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LONDON - Alpha Group International plc announced the successful passage of all proposed resolutions during its Annual General Meeting (AGM) held on Thursday. The meeting saw the approval of several key decisions, including the authorization for the company to buy back shares and regularize certain procedural requirements related to past share buybacks and interim dividends.
Shareholders voted in favor of 20 resolutions, with significant majorities supporting the directors’ report, the remuneration policy, and the declaration of a final dividend of 14.0 pence per share. The resolutions also included the election and re-election of board members, with Dame Jayne-Anne Gadhia and Nicole Coll among those elected as directors.
The AGM addressed a procedural oversight concerning the company’s share buyback programs and interim dividends from previous years. It was disclosed that approximately £25.3 million in distributions had been made in contravention of the Companies Act 2006 due to insufficient transfer of distributable reserves to the company. To rectify this, shareholders approved the entry into deeds of release for shareholders and directors related to the distributions in question.
In addition, the company has entered into a buy-back deed with Panmure Liberum and has repurchased 1,063,556 ordinary shares to be held in treasury. This action follows the review of the group’s financial position ahead of the publication of its results and aims to regularize past distributions.
The AGM’s outcomes also included the re-appointment of BDO LLP as auditors and the authorization for the directors to determine their remuneration. Furthermore, the company has been granted the authority to make political donations and to call general meetings with not less than 14 clear days’ notice.
The AGM’s proceedings and the approval of the resolutions are seen as steps towards ensuring compliance with legal requirements and strengthening the company’s governance structure. The information presented in this article is based on a press release statement from Alpha Group International plc.
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