TIDMBVS

RNS Number : 3836V

Bovis Homes Group PLC

02 December 2019

Bovis Homes Group PLC - Result of General Meeting

At the Company's General Meeting ("GM") held on Monday 2(nd) December 2019, all resolutions put to the meeting were voted on by poll and were passed by shareholders. The results will be available shortly on the Company's website www.bovishomesgroup.co.uk.

In accordance with Listing Rule 9.6.2 a copy of the resolutions passed at the meeting are being submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

For information, the results of the poll voting are given below:

 
                           VOTES        %       VOTES        %        VOTES         % of        VOTES 
                            FOR                 AGAINST               TOTAL       ISC VOTED    WITHHELD 
 Resolution 
  1 
  To approve 
  the acquisition 
  of the Linden 
  Homes and 
  Partnerships 
  & Regeneration 
  businesses 
  from Galliford 
  Try plc               108,649,338   96.32    4,154,271    3.68   112,803,609       76.05%      41,380 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  2 
  To authorise 
  the issue 
  of equity 
  pursuant 
  to the acquisition    108,639,139   96.31    4,164,401    3.69   112,803,540       76.05%      41,449 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  3 
  To approve 
  the Long-Term 
  Incentive 
  Plan 2020              77,926,289   69.07   34,903,319   30.93   112,829,608       76.06%      15,381 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  4 
  To approve 
  the Remuneration 
  Policy of 
  the directors          73,854,103   65.46   38,973,302   34.54   112,827,405       76.06%      17,584 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  5 
  To approve 
  the bonus 
  issue                 112,735,321   99.91       99,473    0.09   112,834,794       76.07%      10,195 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  6 
  To authorise 
  the directors 
  to allot 
  the bonus 
  issue shares          112,725,327   99.90      109,531    0.10   112,834,858       76.07%      10,131 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  7 
  To amend 
  the Articles 
  of Association 
  by the addition 
  of new article 
  159                   112,793,878   99.98       24,208    0.02   112,818,086       76.06%      26,903 
                       ------------  ------  -----------  ------  ------------  -----------  ---------- 
 Resolution 
  8 
  To authorise 
  the directors 
  to change 
  the company's 
  name once 
  within six 
  months of 
  completion            112,782,904   99.97       34,774    0.03   112,817,678       76.06%      26,907 
                       ------------  ------  -----------  ------  ------------  -----------  ----------

The issued share capital at the date of the meeting was 148,334,373 ordinary shares of 50p each.

A 'vote withheld' is not a vote in law and has not been counted in the calculation of votes for and against.

Statement regarding voting result

The Board is pleased that all of the resolutions put to shareholders at the GM were passed.

However, the Board recognises that a significant minority opposed resolutions 3 (LTIP Plan 2020) and 4 (Remuneration Policy). The Board has been engaging with shareholders and proxy agencies in the lead up to the GM and has a good understanding of the concerns of some of our shareholders. In line with the provisions of the UK Corporate Governance Code, we will continue to engage with those shareholders and will provide an update on the views received on these issues and actions taken in response no later than in six months' time.

From the inception of the transaction, we have given consideration to all aspects of the proposed acquisition in order to maximise value for shareholders, including those relating to executive remuneration arrangements.

This is a transformational deal for Bovis Homes, doubling the size of the business and placing us in the top five listed housebuilders in the UK with the capability to deliver over 12,000 homes a year. The Remuneration Committee believes that the proposed Remuneration Policy and LTIP Plan is in line with the industry and properly reflects the resultant scale and complexity of the Group.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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December 02, 2019 10:19 ET (15:19 GMT)

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