Pre-Annual General Meeting Information • Jun 23, 2021
Pre-Annual General Meeting Information
Open in ViewerOpens in native device viewer
If you have sold or otherwise transferred all of your Ordinary Shares please forward this document, together with the accompanying documents, as soon as possible to the purchaser or transferee or to the agent through whom the sale was effected, for transmission to the purchaser or transferee.
(incorporated and registered in England and Wales with registered number 03263464)
Notice of the Annual General Meeting of the Company to be held at Network HQ, 508 Edgware Road, The Hyde, London NW9 5AB on Thursday 22 July 2021 at 12.00 noon is set out at the end of this document.
Shareholders should note that due to the ongoing Covid-19 pandemic the AGM will be held with the minimum attendance required to form a quorum. Shareholders and their corporate representatives are strongly encouraged not to attempt to attend the AGM in person or to appoint any proxy other than the Chair of the AGM to attend.
A Form of Proxy for use at the Annual General Meeting accompanies this document and, to be valid, must be completed and returned to the Company's registrars, Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL, as soon as possible but in any event to be received not later than 12.00 noon on Tuesday 20 July 2021.
The following definitions apply throughout this document unless the context requires otherwise:
| "Companies Act" | the Companies Act 2006, as amended, consolidated or re enacted from time to time |
|---|---|
| "2021 AGM" | the annual general meeting of the Company to take place as contemplated by the Notice of AGM |
| "2022 AGM" | the annual general meeting of the Company to take place in 2022 |
| "Annual General Meeting" or "AGM" |
the annual general meeting of the Company convened for 22 July 2021 pursuant to the Notice of AGM |
| "Annual Report and Accounts" | the Company's Annual Report and Accounts document for the year ended 31 March 2021 |
| "Articles" | the Company's articles of association |
| "Board" or "Directors" | the directors of the Company as at the date of this document |
| "Company" | Telecom Plus PLC |
| "Form of Proxy" | the form of proxy accompanying this document for use in connection with the Annual General Meeting |
| "Group" | the Company and its subsidiaries |
| "Notice of AGM" | the notice of Annual General Meeting which is set out at the end of this document |
| "Ordinary Shares" | ordinary shares of 5p each in the capital of the Company |
| "Resolutions" | the resolutions set out in the Notice of AGM |
| "RIS" | Regulatory Information Service |
| "Shareholders" | holders of Ordinary Shares |
| "Statement of Principles" | the Statement of Principles on Disapplying Pre-Emption Rights most recently published by the Pre-Emption Group prior to the date of this AGM document |
(incorporated and registered in England and Wales with registered number 03263464)
Network HQ 508 Edgware Road, The Hyde London NW9 5AB
Charles Wigoder (Executive Chairman) Andrew Lindsay MBE (Chief Executive Officer) Nicholas Schoenfeld (Chief Financial Officer) Stuart Burnett (Chief Operating Officer) Beatrice Hollond (Senior Independent Director) Andrew Blowers OBE (Non-Executive Director) Melvin Lawson (Non-Executive Director) Julian Schild (Non-Executive Director) Suzanne Williams (Non-Executive Director)
23 June 2021
To all Shareholders
Dear Shareholder
I am writing to you to explain the proposals which Shareholders will be asked to approve at the AGM to be held on Thursday 22 July 2021 starting at 12.00 noon at Network HQ, 508 Edgware Road, The Hyde, London, NW9 5AB. The Notice of AGM is set out at the end of this document.
The AGM is an important event in the Company's corporate calendar and our preference had been to welcome Shareholders in person to our 2021 AGM, particularly given the constraints we faced in 2020 due to the Covid-19 pandemic. However, at the time of publication of this notice, it is not possible for the Board to predict with certainty what, if any, Government restrictions on indoor public meetings or travel will be in place on 22 July 2021.
The health and wellbeing of our Shareholders, employees and customers is of paramount importance to us and the Board do not believe it would be appropriate to encourage Shareholders to travel to a physical meeting (as well as requiring the attendance of the staff needed to run the event). Accordingly, the Board has agreed that we should again scale back our AGM this year. The meeting will be held at our registered office, which will have limited capacity. Shareholders and corporate representatives are therefore strongly encouraged not to attend in person or appoint any proxy other than the Chair of the AGM to attend. Despite our strong encouragement that Shareholders do not attend the AGM in person, we understand that the meeting is an opportunity for Shareholders to ask questions of the Board in relation to the business of the Company, and we welcome questions from our Shareholders. As detailed below, we are pleased to be able to provide a facility for Shareholders to virtually follow the AGM remotely and to submit questions to the Board on the business of the AGM, should they wish to do so.
