Update on 2020 AGM resolution votes

SHAFTESBURY PLC

Update on 2020 annual general meeting resolution votes

In accordance with the requirement of Provision 4 of the UK Corporate Governance Code (2018), Shaftesbury PLC ("the Company") is providing this update following significant votes (defined as above 20%) against the following resolutions at its annual general meeting ("AGM") held on 31 January 2020:

· the remuneration policy;

· the annual remuneration report;

· the re-election of Jonathan Nicholls (Chairman);

· the re-election of Brian Bickell (Chief Executive);

· the re-election of Chris Ward (Finance Director);

· the allotment of shares;

· two separate resolutions relating to the disapplication of pre-emption rights (special resolutions); and

· the authority to call a general meeting on not less than 14 days' notice (special resolution). 

Of the above, those proposed as ordinary resolutions were passed but the special resolutions were not passed. 

The Company published a statement at the conclusion of the 2020 AGM regarding votes cast.(https://otp.tools.investis.com/clients/uk/shaftesbury1/rns1/regulatory-story.aspx?cid=520&newsid=1362226) At the date of the AGM, Mr Samuel Tak Lee, was the ultimate beneficial owner of 26.15% of the issued share capital, and voted against each of the resolutions listed above. Mr Lee did not vote on any other resolutions, all of which were passed with in excess of 99% of those voting, voting in favour.

It was announced on 30 May 2020 that entities beneficially owned by Mr Lee had agreed to sell their 26.3% interest in the Company. This was followed by an announcement on 1 June 2020, that legal proceedings issued by companies whose former beneficial owner was Mr Lee had been withdrawn. Given the sale of his interest, no further action has been taken in connection with engaging with Mr Lee on his votes against the 2020 AGM resolutions.

Desna Martin

Company Secretary

27 July 2020

020 7333 8118