15:40 Thu 28 May 2020
Ferrexpo plc - AGM Statement
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The Company is releasing this update following its Annual General Meeting ("AGM"), which has taken place today. Due to the global COVID-19 pandemic, the AGM proceedings this year were held on an abridged basis in the interests of shareholder and public health.
Trading update as of
Below is a trading update which would usually be made at the AGM:
· Year to date 2020 pellet production from own ore up 8.8% to 3.8 million tonnes compared to 3.5 million tonnes for the same period of 2019
· Record pellet production from own ore in
· Year to date 2020 sales increased by 28% to 4.1 million tonnes compared to 3.2 million tonnes for the same period of 2019
· The Group expects a further reduction in pellet stocks in the remainder of 2Q 2020
·
· We continue to take active measures to protect our workforce and local communities against the impact of the COVID-19 virus
Results of AGM
The results of voting at the AGM are summarised below. All Resolutions were voted by way of a poll.
As stated in the Company's AGM Notice and under Listing Rule 9.2.2E, a resolution to elect or re-elect an Independent Director must be passed by both a majority of the independent shareholders and a majority of all shareholders (including the majority shareholder). In order to determine this, votes cast by the independent shareholders were counted separately in respect of the re-election of
Voting Results
|
For/Discretion |
Against |
Total votes cast |
Votes withheld1 |
|||
Resolution |
No. of votes |
% of votes cast2 |
No. of votes |
% of votes cast2 |
No. of votes |
No. of votes |
|
1. To receive the 2019 Report and Accounts |
489,343,199 |
98.32% |
8,379,150 |
1.68% |
497,722,349 |
671,160 |
|
2. To approve the Remuneration Report (apart from the remuneration policy) |
379,214,136 |
76.10% |
119,126,318 |
23.90% |
498,340,454 |
53,055 |
|
3. To approve the directors' Remuneration Policy |
444,251,512 |
89.14% |
54,139,749 |
10.86% |
498,391,261 |
2,248 |
|
4. To approve the 3.3 US cents final dividend |
498,392,545 |
100.00% |
585 |
0.00% |
498,393,130 |
380 |
|
5. To appoint MHA MacIntyre Hudson as the Company's auditors |
496,921,638 |
99.70% |
1,471,492 |
0.30% |
498,393,130 |
380 |
|
6. To authorise the directors to determine the auditors remuneration |
498,386,109 |
100.00% |
2,686 |
0.00% |
498,388,795 |
4,715 |
|
7. To elect Graeme Dacomb as a director |
All |
496,596,896 |
99.64% |
1,795,651 |
0.36% |
498,392,547 |
963 |
Independent |
200,518,952 |
99.11% |
1,795,651 |
0.89% |
202,314,603 |
963 |
|
8. To re-elect |
493,044,535 |
98.93% |
5,346,812 |
1.07% |
498,391,347 |
2,163 |
|
9. To re-elect |
All |
360,351,413 |
72.30% |
138,041,133 |
27.70% |
498,392,546 |
963 |
Independent |
64,273,469 |
31.77% |
138,041,133 |
68.23% |
202,314,602 |
963 |
|
10. To re-elect |
359,723,874 |
72.18% |
138,668,672 |
27.82% |
498,392,546 |
963 |
|
11. To elect |
All |
496,590,969 |
99.64% |
1,798,578 |
0.36% |
498,389,547 |
3,963 |
Independent |
200,513,025 |
99.11% |
1,798,578 |
0.89% |
202,311,603 |
3,963 |
|
12. To re-elect |
335,718,778 |
67.59% |
160,951,323 |
32.41% |
496,670,101 |
1,723,408 |
|
13. To re-elect |
467,972,018 |
93.90% |
30,420,529 |
6.10% |
498,392,547 |
963 |
|
14. To authorise the directors to allot shares |
497,159,981 |
99.75% |
1,230,149 |
0.25% |
498,390,130 |
3,380 |
|
15. To authorise the directors to establish the |
498,215,852 |
100.00% |
4,842 |
0.00% |
498,220,694 |
172,816 |
|
16. To empower the directors to disapply pre-emption rights |
498,372,100 |
100.00% |
18,030 |
0.00% |
498,390,130 |
3,380 |
|
17. To authorise the Company to make market purchases of its own shares |
490,765,462 |
98.78% |
6,074,758 |
1.22% |
496,840,220 |
1,553,289 |
|
18. To approve a 14 clear days' notice period for a general meeting other than an AGM |
490,309,320 |
98.38% |
8,082,810 |
1.62% |
498,392,130 |
1,380 |
1. A vote withheld is not a vote in law and is not counted in the calculation of votes validly cast for or against a resolution
2. Excluding votes withheld
Board Change
As noted in the Company's 2019 Annual Report and Accounts, the Nominations Committee is already seeking to make a further appointment of a suitable Independent Non-Executive Director to strengthen the Board and relevant Board Committees. An additional process to appoint a further new Independent Non-Executive Director and to appoint a new Chairman will commence immediately and will be led by the Nominations Committee. The Board intends to comply fully with corporate governance best practice and with the board composition provisions of the
Once sufficient independent directors have been appointed to the Board, complying with the board composition provisions of the
"
Significant Votes Against Resolutions
The Board of
The Board will consult and engage with independent shareholders as soon as possible to better understand the reasons behind these votes and will publish an update of shareholder engagement within 6 months of today's AGM.
As the re-appointment of
The Board currently intends to hold a second vote for the re-appointment of
Further Disclosures
As at the date of the AGM, the Company's issued share capital (excluding treasury shares) consisted of 588,624,142 Ordinary Shares carrying one vote each. Therefore, the total number of voting rights as at the date of the AGM was 588,624,142.
In accordance with Listing Rule 9.6.2,
This announcement contains inside information in relation to the Company. The person responsible for making this notification is
For further information, contact:
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|
|
+44 207 389 8304 |
Maitland: |
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+44 207 379 5151 |
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