The AGM is expected to be purely functional, principally putting the resolutions to Shareholders and calling the poll. To ensure that the legal requirements to hold the AGM are satisfied, we will arrange for a limited number of officers or employees of the Company to be present to form a quorum under the Company's Articles.
Due to the expected ongoing travel restrictions, we will not be able to have the whole Board present at the meeting. There will be no presentations on the Company's business and no refreshments will be available.
Shareholders are encouraged to exercise their vote on the resolutions under consideration, by appointing the Chair of the AGM as their proxy, rather than a named individual. This will ensure that your vote will be counted.
All resolutions will be subject to a poll and the results of the votes on the proposed resolutions will be announced in the normal way, as soon as practicable, after the conclusion of the AGM. A poll vote accurately reflects the number of voting rights exercisable by each member and is in line with corporate governance recommendations and best practice.
The health and safety of our colleagues and Shareholders is very important to us. For any Shareholder who does seek to attend in person against our recommendation, strict health and safety measures will be enforced and will include temperature checks prior to admission and face coverings to be worn at all times.
You will need to visit www.telecomplus.co.uk using your smartphone, tablet or computer where you will find a link to the meeting. You will then be prompted to enter your unique 'Login Code' and 'PIN'. Your Login Code is your 11-digit Investor Code (IVC), including any leading zeros. Your PIN is the last 4 digits of your IVC. This will authenticate you as a Shareholder.
Your IVC can be found on your share certificate, or Signal Shares users (www.signalshares.com) will find this under 'Manage your account' when logged in to the Signal Shares portal. You can also obtain this by contacting Link Group, our Registrar, by calling 0371 277 10201.
Access to the AGM will be available from 30 minutes before the start of the event although you will not be able to submit questions through the platform until the meeting is declared open.
If you wish to appoint a proxy and for them to attend the meeting virtually on your behalf, please submit your Form of Proxy and contact Link Group on telephone number +44 (0) 371 277 10201.
If your Shares are held within a Nominee account and you wish to attend the meeting virtually, you will need to contact your Nominee in order that they can obtain for you from Link Group, our Registrar, your Login Code and PIN for onward transmission to you ahead of the meeting.
1 Lines are open from 9.00 a.m. to 5.30 p.m. Monday to Friday, calls are charged at the standard geographic rate and will vary by provider. Calls outside the UK will be charged at the applicable international rate.
The electronic meeting will be broadcast in audio format with presentation slides. Once logged in, and at the commencement of the meeting, you will be able to listen to the proceedings of the meeting on your device, as well as being able to see the slides of the meeting (which will include the resolutions to be put forward to the meeting), these slides will progress automatically as the meeting progresses.
Questions will be invited during the meeting when formally announced by the chairman. Shareholders attending electronically may ask questions via the website by typing and submitting their question in writing via the Q&A box which is found underneath the speaker details on the left-hand side of the player. Once you have typed your question please click the 'Submit' button.
An active internet connection is required at all times in order to allow you to join the meeting and submit questions and listen to the audiocast. It is the user's responsibility to ensure you remain connected for the duration of the meeting.
The following pages give an explanation of the proposed resolutions. Resolutions 1 to 14, 16 and 19 will be proposed as ordinary resolutions. This means that for each of those resolutions to be passed, more than half of the votes cast must be in favour of the resolution. Resolutions 15, 17, 18 and 20 will be proposed as special resolutions. This means that for each of these resolutions to be passed, at least three-quarters of the votes cast must be in favour of it.
The Chairman will present the Annual Report and Accounts for the year ended 31 March 2021, sent to Shareholders with this document.
The Companies Act requires UK incorporated listed companies to ask Shareholders to vote on the Directors' Annual Report on Remuneration. As the vote is advisory, it does not affect the actual remuneration paid to any individual director. A copy of the Directors' Annual Report on Remuneration is set out on pages 53 to 72 of the Annual Report and Accounts 2021. Resolution 2 is an ordinary resolution to approve the Directors' Annual Report on Remuneration for the year ended 31 March 2021.
