Business
Results of General Meeting
Results of General Meeting.
About this update from H-power Plc
[{"type":"text","content":"\n \n \n \n \n \n 24 June 2022\n \n \n \n AFC Energy PLC\n \n \n \n (\"AFC Energy\" or the \"Company\")\n \n \n Results of General Meeting\n \n \n AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, announces that at a General Meeting held at 9.00am on 24 June 2022 the resolution to adjust the cap for aggregate non-executive fees to £400,000 was passed by a majority of 94.2 %.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brief Description\n \n \n \n \n \n \n Votes for & Discretion\n \n \n \n \n \n \n %\n \n \n \n \n \n \n Votes against\n \n \n \n \n \n \n %\n \n \n \n \n \n \n Total votes\n(ex. withheld)\n \n \n \n \n \n \n Votes withheld\n \n \n \n \n \n \n \n \n RESOLUTIONS\n \n \n \n \n \n \n \n \n 1\n \n \n \n \n \n Adjust the cap for aggregate non-executive fees\n \n \n \n \n \n \n \n 122 million\n \n \n \n \n 94.2 %\n \n \n \n \n 8 million\n \n \n \n \n 5.8%\n \n \n \n \n 130 million\n \n \n \n \n 2 million\n \n \n \n \n \n \n \n \n \n At the AGM held on 7 April 2022, a special resolution to remove the cap on the aggregate fees for non-executive directors failed to achieve the required 75% majority. Following consultation with shareholders, the Company proposed the £400,000 aggregate cap which has been endorsed. This will provide sufficient but not excessive flexibility over the next few years to recruit and retain suitably experienced and qualified non-executive directors to support and work with the executive team.\n \n \n \n \n \n Furthermore, as announced on 7 April 2022, a sizeable minority of shareholders voted against the adoption of the financial statements. Following the GM, we will be speaking to our major shareholders to understand the principal concerns for the votes against this resolution. We intend to write to shareholders in due course to respond to the feedback we have received on this issue.\n \n \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n AFC Energy plc\n \n \n \n Adam Bond (Chief Executive Officer)\n \n \n \n \n \n +44 (0) 14 8327 6726\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n Peel Hunt LLP\n \n - Nominated Adviser and Joint Broker\n \n \n Richard Crichton / Tom Ballard ...