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GLASGOW - Macfarlane Group PLC announced today that its shareholders have approved all resolutions during the company’s Annual General Meeting (AGM). The resolutions, which spanned from the adoption of accounts to the approval of a share repurchase authority, were all passed with a significant majority.
The meeting saw a 57.15% turnout of the issued share capital, with proxy appointments received for 91,207,976 shares. The ordinary resolutions included the adoption of the accounts, approval of the remuneration report and policy, re-election of board members, and the reappointment of Deloitte LLP as auditors. Special resolutions passed included the authority to allot unissued shares and the dis-application of pre-emption rights, as well as the authority to re-purchase up to 10% of its own shares.
The adoption of the company’s accounts was nearly unanimous, with 99.98% in favor, and the approval of the final dividend saw a similar level of support at 99.99%. The re-election of board members was also met with strong shareholder approval, with at least 93.70% votes in favor for each director.
The approval of the remuneration report and policy saw a slightly lower, yet still substantial, level of support, with 99.91% and 95.25% in favor, respectively. The resolutions to re-appoint Deloitte LLP as auditors and to authorize the directors to determine the auditor’s remuneration were passed with over 99% approval.
The Performance Share Plan was approved with 96.22% in favor, and the authority to allot unissued shares under Section 551 of the Companies Act 2006 received 91.64% approval. The special resolutions to dis-apply pre-emption rights for up to an additional 5% of the issued share capital and the authority to re-purchase its own shares both received around 95% and 99.9% approval, respectively.
These results reflect the shareholders’ support for the company’s strategic decisions and governance practices. It is based on a press release statement from Macfarlane Group PLC.
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