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Result of AGM

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RNS Number : 8846U
Redefine International PLC
23 January 2017
 

REDEFINE INTERNATIONAL P.L.C.

 

("Redefine International" or the "Company")

 

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

Annual General Meeting Voting Results

Redefine International, the FTSE 250 income-focused UK-REIT, announces that at the Annual General Meeting ("AGM") held today, all the proposed resolutions were duly passed by the required majority on votes conducted by way of a poll.

 

As a company with a controlling shareholder, and in accordance with LR9.2.2E of the Listing Rules of the UKLA, the re-election of the independent Non-executive Directors, namely resolutions 4 to 7, were approved by (i) all shareholders and (ii) the independent shareholders.

 

The results of voting by all shareholders on the resolutions, which can be found in the Notice of the AGM, were as follows:-

 

Resolution

For

%

Against

%

Withheld*

1.

To adopt the Group and Company's audited financial statements for the year ended 31 August 2016 together with the reports of the Directors and Independent Auditors

1,252,148,101

100.00%

42,034

0.00%

9,119,295

 

 

 

 

 

 

 

2

To approve the Directors Annual Report on Remuneration

1,246,629,118

99.57%

5,375,309

0.43%

9,225,003

 

 

 

 

 

 

 

3

To re-elect GA Clarke as a Director

1,212,534,711

96.99%

37,661,435

3.01%

13,556,153

 

 

 

 

 

 

 

4

To re-elect MJW Farrow as an Independent Director

1,252,543,719

99.84%

2,004,320

0.16%

9,204,260

 

 

 

 

 

 

 

5

To re-elect GR Tipper as an Independent Director

1,215,459,547

96.88%

39,088,492

3.12%

9,204,260

 

 

 

 

 

 

 

6

To re-elect SE Ford as an Independent Director 

1,216,903,721

97.00%

37,644,318

3.00%

9,204,260

 

 

 

 

 

 

 

7

To re-elect R Orr as an Independent Director

1,253,428,121

99.91%

1,119,918

0.09%

9,204,260

 

 

 

 

 

 

 

8

To re-elect M Wainer as a Director

1,206,014,540

96.48%

44,024,013

3.52%

13,713,746

 

 

 

 

 

 

 

9

To re-elect B Nackan as a Director

1,204,314,983

96.47%

44,044,662

3.53%

15,392,654

 

 

 

 

 

 

 

10

To re-elect MJ Watters as a Director

1,214,178,841

96.98%

37,846,329

3.02%

9,204,260

 

 

 

 

 

 

 

11

To re-elect SJ Oakenfull as a Director 

1,214,194,140

96.98%

37,831,030

3.02%

9,204,260

 

 

 

 

 

 

 

12

To re-elect D Grant as a Director

1,214,192,005

96.98%

37,833,165

3.02%

9,204,260

 

 

 

 

 

 

 

13

To re-elect A Horsburgh as a Director

1,214,195,576

96.98%

37,829,594

3.02%

9,204,260

 

 

 

 

 

 

 

14

To re-appoint KPMG as the Company's Independent Auditor

1,249,739,536

99.81%

2,320,564

0.19%

9,169,330

 

 

 

 

 

 

 

15

To authorise the Directors to determine the remuneration of the Independent Auditor

1,250,136,801

99.84%

1,963,337

0.16%

9,129,292

 

 

 

 

 

 

 

16

To approve the new Remuneration Policy

1,000,333,466

79.91%

251,542,808

20.09%

9,433,156

 

 

 

 

 

 

 

17

To authorise the Directors to allot Ordinary Shares up to the limits contained in the Notice of the AGM

994,637,293

79.44%

257,434,252

20.56%

9,157,885

 

 

 

 

 

 

 

18

To authorise the Directors to dis-apply pre-emption rights up to the limits stated in the Notice of AGM

1,007,507,858

80.46%

244,626,277

19.54%

9,175,295

 

 

 

 

 

 

 

19

To authorise the Directors to dis-apply pre-emption rights in connection with a specified investment

987,931,299

78.90%

264,195,314

21.10%

9,182,817

 

 

 

 

 

 

 

20

To authorise the Directors to make market purchases of own shares

1,246,209,189

99.33%

8,462,261

0.67%

9,160,849

 

The results of voting by independent shareholders on resolutions 4 to 7, relating to the re-election of the independent Non-executive Directors, were as follows:-

 

Votes excluding controlling shareholders on the resolutions concerning the election or re-election of the Independent Non-Executive Directors.

