16th Jul 2020 17:30
(Alliance News) - Biffa PLC said Thursday over 32% of its shareholders voted against the re-election of Independent Non-Executive Chair Ken Lever and the allotment of its shares at its annual general meeting Thursday.
The waste management firm said the votes, however, received the requisite majority and were passed.
Resolutions 14 and 15, regarding pre-emption rights, did not receive enough votes
"In accordance with provision 4 of the 2018 UK Corporate Governance Code, the board confirms that it will consult and engage with shareholders to understand and discuss their concerns with respect to those resolutions. An update will be provided within six months of the AGM, in accordance with the Code," Biffa said.
Shares in Biffa closed 5.2% higher in London on Thursday at 205.00 pence.
Earlier Thursday, Biffa said trading in the first-quarter of the year to March 2021 has been "slightly" ahead of forecasts and the company is seeing a steady recovery in demand following easing of government lockdown measures.
In its annual general meeting statement, the FTSE 250-listed company said: "The group is continuing to explore ways of improving efficiency across all areas of its business and has remained underlying earnings before interest, tax, depreciation and amortisation positive throughout the lockdown period and was underlying earnings before interest and tax positive in June.
"The outlook for the rest of the year is dependent on how quickly the remaining restrictions are eased and the pace and shape of the economic recovery. However, the board remains extremely pleased with the group's performance throughout this difficult period and confident of its future growth prospects."
Group revenue, which in April were 70% of pre-Covid-19 run rates, recovered in June to 83% of pre-Covid-19 levels, the waste management company explained. The Industrial & Commercial division revenue during July recovered to over 80% of pre-Covid-19 levels and landfill revenue are over 70% versus their low points in April.
Biffa, which raised GBP100 million via equity issue in June, has recommenced its investment programme to deliver on its ambitious sustainability goals and growth in shareholder returns.
By Paul McGowan; [email protected]
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