Business
Withdrawal of Requisition for a General Meeting
Withdrawal of Requisition for a General Meeting.
About this update from Mears Group Plc
[{"type":"text","content":"\n \nRNS Number : 5111V Mears Group PLC 24 July 2018 \n\n24 July 2018\n \nMears Group PLC\n(\"Mears\" or the \"Company\")\n \nWithdrawal of the Requisition for a General Meeting\nMears Group PLC (LSE: MER), the provider of support services to the Housing and Care sectors in the UK, is pleased to announce that, following constructive discussions with Shareholder Value Management AG (\"SVM\"), it has received written notice from SVM on behalf of Frankfurter Aktienfonds für Stiftungen, a fund managed by Axxion S.A. and advised by SVM, withdrawing its request that the Company convene a general meeting for the purpose of removing Bob Holt from the board of directors of the Company (the \"Board\") and appointing Andrew Hogarth as a non-executive director of the Company (together, the \"Resolutions\"). \nAs announced on 6 July 2018, the Board has been evolving steadily in recent years, reflecting the development of the Company and its key operating markets and the requirements of good corporate governance. This process of evolution and planned succession within the Mears boardroom remains continuous including the recruitment of a successor to Bob Holt as Chairman.\nIn line with previous Board appointments, the recruitment of the new Chairman will entail a considered, competitive and structured process in accordance with good governance practice. It will be led by Julia Unwin, Chair of the Company's Nomination Committee and the Senior Independent Director on the Board. Allowing sufficient time for the proper consideration of suitable candidates, the Board expects the new Chairman to have been identified before the end of October this year and it will consider the appointment of Andrew Hogarth, alongside other candidates, as part of its overall process. The Board will keep shareholders updated as the process progresses. \nThe Board places great value on having regular dialogue with its institutional shareholders and it welcomes the considered thoughts provided. As a result of this approach, the Board believes it has an excellent understanding of the views of its shareholders towards its succession plans and it is confident that this is the best way forward for all Mears shareholders. \nThe Board remains focused on delivering Mears' high quality services to its customers, securing important new Housing con...