise the Company to make market purchases of its preference shares

406,629,402

99.99%

35,896

0.01%

3,000,000

406,665,298

16*

To dis-apply pre-emption rights on the issue of ordinary shares

396,887,421

96.88%

12,777,878

3.12%

0

409,665,299

17*

To dis-apply pre-emption rights on the issue of ordinary shares for a specific transaction

399,159,362

97.44%

10,505,936

2.56%

0

409,665,298

 

*Special Resolution

 

Notes:

1. "Votes For" includes those giving the Chairman discretion and votes "For" and "Against" are expressed as a percentage of votes received.

2. A "Vote Withheld" is not a vote in law and is not counted in the calculation of the votes "For" and "Against" a resolution.

3. The total number of Ordinary Shares in issue at 6.00 p.m. on 2 July 2020 was 489,746,016, 83.65% of the voting capital was instructed.

 

Raven prides itself on a continued dialogue with all major ordinary shareholders and meets with each of the largest at least twice a year for consultation on all fundamental, strategic, remuneration and governance issues. This has been consistent company practice since the Company's founding 15 years ago. We accept that the voting profile demonstrates shareholder concern on certain issues going forward and we have already commenced engagement with the majority holders to address those concerns.

 

As set out in the circular for the 2020 AGM and in line with best practice, the Company deferred the proposal of a new remuneration policy for the period 1 January 2021 to 31 December 2023 until the 2021 AGM. As it has with all previous significant remuneration matters, the Company will consult with its major shareholders before presenting the proposed policy at the 2021 AGM.

 

In addition, the Company's succession planning for the composition of the Board and its various committees is in progress and the Company had expected to continue its orderly rotation of non-executive directors prior to the AGM. In recent months this has been disrupted by the impact caused by Covid 19, however the Company would like to confirm that it has now recommenced the process and expects to complete planned additional non-executive director appointments before the end of 2020, with the aim of aligning the composition of the Board with the UK Corporate Governance Code by the 2022 AGM.

 

In all other aspects of corporate governance it remains the Company's intention to continue to engage directly and constructively with our major ordinary shareholders.

 

Changes to Directors

 

As set out in the Company's 2019 Annual Report, Christopher Sherwell stepped down as a Director of the Company with effect from today. Michael Hough who was reappointed at today's AGM will now become chairman of the Remuneration Committee and the Company's senior independent director.

 

In accordance with Listing Rule 9.6.2R, copies of resolutions 12 to 17 passed at today's Annual General Meeting and copies of the resolutions passed at today's class meetings will be submitted to the National Storage Mechanism and will shortly be available for viewing online at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

Enquiries

 

Raven Property Group Limited

Anton Bilton

Glyn Hirsch

 

Tel: + 44 (0) 1481 712955

Novella Communications (public relations adviser)

Tim Robertson

Fergus Young

 

Tel: +44 (0) 203 151 7008

N+1 Singer (UK joint broker)

Corporate Finance - James Maxwell / James Moat

Sales - Alan Geeves / James Waterlow

 

Tel: +44 (0) 20 7496 3000 

Numis Securities Limited (UK joint broker)

Alex Ham / Jamie Loughborough / Alasdair Abram

Nathan Brown / George Shiel

 

Tel: + 44 (0) 207 260 1000

Renaissance Capital (South African broker)

Yvette Labuschagne

 

Tel: +27 (11) 750 1448

Renaissance Capital (Russian broker)

David Pipia

 

Tel: + 7 495 258 7770

Ravenscroft (TISE sponsor)

Emma Ozanne

 

Tel: + 44 (0) 1481 729100

 

About Raven Property Group

 

Raven Property Group Limited was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares and preference shares are listed on the Main Market of the London Stock Exchange and admitted to the Official List of the UK Listing Authority and the Official List of The International Stock Exchange ("TISE"). Its Ordinary Shares also have a secondary listing on the main board of the Johannesburg Stock Exchange and the Moscow Stock Exchange. Its convertible preference shares are admitted to the Official List of TISE and to trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.9 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.theravenpropertygroup.com

 


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
 
 
RAGUNRVRRNUBRAR