Resolution 3 is to approve the payment of a final dividend of 30.0 pence per ordinary share for the year ended 31 March 2021 to Shareholders on the register of members at close of business on 9 July 2021.
The UK Corporate Governance Code (the "Code") requires FTSE 350 companies to offer all of their directors for re-election annually. Resolutions 4 to 12 deal with the re-election of each of the Directors.
The biographical details of the Directors standing for re-election are set out below:
Charles Wigoder is the Executive Chairman. Charles qualified as a Chartered Accountant with KPMG in 1984 and was subsequently employed by Kleinwort Securities as an investment analyst in the media and communication sectors. Between 1985 and 1988, he was head of corporate finance and development at Carlton Communications PLC and then Quadrant Group PLC. In March 1988, he left Quadrant Group to set up The Peoples Phone Company PLC, which was subsequently purchased by Vodafone in December 1996. He joined the Board in February 1998 and became Executive Chairman in July 2010.
Andrew Lindsay MBE is Chief Executive Officer. Before joining the Company, Andrew was Managing Director of Ryness, an electrical retail chain based in London in which he previously held a significant equity stake after performing a Management Buyout in 2006. Prior to buying Ryness, he spent three years as an analyst in the UK Mergers & Acquisition Team at Goldman Sachs. Andrew rowed for Great Britain at the Sydney Olympic Games in 2000 where he won a Gold medal. He joined the Company in April 2007, was appointed to the Board in November 2008 and became Chief Executive Officer in July 2010.
Nicholas Schoenfeld joined the Company in January 2015 as Chief Financial Officer. Since 2006, Nick was Group Finance Director of Hanover Acceptances, a substantial diversified private company with holdings in the food manufacturing, real estate, and agribusiness sectors. He was previously employed at Kingfisher plc where he was responsible for the group's financial planning and analysis functions. Prior to this, he held senior strategic and development roles within Castorama and the Walt Disney Company, having started his career as a management consultant at the Boston Consulting Group. Nick also has an MBA from the Harvard Business School.
Stuart Burnett is Chief Operating Officer. He joined the Company in 2016 as Legal & Compliance Director and then moved on to become Commercial Director, managing all commercial activity, including our key commercial relationships and customer proposition. He is responsible for all day to day operations across Energy, Telecoms and Financial Services, as well as our People and Legal & Compliance functions. Stuart began his career as a corporate lawyer at Slaughter & May after reading law at Oxford University. He then worked in senior roles at RSA Insurance Group PLC and TSB Banking Group PLC, prior to joining the Company.
Beatrice Hollond is a Non-Executive Director and the Senior Independent Director. Beatrice is a main board Director and Chair of Remco (US) and Chairman of the International Advisory Board (UK) of Brown Advisory, a non-executive director of M&G Limited, senior independent non-executive director at Templeton Emerging Markets Investment Trust, non-executive director of Foreign & Colonial Investment Trust PLC, a member of the Advisory Board of Hambro Perks Limited and adviser to a private family office. She spent 16 years at Credit Suisse Asset Management in Global Fixed Income and began her career as an equity analyst at Morgan Grenfell Asset Management. Beatrice joined the Company in September 2016 as an independent non-executive director.
Andrew Blowers OBE is a Non-Executive Director. Andrew is the Chairman of AA Insurance Holdings Limited. He is also Chairman of ATEC Group Limited a specialist digital niche insurance provider. His career spans over 25 years in the UK financial services industry. He was the founder and CEO of Swiftcover.com and Chairman of IIC NV from 2004 to 2009 and an executive director of Churchill Insurance before this. Andrew joined the Company in November 2016 as an independent non-executive director.
Melvin Lawson is a Non-Executive Director. Melvin is an investor in a number of public and private companies in the real estate and technology sectors. He was previously the Managing Director of A Beckman PLC, a company formerly listed on the London Stock Exchange which was taken private in 1995. He is a non-executive director of Catalyst Media Group PLC and a number of other companies. He joined the Board in September 2006 as a non-executive director.
