12th May 2011 14:14
Pace plc: AGM Statement
Saltaire, UK, 12 May 2011: Pace plc has today held its Annual General Meeting. At the meeting Pace's Chairman, Mike McTighe, gave the following statement:
"As we reported in our Interim Management Statement on Tuesday 10 May, since the start of 2011, volume shipments and revenues have continued to meet Pace's expectations. Due to a number of factors detailed in that statement the Board now expects full year operating profit to be in the range of $150m - $170m (£97m - £110m)[1].
"The Board is disappointed in this expected outcome for 2011 and will be looking at lessons that need to be learned, and ensuring they are implemented. At the same time the Board continues to be confident in the fundamentals of the business, the management team's ability to deliver against the Group's business objectives and the ongoing opportunities within our global markets for digital and broadband technology and services."
All resolutions at the AGM were passed and for information the voting results were:
Resolution | Votes For | Votes Against | Votes Withheld/Abstentions |
1 Receive the accounts and reports of the directors and auditors thereon | 208,260,315 | 2,899 | 7,010 |
2 Approve remuneration report of the directors | 127,322,995 | 76,235,465 | 4,711,804 |
3 Declare a final dividend of 1.45 pence | 208,038,707 | 229,751 | 1,766 |
4 Re-elect Mike McTighe as Director | 199,314,912 | 8,490,403 | 464,909 |
5 Re-elect John Grant as Director | 193,008,487 | 14,860,928 | 400,809 |
6 Re-appoint KPMG Audit plc as Auditors | 206,308,801 | 1,950,610 | 10,813 |
7 Authorise the directors to determine auditor's remuneration | 204,507,607 | 3,744,595 | 18,022 |
8 Authorise the directors to allot ordinary shares | 181,768,274 | 11,041,774 | 15,460,176 |
9 Dis-apply statutory pre-emption rights | 205,842,511 | 2,380,722 | 46,991 |
10 Authorise the directors to make market purchases of ordinary shares | 206,827,173 | 797,193 | 645,858 |
11 Allow the directors to call any general meeting other than an AGM on not less than 14 days clear notice | 196,500,002 | 11,737,643 | 32,579 |
12 Amendment to the Pace Americas US Sharesave Plan 2005 | 208,035,210 | 141,706 | 93,308 |
-ends-
For further information please contact:
Neil Gaydon/Stuart Hall
Pace plc
+44 1274 532000
Media
Jonathan Glass/Sarah West
Brunswick
+44 20 7404 5959
Helen Kettleborough
Director of Communications
+44 1274 532000
[1]The £:$ exchange rate used is $1.55
Related Shares:
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