TIDMCRST
RNS Number : 3608A
Crest Nicholson Holdings PLC
23 March 2017
Crest Nicholson Holdings plc
LEI: 213800ROIFXRRRKVQD25
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH
PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL
23 March 2017
Crest Nicholson Holdings plc
("Crest" or the "Company")
RESULTS OF ANNUAL GENERAL MEETING
The Company advises that all of the resolutions were considered
and voted upon by the shareholders by poll at the Annual General
Meeting held today.
The full text of each resolution was included in the Notice of
Meeting circulated to shareholders on 13 February 2017. The results
of the poll incorporating proxy votes lodged in advance of the
meeting are set out below.
Votes Votes Total % of issued Votes
Resolution For Against Votes Share Capital Withheld*
voted
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RECEIVE
REPORT &
1 ACCOUNTS 184,657,860 0 184,657,860 72.31% 5,535,896
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
DECLARATION
OF FINAL
2 DIVIDEND 190,193,756 0 190,193,756 74.48% 0
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-ELECT
WILLIAM
3 RUCKER 185,051,763 4,876,397 189,928,160 74.37% 265,596
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-ELECT
STEPHEN
4 STONE 186,464,671 3,726,955 190,191,626 74.48% 2,130
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-ELECT
PATRICK
5 BERGIN 186,459,378 3,732,248 190,191,626 74.48% 2,130
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-ELECT
6 JIM PETTIGREW 188,378,229 1,811,527 190,189,756 74.48% 4,000
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-ELECT
PAM ALEXANDER
7 OBE 189,914,132 279,624 190,193,756 74.48% 0
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-ELECT
8 SHARON FLOOD 189,912,963 280,793 190,193,756 74.48% 0
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
ELECT ROBERT
9 ALLEN 186,136,283 4,057,223 190,193,506 74.48% 250
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
ELECT CHRIS
10 TINKER 176,903,441 13,285,065 190,188,506 74.48% 5,250
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
RE-APPOINT
11 AUDITORS 190,188,288 5,468 190,193,756 74.48% 0
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
AUTHORISE
AUDIT &
RISK
COMMITTEE
TO DETERMINE
AUDITOR'S
12 REMUNERATION 189,560,906 628,600 190,189,506 74.48% 4,250
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
APPROVE
DIRECTORS'
REMUNERATION
13 REPORT 77,359,078 107,344,963 184,704,041 72.33% 5,489,715
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
APPROVE
DIRECTORS'
REMUNERATION
14 POLICY 182,831,307 7,357,089 190,188,396 74.48% 6,662
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
AUTHORITY
TO ALLOT
15 SHARES 190,153,896 39,750 190,193,646 74.48% 1,412
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
DISAPPLY
PRE-EMPTION
16 RIGHTS ** 188,320,077 1,872,319 190,192,396 74.48% 2,662
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
PURCHASE
OWN SHARES
17 ** 185,456,927 4,107,427 189,564,354 74.23% 629,402
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
CALLING
GENERAL
MEETINGS
ON 14 DAYS'
18 NOTICE ** 184,247,742 5,946,014 190,193,756 74.48% 0
------- ------------------ ---------------- ---------------- ---------------- ------------------ ---------------
* A vote withheld is not a vote in law and is not counted in the
calculation of the proportion of votes for or against a
resolution.
** Special resolution
No other resolutions were put to the meeting.
Copies of the resolutions passed, other than resolutions
concerning ordinary business, will be submitted to the UK Listing
Authority via the National Storage Mechanism and will be available
in due course for inspection at
http://www.morningstar.co.uk/uk/NSM
Whilst we note that our Remuneration Policy continues to be well
supported with a 96% in favour vote, we are disappointed the
advisory vote for this year's remuneration report was not carried.
We understand from dialogue with shareholders ahead of the AGM that
the main area of concern relates to the profit before tax per share
(the "PBT Element") targets for the 2017-2019 LTIP which makes up
50% of the performance condition. As stated previously, the Board
expects the rate of profit growth will remain robust but not at
levels seen in recent years due to tough comparators, additional
investment in land, examining approaches to offsite manufacture and
a new division required to support our stretching annual growth
targets of 4,000 new homes and GBP1.4 billion of sales by 2019.
The PBT Element was agreed by the Remuneration Committee after
taking into account those factors, and taking into account the
uncertain economic backdrop and the competitive environment in
which the Company operates. The remaining 50% of the LTIP is based
on targets relating to return on capital employed, ensuring a
balance of profitability and capital efficiency for shareholders.
The Committee believes that this combination of measures presents a
sufficiently stretching LTIP.
Every year, we have a regular dialogue with leading shareholders
on a range of matters including remuneration. During the course of
this year, we will continue this engagement with shareholders and
will discuss remuneration arrangements and next year's LTIP
targets; and seek to better communicate underlying rationale to
shareholders with earlier engagement.
For further information:
Crest Nicholson Holdings plc: +44 (0) 1932 580555 Kevin Maguire,
Company Secretary
Finsbury +44 (0) 20 7251 3801 Faeth Birch, James Bradley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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