31st Jan 2020 15:19
(Alliance News) - Connect Group PLC said Friday that Chair Gary Kennedy will step down from his role with effect from when the strategic review into Tuffnells Parcels Express Ltd is concluded.
Also on Friday, the specialist distributor said that at its annual general meeting earlier today, two resolutions were not passed due to substantial shareholder opposition.
Resolution 15 - which grants the company the authority to partially disapply pre-emption rights - was opposed by 29% of shareholders, while resolution 16 - which would grant the same authority but in connection with an acquisition or capital investments - had 28% of shareholders vote against it.
Connect Group said it is disappointed at the outcome, but noted that certain shareholders have a policy of not supporting such resolutions. With such shareholders, Connect will look to engage with them concerning their views on the subject.
Kennedy has been in his role for five years since 2015. Connect will start a formal process to find a successor to the role.
Connect Group will publish its interim results on May 13, as well as progress made on the Tuffnells strategic review.
Shares in Connect Group - which is based in Swindon - were up 1.8% at 34.60 pence on Friday in London.
By Dayo Laniyan; [email protected]
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