5th May 2016 13:36
LONDON (Alliance News) - Ladbrokes PLC said 42% of shareholders voted against the directors' remuneration report at the company's annual general meeting on Thursday.
A total of 275.9 million votes were cast against the remuneration report, compared with 379.7 million votes for the remuneration report. 48.9 million votes were withheld.
"The board notes the vote in respect of the directors' remuneration report. Ladbrokes understands the concerns expressed by some shareholders towards the termination arrangement with Ian Bull," Ladbrokes said in a statement.
Ian Bull was Ladbrokes' chief financial officer. He resigned from his post in February ahead of the group's merger with Gala Coral. Upon completion of the merger, Gala Coral's CFO Paul Bowtell will become finance head of the merged group.
"The board is very aware of shareholder observations and these will play a key part in the board's thinking as remuneration is considered for the business going forward and the potential merger with Coral," Ladbrokes added.
Ladbrokes and Gala Coral agreed the merger in July. It will create a company, to be called Ladbrokes Coral PLC, with a market capitalisation of around GBP2.1 billion and the largest bookie retail estate in the UK.
The CMA referred the merger to an in-depth phase two investigation in January and will release its findings in mid-May.
Shares in Ladbrokes were trading flat at 116.40 pence on Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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