14 May 2024
Midwich Group plc
("Midwich" or the "Group")
Result of AGM
Midwich Group (AIM: MIDW), a global specialist audio visual ("AV") distributor to the trade market, announces that at the Annual General Meeting held earlier today, all resolutions were duly passed.
Details of the proxy votes received on each resolution by Midwich's Registrar are set out below:
| Resolution | In Favour | Against | Total votes cast | % ISC voted | Withheld votes | |||
| Number of votes | % | Number of votes | % | Number of votes | | | ||
| 1. | Ordinary resolution to receive and adopt the Company's annual accounts for the financial year ended 31 December 2023 | 84,816,933 | 100.00% | 0 | 0.00% | 84,816,933 | 81.36% | 0 |
| 2. | Ordinary resolution to re-elect Stephen Fenby as a director of the Company. | 84,816,933 | 100.00% | 0 | 0.00% | 84,816,933 | 81.36% | 0 |
| 3. | Ordinary resolution to re-elect Andrew Herbert as a director of the Company. | 83,305,649 | 98.75% | 1,053,789 | 1.25% | 84,359,438 | 80.92% | 457,495 |
| 4. | Ordinary resolution to re-elect Mike Ashley as a director of the Company. | 84,076,933 | 99.13% | 740,000 | 0.87% | 84,816,933 | 81.36% | 0 |
| 5. | Ordinary resolution to re-elect Stephen Lamb as a director of the Company. | 84,812,868 | 100.00% | 4,065 | 0.00% | 84,816,933 | 81.36% | 0 |
| 6. | Ordinary resolution to re-elect Hilary Wright as a director of the Company. | 84,816,933 | 100.00% | 0 | 0.00% | 84,816,933 | 81.36% | 0 |
| 7. | Ordinary resolution to re-elect Alison Seekings as a director of the Company. | 84,816,933 | 100.00% | 0 | 0.00% | 84,816,933 | 81.36% | 0 |
| 8. | Ordinary resolution to re-appoint Grant Thornton UK LLP as the Company's auditors. | 83,634,569 | 98.61% | 1,182,364 | 1.39% | 84,816,933 | 81.36% | 0 |
| 9. | Ordinary resolution to declare a final dividend for the financial year ended 31 December 2023 of 11.0p per ordinary share. | 84,816,933 | 100.00% | 0 | 0.00% | 84,816,933 | 81.36% | 0 |
| 10. | Ordinary resolution to approve the Directors' Remuneration Report (excluding the directors' remuneration policy). | 82,935,854 | 97.78% | 1,880,682 | 2.22% | 84,816,536 | 81.36% | 397 |
| 11. | Ordinary resolution to authorise the directors to allot shares. | 83,351,667 | 98.27% | 1,464,869 | 1.73% | 84,816,536 | 81.36% | 397 |
| 12. | Special resolution to disapply pre-emption rights. | 83,345,678 | 98.27% | 1,470,858 | 1.73% | 84,816,536 | 81.36% | 397 |
| 13. | Further special resolution to disapply pre-emption rights in circumstances permitted by the Pre-emption Group guidelines. | 83,345,678 | 98.27% | 1,470,858 | 1.73% | 84,816,536 | 81.36% | 397 |
| 14. | Further special resolution that the Company be generally and unconditionally authorised for the purposes of Section 701 of the CA 2006 to make market purchases of the Company's own shares. | 71,400,053 | 100.00% | 946 | 0.00% | 71,400,999 | 68.49% | 13,415,934 |
| 15. | Further special resolution to ratify certain dividend payments between 2018-2023. | 67,344,647 | 100.00% | 0 | 0.00% | 67,344,647 | 64.60% | 17,472,286 |
For further information:
| Midwich Group plc | +44 (0) 1379 649200 |
| Investec Bank plc (NOMAD and Joint Broker to Midwich) Carlton Nelson / Ben Griffiths
| +44 (0) 20 7597 5970 |
| Berenberg (Joint Broker to Midwich) | +44 (0) 20 3207 7800 |
| FTI Consulting | +44 (0) 20 3727 1000 |
About Midwich Group
Midwich Group is a specialist AV distributor, with operations in the UK and Ireland, EMEA, Asia Pacific and North America. The Group's long-standing relationships with over 800 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as displays, projectors, technical AV, broadcast, professional audio, lighting and unified communications. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 24,000 trade customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality.
Initially a UK only distributor, the Group now has approximately 1,900 employees across the UK and Ireland, EMEA, North America and Asia Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.
For further information, please visit www.midwichgroupplc.com
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