AJ Bell PLC - AGM concert party resolutions
Statement in relation to AGM vote on
The board of
The Company did not include an explanation in its AGM results announcement of the action it intended to take to understand and address shareholder concerns about the Waiver Resolutions. Since the AGM, the Board has had time to reflect on the outcome and to engage with some of our institutional and retail shareholders in order to try and identify the reasons for them not having supported the Waiver Resolutions. When doing so, the Board has also taken into account the specific nature of the Waiver Resolutions and the fact that the members of the
The views expressed by those shareholders with whom the Board engaged who had voted against the Waiver Resolutions indicated that:
· they had done so as a matter of policy and not because of the specific circumstances in which the resolutions had been proposed
· in some instances shareholders had voted against the Waiver Resolution in relation to the authority for the market purchase by the Company of up to 66% of the issued ordinary shares as a matter of policy. This was because, although the scope of that authority was in line with the current
· in the case of some retail shareholders, because they had not fully understood the nature and effect of the resolutions.
In light of the nature of the above feedback and it being considered unlikely that any waiver resolutions will be proposed in relation to the
· review the level of the authority it will seek in relation to the market purchase of ordinary shares to take account of the feedback received; and
· endeavour to explain the nature and effect of all of the proposed resolutions in a way that can be more readily understood by shareholders.
The Board have welcomed the opportunity to engage with our shareholders on this matter and would like to thank those who responded for having done so.
The Company will provide a final update in the 2020 Annual Report.
For further information, please contact:
Shaun Yates, Head of Investor Relations +44 (0) 752 223 5898
This information is provided by RNS, the news service of the
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