TPT Topps Tiles Plc

TIDMTPT

RNS Number : 2321S

Topps Tiles PLC

13 July 2022

Topps Tiles Plc

("Topps Tiles" or "the Company")

Result of AGM - Update

Further to its announcement on 19 January 2022 that resolutions 4 (to re-elect Darren Shapland as a Director), 12 (Directors' Authority to Allot Shares), 13 (Disapplication of Pre-emption Rights - General), 14 (Disapplication of Pre-emption Rights - Specific) and 15 (Authority to Make Market Purchases of Shares) passed with less than 80% of votes cast in favour at the 2022 Annual General Meeting ("AGM") , Topps Tiles announces that:

 
 --   Since the AGM, in accordance with provision 4 of the UK 
       Corporate Governance Code, the Board has engaged with the 
       relevant shareholder to understand and discuss their views 
       with respect to these resolutions. 
 --   Whilst the Board fully respects and acknowledges that a 
       shareholder may choose to vote against specific resolutions, 
       the Board considers all the resolutions proposed and subsequently 
       passed to be in the best interests of all shareholders. 
       Specifically - 
        It considers that Darren Shapland, who was appointed to 
         the Board in March 2015, continues to discharge his role 
         as Chairman effectively and that his contribution is important 
         to the Company's long-term sustainable success. 
        That resolutions 12-15, which also appeared on the Investment 
         Association's Public Register in 2021, are considered 
         routine practice for UK listed companies and are within 
         the Investment Association's Share Capital Management 
         Guidelines. The Board is aware, however, that some non-UK 
         resident investors have a policy of not supporting resolutions 
         of this nature which, when passed, grant the Board specific 
         authorities without the need to seek further shareholder 
         approval. 
        The views of all shareholders are important to the Company 
         and the Board is committed to maintain ongoing engagement 
         with its shareholders. However, the Board highlights that 
         the Company has no recent history of issuing new shares 
         other than to satisfy employee share plans, and the Board 
         still considers the flexibility afforded by these authorities 
         to be in the best interests of the Company and its shareholders. 
 

Enquiries:

 
 Stephen Hopson, CFO                0116 282 8000 
 Richard Cole, Company Secretary 
 

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July 13, 2022 02:00 ET (06:00 GMT)

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