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Topps Tiles PLC on Wednesday said that the re-election of Chair Darren Shapland is ‘important to the company's long-term sustainable success’, despite fewer than 80% of shareholders offering their support.
Shares in the Enderby, England-based tile retailer were down 0.6% to 39.75 pence each in London on Wednesday morning. They fell as low as 38.10p.
Back in January, Topps Tiles said that just 78% of shareholders voted in favour of Chair Darren Shapland remaining as a director.
The company said that since the annual general meeting, it has engaged with shareholders to ‘understand and discuss their views’ with respect to certain resolutions.
The board said: ‘It considers that Shapland, who was appointed to the board in March 2015, continues to discharge his role as chair effectively and that his contribution is important to the company's long-term sustainable success.’
Topps noted that the following resolutions also were passed with fewer than 80% of votes cast in favour: directors' authority to allot shares; disapplication of pre-emption rights - general; disapplication of pre-emption rights - specific; and authority to make market purchases of shares.
Topps clained that these resolutions are considered routine practice for UK listed companies.
‘The board is aware, however, that some non-UK resident investors have a policy of not supporting resolutions of this nature which, when passed, grant the board specific authorities without the need to seek further shareholder approval,’ Topps said.
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