Empiric Student Property PLC Result of General Meeting (4914S)
21 December 2016 - 10:37PM
UK Regulatory
TIDMESP
RNS Number : 4914S
Empiric Student Property PLC
21 December 2016
21 December 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
RESULT OF GENERAL MEETING
The Board of Directors of Empiric Student Property plc (ticker:
ESP) is pleased to announce that the Resolutions proposed at the
General Meeting held earlier today in connection with the
amendments to the Investment Policy and the adoption of the new
Directors' Remuneration Policy and new executive management long
term incentive plan (the "Value Delivery Plan") were duly
passed.
Full details of the Resolutions were set out in the circular
published by the Company on 5 December 2016 (the "Circular").
As at the date of the General Meeting, there were 501,279,071
Shares with voting rights in issue. Details of the proxies received
from Shareholders in respect of each Resolution are set out
below:
Resolution For Percentage Against Percentage Withheld
---------------------- ------------ ----------- ------------ ----------- -----------
1. To adopt the
proposed changes
to the Investment
Policy 322,622,797 97.90% 6,923,610 2.10% 319,469
---------------------- ------------ ----------- ------------ ----------- -----------
2. To adopt the
new Directors'
Remuneration Policy 189,376,032 59.24% 130,291,527 40.76% 10,198,317
---------------------- ------------ ----------- ------------ ----------- -----------
3. To authorise
the Directors to
adopt the Value
Delivery Plan 189,408,057 59.25% 130,260,987 40.75% 10,196,832
---------------------- ------------ ----------- ------------ ----------- -----------
Notes:
a) Percentages are expressed as a proportion of the total votes
cast (which does not include votes withheld).
b) A "vote withheld" is not a vote in law and is not counted in
the calculation of the proportion of the votes "For" and "Against"
a resolution.
c) Any proxy appointments which gave discretion to the Chairman
have been included in the "For" totals.
The Board notes the significant level of votes against
Resolutions 2 and 3. Whilst the Value Delivery Plan is not a
standard multiple of salary scheme, the Majority Directors believe
the plan is an appropriate incentive arrangement for executive
management to deliver the 2025 Plan, which has been strongly
endorsed by Shareholders under Resolution 1. The Board consulted
extensively with Shareholders on the design of the Value Delivery
Plan and will continue to engage with Shareholders and shareholder
bodies as the Company commences the implementation of the 2025 Plan
in order to emphasise the advantages of the Value Delivery Plan as
an appropriate reward for performance and growth.
All capitalised terms in this announcement and not otherwise
defined shall have the meaning given to them in the Circular. The
Circular is available for inspection in electronic form on the
Company's website, www.empiric.co.uk.
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment
Officer)
Michael Enright (Chief Financial
Officer)
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited Tel: 020 7029 8000
(Joint Financial Adviser and
Broker)
Gary Gould
Stuart Klein
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Zoe Pocock
Lydia Thompson
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk.
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, direct-let student accommodation across the UK.
Investing in both operating and development assets, the Company is
a multi-niche student property company focused on, (i) providing
good quality first year accommodation managed through its Hello
Student(R) operating platform in partnership with universities,
(ii) offering a variety of second and third year purpose built
accommodation options for individual students and those wanting a
group living environment, and (iii) continuing to expand the
Group's existing premium, studio-led accommodation portfolio which
is attractive to international and postgraduate students.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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