9th May 2013 15:08
9 May 2013
Sweett Group plc
("Sweett Group", "the Company" or "the Group")
Results of General Meeting and Board composition update
Sweett Group, the international property and infrastructure consultancy, is pleased to announce the result of the General Meeting of Shareholders held today, 9 May 2013.
All three resolutions proposed by a group of minority shareholders led by the Group's former Chairman, Francis Ives, were defeated.
| Votesfor | % | Votesagainst | % |
Resolution 1 - To remove Michael Henderson as Non-Executive Director and Chairman of the Company | 11,672,819 | 20.68 | 44,776,697 | 79.32 |
Resolution 2 - To appoint Francis Ives as an additional Director and Chairman of the Company | 11,938,265 | 20.96 | 45,006,614 | 79.04 |
Resolution 3 - To remove any Director appointed pursuant to the Articles between the date of the Requisition (as defined in the circular relating to the General Meeting) and the conclusion of the General Meeting | 11,957,703 | 21.09 | 44,728,117 | 78.91 |
87% of the aggregate votes in favour of the resolutions were cast by former employees of the Group.
Michael Henderson, Non-Executive Chairman of the Board of Sweett Group plc, said:
"Shareholders have spoken convincingly in favour of the Board and their voice needs to be listened to and respected.
"I am particularly pleased with the significant levels of support shown by our staff and institutional shareholders, an important factor as we build on our global platform and continue to successfully deliver on our three-year plan. During the course of the General Meeting some constructive points were made which will be debated further and considered by the Board.
"It is crucial that the Group is now afforded a period of stability such that the important business of strategy execution can be focussed on without distraction.
"In order to facilitate a smooth transition to a new Non-Executive Chairman of the Group, the Nominations Committee has asked that I delay my retirement from the Board until the end of the current financial year, 31 March 2014. I have agreed to do so, subject to my re-election at the upcoming Annual General Meeting."
- Ends -
For further information:
Sweett Group plc Dean Webster, Chief Executive Officer +44 20 7061 9000Chris Goscomb, Chief Financial OfficerTheo Kjellberg, Group Communications Manager
Westhouse SecuritiesTom Griffiths, Paul Gillam +44 20 7601 6100
FTI ConsultingBilly Clegg, Oliver Winters, Victoria Huxster +44 20 7831 3113
About Sweett Group
Sweett Group plc is a global business with expertise in property and infrastructure professional services. Our services include programme and project management, cost management, advisory and PPP related consultancy services.
We aim to forge long term, successful relationships with all stakeholders in the property and infrastructure industry. "Global knowhow, local delivery" is the essence of our business and our reach enables us to put global best practice to use in the local markets we serve.
www.sweettgroup.com
Related Shares:
CSG.L