Topps Tiles AGM: Chairman To Stay In Role

Topps Tiles Plc (the "Company" or "Topps"), the UK's leading tile specialist, is pleased to announce the successful outcome of the AGM held earlier today. 

A breakdown of the voting on the resolutions (the "Resolutions"), each of which was held on a poll, is set out below and the Board, in particular, notes the following:

• The total number of votes cast was a record 161 million, equivalent to 81.9 per cent. of the Company’s issued share capital, demonstrating the strength of shareholder engagement and support received.
  
  
• Resolutions 1 to 14 (inclusive) were duly passed by the requisite majority, in line with the Board’s recommendation.
  
  
• Resolution 15, a special resolution, did not pass.
  
  
• The Requisitioned Resolutions (Resolutions 16 to18 (inclusive)), proposed on behalf of MS Galleon GmbH ("MSG"), were not passed, with an average of 99.3 per cent. of shareholders who voted, other than MSG, supporting the Board’s recommendation and voting against these resolutions.

The full text of each resolution is contained in the notice of AGM which is available on the Company’s website http://www.toppstilesplc.com/. 

Darren Shapland, Non-Executive Chairman of Topps, said:

“The Board would like to thank shareholders for the support received at today’s meeting.  We were pleased that shareholders supported the Board’s recommendations, with an average of 99.3 per cent. of shareholders who voted, other than MSG, opposing the Requisitioned Resolutions.

“While we have always sought to maintain constructive engagement with MSG, the Board has   also been clear that its responsibility is to act in the best interests of Topps shareholders as a whole. We believe strongly that MSG’s proposals exposed Topps shareholders to a number of serious conflicts of interest between MSG’s role as a significant shareholder, supplier and potential competitor to Topps.

“We welcome the strong support for the Board's position received today from other shareholders and the Board will continue to engage with, and seek constructive dialogue with, all shareholders.”

Keith Down, Senior Independent Director of Topps, said:

“The Board has been unanimous in its rejection of the Requisitioned Resolutions. We are pleased to have secured strong backing from other investors at today’s meeting and, in particular, we note the significant vote of support received for the Chairman. We thank shareholders for their engagement and support around the AGM and over the year.”

Source : Topps Tiles

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