Julian Schild is a Non-Executive Director. Julian is a qualified Chartered Accountant and was previously Chairman of Huntleigh Technology PLC. Following the sale of Huntleigh in 2007 he set up a company investing in start-ups. He actively supports many charitable activities. He is a Director of the Hospital of St. John & Elizabeth in London and a director of the City of London Sinfonia. He joined the Board in May 2010 as an independent non-executive.
Suzanne Williams is a Non-Executive Director. Suzi brings to the board over 30 years of customercentric marketing expertise plus extensive telecoms experience gained initially at Orange and then at BT where she was Chief Brand & Marketing officer for over a decade. Prior to BT she held senior leadership and strategy roles at Capital Radio Group, Orange, the BBC, KPMG Consulting and Procter & Gamble Europe. Suzi was an independent non-executive at The AA until its successful sale to private equity in March 2021.
The Board has confirmed that, following a performance review, all Directors standing for re-election continue to perform effectively and demonstrate commitment to their role. In conducting its review, the Board was mindful of the Code requirement to subject the extension of any non-executive director's term beyond nine years to particularly rigorous assessment (Section 2, Provision 10). In this regard, the Board has considered the long service of both Julian Schild and Melvin Lawson and has determined that they continue to provide an extremely valuable contribution to the Board as a result of their deep historic knowledge of the business and its operations.
Under Resolution 13, it is proposed that KPMG LLP ("KPMG") be reappointed as the Company's auditor to hold office until the conclusion of the 2022 AGM.
Resolution 14 authorises the Directors to agree KPMG's remuneration.
The Company cannot purchase its own shares unless the purchase has first been authorised by Shareholders in general meeting. The Directors are therefore proposing Resolution 15 to seek such authority under section 701 of the Companies Act in respect of a maximum of 7,877,831 Ordinary Shares (representing approximately 10 per cent of the Company's issued ordinary share capital (excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document)) and to set minimum and maximum prices. This authority will expire at the conclusion of the 2022 AGM or if earlier, 30 September 2022.
The Directors have no present intention of exercising the authority under this Resolution 15 to purchase Ordinary Shares. However, the Directors will keep the matter under review, taking into account the financial resources of the Company, the Company's share price and future funding requirements. This authority will only be exercised by the Directors if and when, in the light of market conditions prevailing at that time, the Directors believe that such purchases would increase earnings per share and would be for the benefit of Shareholders generally. The effect of any such purchase will clearly depend on the price at which it is made. Any purchases of Ordinary Shares would be by means of market purchases through the London Stock Exchange or by way of a tender offer to all Shareholders.
In accordance with the Companies Act, the Company may purchase and hold shares as treasury shares, rather than cancelling them. The Directors will decide at the time of purchase whether to hold shares in treasury or to cancel them immediately. No dividends are paid on shares while held in treasury and no voting rights attach to treasury shares. Resolution 15, proposed as a special resolution, complies with the current guidelines issued by investor protection committees and the Directors will have regard to any guidelines issued by investor protection committees which may be published at the time of any such purchase, holding or resale of treasury shares.
As at 18 June 2021 (the last practicable date before publication of this document), there were outstanding options to subscribe for shares, both currently exercisable and yet to be exercisable, granted under all share option schemes operated by the Company, in respect of a total of 2,638,3942 Ordinary Shares which, if all were eventually exercised, would represent approximately 3.2 per cent of the issued share capital of the Company (excluding treasury shares). In the unlikely event that the authority under Resolution 15 now being sought, together with the existing authority to purchase shares granted at last year's AGM were exercised in full, such options, if exercised, would represent approximately 4.0 per cent of the issued share capital of the Company (excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document).
In accordance with the provisions of section 549 of the Companies Act, the Directors are prevented from exercising the Company's powers to allot shares without an authority in terms of the Companies Act contained either in the articles of association or in a resolution of the Shareholders in general meeting. Such authority was given by Shareholders at the AGM of the Company held on 23 July 2020, for a period expiring on the conclusion of this AGM.
Resolution 16 therefore proposes to renew this general authority for the period expiring at the conclusion of the 2022 AGM or, if earlier, 30 September 2022. The authority being sought is to allot Ordinary Shares up to a maximum nominal amount of 1,312,972, representing approximately one-third of the issued share capital (excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document). The Directors have no current intention of using this authority, if granted, save in respect of the issue of shares pursuant to the exercise of options granted under the Networkers and Consultants Share Option Plans. Shares issued pursuant to employee share plans and LTIP 2016 are exempt from this authority.