Resolution

For

%

Against

%

Withheld*

 

 

 

 

 

 

 

4

To re-elect MJW Farrow as a Director

740,103,491

99.73%

2,004,320

0.27%

9,204,260

 

 

 

 

 

 

 

5

To re-elect GR Tipper as a Director

703,019,319

94.73%

39,088,492

5.27%

9,204,260

 

 

 

 

 

 

 

6

To re-elect SE Ford as a Director 

704,463,493

94.93%

37,644,318

5.07%

9,204,260

 

 

 

 

 

 

 

7

To re-elect R Orr as a Director

740,987,893

99.85%

1,119,918

0.15%

9,204,260

*It should be noted that a vote withheld is not a vote in law and will not be counted in the calculation of the proportion of the votes for and against the resolution. 

The Company's total issued share capital as at 23 January 2017 is 1,811,739,822 ordinary shares of 8 pence each.

It has been noted that a proportion of shareholders have voted against:-

·      Resolution 16 relating to the new Remuneration Policy.  The rationale for amending the policy was explained in the Annual Report and the Company will discuss this matter further with shareholders to understand their objections; and

·      Resolution 17, 18 and 19 relating to the Directors' authority to issue shares, which was largely opposed by South African shareholders.  The Notice of the AGM explained that these authorities are in line with current UK guidelines and the Board is aware that such guidelines differ to those in South Africa and will continue to liaise with South African shareholders on such matters.

In accordance with LR 9.6.2 R of the Listing Rules of the UKLA, copies of all resolutions passed by the Company, other than resolutions concerning ordinary business, have been submitted to the UK's National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM and can also be viewed on the Company's website, www.redefineinternational.com.

 

For further information:

 

Redefine International P.L.C.

Mike Watters, Stephen Oakenfull, Janine Ackermann

 

 

Tel: +44 (0) 20 7811 0100

FTI Consulting

UK Public Relations Adviser

Dido Laurimore, Claire Turvey, Ellie Sweeney

 

 

 

Tel: +44 (0) 20 3727 1000

Instinctif Partners

SA Public Relations Adviser

Frederic Cornet, Lizelle du Toit

 

 

 

Tel: +27 (0) 11 447 3030

Java Capital

JSE Sponsor

 

 

Tel: +27 (0) 11 722 3050  

 

 

Note to editors:

About Redefine International

Redefine International is an income focused FTSE 250 UK Real Estate Investment Trust (UK-REIT) committed to delivering superior distributions to its shareholders throughout the property cycle.

The Company's income driven total returns are underpinned by a diversified portfolio, together with an efficient capital structure. The continued transformation of both the corporate structure and asset base offer a solid foundation to drive further value. The diversified portfolio, independently valued at £1.53 billion, is focused in Europe's two strongest economies, being the United Kingdom and Germany. The portfolio is weighted towards well located properties across a range of sectors, including retail, offices, distribution and hotels, which benefit from strong demand and from which they can capture income and value growth by attracting high calibre occupiers on long leases. The Company's investment philosophy is to effectively allocate recycled capital from mature assets into sectors and locations with strong occupier fundamentals and individual assets with realisable upside.

Currently the secure income stream is supported by a diversified portfolio and tenant base, with a WAULT of 7.8 years complemented by an average debt maturity of 6.9 years of which over 95% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and boasts one of the lowest cost ratios in the industry whilst continuously driving a lower cost of debt.

Redefine International holds a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange and is included within the FTSE 250, EPRA and GPR indices. 

The Company will be hosting a Capital Markets Day on Monday, 6 February 2017. The presentation and a live webcast will be available on the Company's website at 10:30am (UK time), 12:30pm (SA time) on Monday, 6 February 2017: www.redefineinternational.com.

For more information on Redefine International, please refer to the Company's website www.redefineinternational.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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