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RNS Number : 2356U
ABCAM PLC
02 December 2021
ABCAM PLC
Update on 2021 General Meeting Resolution Vote
2 December 2021, Cambridge, UK - In accordance with the
requirement of Provision 4 of the UK Corporate Governance Code (the
"Code"), Abcam plc ("Abcam", "the Company" or "the Group") (AIM
LSE: ABC; Nasdaq: ABCM), is providing an update in response to the
voting outcomes on the proposals for i) the Remuneration Policy and
ii) the rules of the Profitable Growth Incentive Plan (the "PGIP")
at its general meeting ("General Meeting") held on 1 July 2021.
Whilst we were pleased to gain support for these proposals, we
recognise that there were a significant number of votes opposing
these resolutions.
We recognise the importance of stakeholder engagement when
considering our Remuneration Policy and its future implementation
and consulted extensively with shareholders prior to the General
Meeting. The Committee was grateful for the time and contribution
of all those shareholders who participated in the consultation
process, and for the broad indications of support for Abcam's
management team and the principles underlying our proposals.
During the process we reviewed the key areas on which we
received feedback (the maximum opportunity under the PGIP, the lack
of a cap and the number of employee participants) and responded to
this by reducing the overall quantum available to the Executive
Directors, implementating a cap on the plan, and extending the
participation of the plan to approximately 150 senior leaders in
the Company. In addition, the Company has recently launched a new
all employee share incentive plan globally.
We recognise that the revisions to our original proposals, while
generally well-received, were not considered sufficient to secure
support from all shareholders.
The Company has continued to hold follow up meetings with
shareholders since the AGM and the Remuneration Committee continues
to believe that the remuneration opportunity offered to Executive
Directors is fair and competitive; aligns with the Company's
strategy and culture; and will ultimately support the long-term
success of the business and the continued creation of sustainable
long-term shareholder value.
As noted in the Notice of General Meeing, due to the technical
requirements of the Companies Act 2006, we will be putting the 2021
Remuneration Policy to shareholders for approval at the next Annual
General Meeting. The Company will continue to proactively engage
with shareholders and advisory bodies on this topic in advance of
the next Annual General Meeting. Further details will be set out in
the Company's 2022 Annual Report and Accounts.
Abcam plc
+44 (0) 1223 696 000
Marc Perkins, Company Secretary
James Staveley, VP Investor Relations
Numis - Nominated Advisor & Joint Corporate Broker
+ 44 (0) 20 7260 1000
Garry Levin / Freddie Barnfield / Duncan Monteith
Morgan Stanley - Joint Corporate Broker
+ 44 (0) 207 425 8000
Tom Perry / Luka Kezic
J.P.Morgan Cazenove - Joint Corporate Broker
+44 (0) 20 7742 4000
James Mitford / Hemant Kapoor
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission,
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
antibodies, assays and other research tools to address important
targets in critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health.
Abcam's worldwide customer base of approximately 750,000 life
science researchers uses Abcam's antibodies, reagents, biomarkers
and assays. By actively listening to and collaborating with these
researchers, the Company continuously advances its portfolio to
address their needs. A transparent programme of customer reviews
and datasheets, combined with an industry-leading validation
initiative, gives researchers increased confidence in their
results.
Founded in 1998 and headquartered in Cambridge, UK, the Company
has served customers in more than 130 countries. Abcam's ordinary
shares are listed on the London Stock Exchange (AIM: ABC) and its
American Depositary Shares (ADSs) trade on the Nasdaq Global Market
(Nasdaq: ABCM).
For more information, please visit corporate.abcam.com .
Forward-looking statements
This announcement, including any information included or
incorporated by reference in this announcement, may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any express or implied
statements contained in this announcement that are not statements
of historical fact may be deemed to be forward-looking statements,
including, without limitation, statements regarding the Acquisition
described herein, including the anticipated closing, integration of
the acquired business and potential benefits and synergies of the
Acquisition, Abcam's portfolio and ambitions, as well as statements
that include the words "expect," "intend," "plan," "believe,"
"project," "forecast," "estimate," "may," "should," "anticipate"
and similar statements of a future or forward-looking nature.
Forward-looking statements are neither promises nor guarantees, but
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those projected,
including, without limitation: a regional or global health
pandemic, including the novel coronavirus ("COVID-19"), which has
adversely affected elements of our business, could severely affect
our business, including due to impacts on our operations and supply
chains; challenges in implementing our strategies for revenue
growth in light of competitive challenges; developing new products
and enhancing existing products, adapting to significant
technological change and responding to the introduction of new
products by competitors to remain competitive; failing to
successfully identify or integrate acquired businesses or assets
into our operations or fully recognize the anticipated benefits of
businesses or assets that we acquire; if our customers discontinue
or spend less on research, development, production or other
scientific endeavours; failing to successfully use, access and
maintain information systems and implement new systems to handle
our changing needs; cyber security risks and any failure to
maintain the confidentiality, integrity and availability of our
computer hardware, software and internet applications and related
tools and functions; failing to successfully manage our current and
potential future growth; any significant interruptions in our
operations; if our products fail to satisfy applicable quality
criteria, specifications and performance standards; failing to
maintain our brand and reputation; our dependence upon management
and highly skilled employees and our ability to attract and retain
these highly skilled employees; and the important factors discussed
under the caption "Risk Factors" in Abcam's prospectus pursuant to
Rule 424(b) filed with the U.S. Securities and Exchange Commission
("SEC") on 22 October 2020, which is on file with the SEC and is
available on the SEC website at www.sec.gov, as such factors may be
updated from time to time in Abcam's other filings with the SEC.
Any forward-looking statements contained in this announcement speak
only as of the date hereof and accordingly undue reliance should
not be placed on such statements. Abcam disclaims any obligation or
undertaking to update or revise any forward-looking statements
contained in this announcement, whether as a result of new
information, future events or otherwise, other than to the extent
required by applicable law.
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END
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December 02, 2021 01:59 ET (06:59 GMT)
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