In addition, the Investment Association has said that it will consider as routine a resolution to authorise the allotment of a further one-third of share capital for use in connection with a rights issue. Your Board considers it appropriate to seek this additional allotment authority at this year's AGM in order to take advantage of the flexibility it offers. However, the Board has no present intention of exercising this authority. If the additional authority is actually used, the whole Board will stand for re-election at the 2022 AGM.
Passing this resolution will provide the Directors with additional flexibility acting in the best interests of the Company and Shareholders, so that when opportunities that benefit the Company arise, the
2 Excluding awards of growth shares made to employees under the LTIP 2016 which are convertible into Ordinary Shares only when the price per Ordinary Share is above £20. The maximum number of Ordinary Shares that could be issued as a result of awards currently made under the LTIP 2016 is 2.68 million (based on the price per Ordinary Share being £50 or above) which would represent 3.3 per cent of the issued share capital of the Company (excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document). In the unlikely event that the authority under Resolution 15 now being sought, together with the existing authority to purchase shares granted at last year's AGM, were exercised in full, such awards, if converted in full into 2.68 million Ordinary Shares, would represent approximately 4.1 per cent of the issued share capital of the Company (excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document).
Directors can issue new shares without the need to incur the cost and delay of a general meeting of the Company to seek specific authority for each allotment.
As at 18 June 2021 (the last practicable date before publication of this document), there were 482,276 shares held in treasury by the Company (representing approximately 0.61 per cent of the issued share capital of the Company (excluding treasury shares)).
The Companies Act requires that an allotment of shares for cash may only be made if the shares are first offered to existing Shareholders on a pre-emptive basis. In accordance with general practice, the Directors propose that advantage be taken of the provisions of section 570 of the Companies Act to disapply the Companies Act's pre-emption requirements in relation to certain share issues.
Resolution 17 will empower the Directors to allot Ordinary Shares for cash on a non-pre-emptive basis:
Resolution 18 will empower the Directors to allot additional Ordinary Shares for cash on a non-preemptive basis (otherwise than in connection with a rights issue) up to a maximum nominal value of £196,946 representing approximately an additional five per cent of the issued ordinary share capital of the Company (excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document) for the purposes of financing a transaction which the Directors determine to be an acquisition or other capital investment (within the meaning of the Statement of Principles).
The Board intends to adhere to the provisions in the Statement of Principles in relation to any allotment pursuant to Resolutions 17 and 18 (including observing the restrictions on a cumulative usage of authorities to allot in excess of an amount equal to 7.5 per cent of the total issued ordinary share capital of the Company in any rolling three-year period, noting that these restrictions do not apply to any allotment of Ordinary Shares pursuant to a general disapplication of pre-emption rights in connection with an acquisition or specified capital investment (within the meaning of the Statement of Principles)).
The Directors consider that it is in the best interests of the Company and Shareholders that the Directors retain their flexibility to allot some shares without having to offer them to Shareholders first. These authorities will expire at the conclusion of the next AGM.
Resolution 19 is designed to deal with the rules on political donations contained in the Companies Act. Political donations to any political parties, independent election candidates or political organisations or the incurring of political expenditure are (subject to certain limited exceptions) prohibited unless authorised by Shareholders in advance. What constitutes a political donation, a political party, a political organisation, or political expenditure is not always easy to decide, as the legislation is capable of wide interpretation. Sponsorship, advertising, marketing activities, subscriptions, payment of expenses, paid leave for employees fulfilling public duties, and support for bodies representing the business community in policy review or reform, may fall within this.
Therefore, notwithstanding that the Company has not made a political donation in the past, and has no intention either now or in the future of making any political donation or incurring any political expenditure in respect of any political party, political organisation or independent election candidate, the Board has decided to put forward Resolution 19. This will allow the Company to support the community and put forward its views to wider business and Government interests without running the risk of being in breach of the law. As permitted under the Companies Act, Resolution 19 has also been extended to cover any political donations made, or political expenditure incurred, by any subsidiaries of the Company. The authority which the Board is requesting is similar to the authority given by Shareholders at the AGM in 2020.
