TIDMHBRN
RNS Number : 3690W
Hibernia REIT PLC
31 July 2018
Hibernia REIT plc
31 July 2018
Results of Annual General Meeting 2018
Hibernia REIT plc ("Hibernia" or the "Company") announces that
at the Annual General Meeting held on 31 July 2018 all the
resolutions set out in the notice of meeting were duly passed by
the shareholders.
Details of voting on the resolutions put to shareholders at the
Annual General Meeting are as follows:
No Resolution For or at the Chairman's % Against % Vote
Discretion withheld
Consideration of the Annual
Report and Reports of the
1 Directors and Auditors 547,290,253 99.88% 644,973 0.12% 321,618
-------------------------------- -------------------------------- --------- ------------ ------- -----------
2 To declare a final dividend of 547,611,871 99.88% 644,973 0.12% 0
1.9 cent per share
-------------------------------- -------------------------------- --------- ------------ ------- -----------
3A To re-appoint Daniel Kitchen as 485,211,128 90.10% 53,297,728 9.90% 9,747,988
Director
-------------------------------- -------------------------------- --------- ------------ ------- -----------
To re-appoint Kevin Nowlan as
3B Director 545,604,004 99.52% 2,652,840 0.48% 0
-------------------------------- -------------------------------- --------- ------------ ------- -----------
3C To re-appoint Thomas 544,724,837 99.36% 3,532,007 0.64% 0
Edwards-Moss as Director
-------------------------------- -------------------------------- --------- ------------ ------- -----------
3D To re-appoint Colm Barrington 378,452,382 69.03% 169,804,462 30.97% 0
as Director
-------------------------------- -------------------------------- --------- ------------ ------- -----------
3E To re-appoint Stewart 515,353,781 94.00% 32,903,063 6.00% 0
Harrington as Director
-------------------------------- -------------------------------- --------- ------------ ------- -----------
3F To re-appoint Terence O'Rourke 515,353,781 94.00% 32,903,063 6.00% 0
as Director
-------------------------------- -------------------------------- --------- ------------ ------- -----------
To re-appoint Frank Kenny as
3G Director 534,634,605 97.52% 13,621,847 2.48% 392
-------------------------------- -------------------------------- --------- ------------ ------- -----------
4 To authorise the Directors to 548,256,844 100.00% 0 0.00% 0
determine the remuneration of
the Auditors
-------------------------------- -------------------------------- --------- ------------ ------- -----------
5 To consider the continuation in 548,256,844 100.00% 0 0.00% 0
office of the Auditors
-------------------------------- -------------------------------- --------- ------------ ------- -----------
6 Authority to allot relevant 445,802,963 81.31% 102,451,881 18.69% 2,000
securities up to customary
limits
-------------------------------- -------------------------------- --------- ------------ ------- -----------
7 To receive and consider the 334,980,162 61.67% 208,242,494 38.33% 5,034,188
Directors' Annual Report on
Remuneration
-------------------------------- -------------------------------- --------- ------------ ------- -----------
8 To receive and consider the 515,896,303 94.10% 32,356,441 5.90% 4,100
Directors' Remuneration Policy
-------------------------------- -------------------------------- --------- ------------ ------- -----------
9 To approve the Company's Annual 547,335,270 99.83% 917,474 0.17% 4,100
and Deferred Bonus Plan
-------------------------------- -------------------------------- --------- ------------ ------- -----------
10 To approve the Company's Long 515,177,697 93.97% 33,075,047 6.03% 4,100
Term Incentive Plan
-------------------------------- -------------------------------- --------- ------------ ------- -----------
11 To authorise the Directors to 483,884,006 88.26% 64,372,838 11.74% 0
hold certain EGMs on 14 days'
notice
-------------------------------- -------------------------------- --------- ------------ ------- -----------
12 Authority to disapply statutory 504,162,324 99.59% 2,050,364 0.41% 42,044,156
pre-emption rights in specified
circumstances
-------------------------------- -------------------------------- --------- ------------ ------- -----------
13 Authority to disapply 479,152,688 94.65% 27,060,000 5.35% 42,044,156
pre-emption rights in
additional specified
circumstances
-------------------------------- -------------------------------- --------- ------------ ------- -----------
14 Authority to make market 547,567,289
purchases and overseas market 100.00% 0 0.00% 689,555
purchases of Company's own
shares
-------------------------------- -------------------------------- --------- ------------ ------- -----------
15 Determination of the price 548,254,844 100.00% 0 0.00% 2,000
range for the re-issue of
treasury shares off-market
-------------------------------- -------------------------------- --------- ------------ ------- -----------
The Company notes the votes cast against Resolutions 3D and 7
and makes the following comments:
i) Mr Barrington is planning to reduce his board commitments by 30 September 2018; and
ii) The Company consulted a significant number of shareholders,
both prior to and after the publication of the AGM Notice, on the
proposed new Remuneration Policy and the voting recommendations of
the proxy advisers. While shareholders have voted significantly in
favour of the new Remuneration Policy some shareholders have
expressed concerns over the rate of salary increases for the
Executive Directors and consequently have voted against Resolution
7 dealing with the Remuneration Report. The Remuneration Committee
and the Board believe that it is appropriate and in the best
interests of the Company to increase the salaries to the proposed
levels now. The Board also believes that the new remuneration
structure approved by the shareholders will deliver material cost
savings for Hibernia compared with the current arrangements. The
Company will continue to discuss the matter with shareholders and
provide an update in next year's Remuneration Report.
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Sean O'Dwyer, Company Secretary
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie
Jill Farrelly: +353 87 738 6608, jfarrelly@murraygroup.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust
("REIT"), listed on Euronext Dublin and the London Stock Exchange.
Hibernia owns and develops property and specialises in Dublin city
centre offices.
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END
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