CARD.L

Card Factory Plc
Card Factory PLC - Result of AGM - Update Statement
16th December 2024, 07:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 1936Q
Card Factory PLC
15 December 2024
 

16 December 2024

Card Factory plc

(the "Company" or "cardfactory")

Update statement on 2024 Annual General Meeting ("AGM")

cardfactory, the UK's leading specialist retailer of greeting cards, gifts and celebration essentials, reports the outcome of the additional shareholder consultation following the 2024 AGM.

At the Company's 2024 Annual General Meeting ("AGM"), held on 20 June 2024, all resolutions were passed with the requisite majority. However, the Company received more than 20% of votes cast against the resolution to reappoint Paul Moody, the Company's Chair.

In accordance with Provision 4 of the UK Corporate Governance Code 2018, the Board sought consultations with the 12 largest institutional shareholders, holding (in aggregate) 60% of the company's issued share capital. The four shareholders who engaged in this consultation all reported that they supported the reappointment of Paul Moody.  Since the AGM, no engagement or explanation has been received from shareholders who voted against Paul Moody's reappointment.

The Board understands, from prior shareholder feedback, that the diversity of the Board may result in votes against the Chair's reappointment. At the time of reporting the results and publication of the Annual Report and Accounts for the year to 31 January 2024, the diversity of the Board fell short of the recommendations in the Listing Rules. 

The Board composition now comprises 33% women, including one in the Senior Independent Director role. 

The Board has recently re-assessed the skills and experience of its members and consider this to be appropriate for the Company's operations and strategic objectives.  The Board recognise the diversity of its membership, across a range of criteria (of which gender and ethnicity are part) and does not consider it to be in the interests of shareholders to recruit an additional director solely to achieve the 40% recommendation.  The Board will keep all aspects of experience and diversity under review.

 

Enquiries

 

Card Factory plc                                                                       via Teneo (below)

Darcy Willson-Rymer, Chief Executive Officer

Matthias Seeger, Chief Financial Officer

 

Teneo                                                                                         +44 (0) 207 353 4200

James Macey White / Jo Blackshaw                                           cardfactory@teneo.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
RAGGPGACPUPCPUA]]>
TwitterFacebookLinkedIn