18 July 2023
Topps Tiles Plc
("Topps Tiles" or "the Company")
Result of AGM - Update
Further to its announcement on 18 January 2023 that resolutions 3 (Approval of the director's remuneration report), 4 (Approval of the director's remuneration policy), 5 (Re-election of Darren Shapland as a director), 11 (Appointment of Mazars LLP as auditor), 12 (Authorisation of the auditor's remuneration), 13 (Approval of the Topps Tiles Plc Share Plan) and 14 (Director's authority to allot shares), passed with less than 80% of votes cast in favour, and that resolution 15 (Short notice for meetings other than AGMs) did not pass at the 2023 Annual General Meeting ("AGM"), Topps Tiles announces that:
| • | Since the AGM, in accordance with provision 4 of the UK Corporate Governance Code, the Board has engaged with the relevant shareholder to understand and discuss their views with respect to these resolutions.
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| • | With regards to resolutions 5 and 14, the Company acknowledges that it also received less than 80% of votes cast in favour at the previous AGM in 2022 and, with regards to resolution 14, the Company understands that some non-UK resident investors have a policy of not supporting resolutions of this nature which, when passed, grant the Board specific authorities without the need to seek further shareholder approval.
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| • | Specific feedback was sought from the same shareholder in relation to resolutions 3,4,11,12,13 and 15 but none was received.
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| • | Whilst the Board fully respects and acknowledges that a shareholder may choose to vote against specific resolutions, the Board considers all the resolutions proposed to be in the best interests of all shareholders.
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For further information please contact:
| Topps Tiles Plc | |
| Joanne Steer, Company Secretary | 0116 282 8000 |
| Citigate Dewe Rogerson | |
| Kevin Smith Ellen Wilton | 020 7638 9571 |
Notes to Editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated products, targeting the UK domestic refurbishment and commercial markets and serving homeowners, trade customers, architects, designers and contractors from 304 nationwide Topps Tiles stores, a commercial showroom in London and seven websites: www.toppstiles.co.uk, www.parkside.co.uk, www.protilertools.co.uk, www.northantstools.co.uk, www.premiumtiletrim.co.uk, www.warmfloorstore.co.uk and www.tilewarehouse.co.uk.
Since opening its first store in 1963, Topps has maintained a simple operating philosophy ‐ inspiring customers with unrivalled product choice and providing exceptional levels of customer service. For further information on the Group, please visit http://www.toppstilesplc.com/
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