It is proposed in Resolution 20 that Shareholders should approve the continued ability of the Company to hold general meetings other than the annual general meeting on 14 clear days' notice.
This resolution relates to section 307A of the Companies Act. Under that section, a listed company which wishes to be able to call general meetings (other than an AGM) on 14 days' clear notice must obtain Shareholders' approval. Resolution 20 seeks such approval.
This resolution is valid up to the 2022 AGM and so will need to be renewed annually. The Company will also need to meet the requirements for voting by electronic means under section 307A of the Companies Act before it can call a general meeting on 14 days' notice.
In accordance with the guidance issued by the National Association of Pension Funds, the shorter notice period will not be used as a matter of routine for general meetings, but only where the flexibility is merited by the business of the meeting and is thought to be to the advantage of the Shareholders as a whole.
Shareholders will find a Form of Proxy enclosed for use at the AGM. Given the current restrictions on attendance, Shareholders are encouraged to appoint the Chair of the meeting as their proxy rather than a named person who will not be permitted to attend the meeting. The Form of Proxy should be completed and returned to the Company's registrars in the prepaid envelope provided, as soon as possible, and in any event, so as to be received by the Company's registrar, Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL, by not later than 48 hours before the time of the AGM.
Alternatively, Shareholders can submit their proxy vote electronically by accessing the shareholder portal at www.signalshares.com, logging in and selecting the 'Vote Online Now' link. Shareholders will require their username and password in order to login and vote. If Shareholders have forgotten their username and/or password, they can request a reminder via the shareholder portal. If Shareholders have not previously registered to use the portal they will require their investor code ('IVC') which can be found on their share certificate or dividend notification. Electronic proxy votes should be submitted as early as possible, and in any event, by not later than 48 hours before the time of the AGM.
The Board considers the Resolutions are likely to promote the success of the Company and are in the best interests of the Company and its Shareholders as a whole. Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions as they intend to do so in respect of their own shareholdings which amount in aggregate to 15,508,018 Ordinary Shares (representing approximately 19.7 per cent of the issued Ordinary Shares, excluding treasury shares) as at 18 June 2021 (the last practicable date before publication of this document).
Yours faithfully
Charles Wigoder Executive Chairman
NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of the Company will be held at Network HQ, 508 Edgware Road, The Hyde, London NW9 5AB on Thursday 22 July 2021 at 12.00 noon for the purpose of considering, and if thought fit, passing the following resolutions. Resolutions 1 to 14, 16 and 19 will be proposed as ordinary resolutions and resolutions 15, 17, 18 and 20 will be proposed as special resolutions.
any number of Ordinary Shares on the trading venue where the market purchase by the Company will be carried out; and
provided that the authorities in paragraphs (a) and (b) above shall expire at the conclusion of the next annual general meeting of the Company or, if earlier, 30 September 2022, except that the Company may before such expiry make an offer or agreement which would or might require Relevant Securities or equity securities as the case may be to be allotted after such expiry and the Directors may allot Relevant Securities or equity securities in pursuance of any such offer or agreement as if the authority in question had not expired.
such authority to expire at the conclusion of the next AGM of the Company (or, if earlier, 30 September 2022) but, in each case, the Company may before such expiry make offers or enter agreements which would or might require equity securities to be allotted or shares held by the Company in treasury to be sold or transferred, after the authority expires and the Directors may allot equity securities and/or sell or transfer shares held by the Company in treasury under any such offer or agreement as if the power conferred by this resolution had not expired.
such authority to expire at the conclusion of the next AGM of the Company (or, if earlier, 30 September 2022) but, in each case, the Company may before such expiry make offers or enter agreements which would or might require equity securities to be allotted or shares held by the Company in treasury to be sold or transferred, after the authority expires and the Directors may allot equity securities and/or sell or transfer shares held by the Company in treasury under any such offer or agreement as if the power conferred by this resolution had not expired.
during that period beginning with the date of the passing of this resolution and ending on the conclusion of the next annual general meeting of the Company, provided that the authorised sums referred to in paragraphs (a), (b) and (c) above may be comprised of one or more amounts in different currencies which, for the purposes of calculating the said sums, shall be converted into pounds sterling at the exchange rate published in the London edition of the Financial Times on the date on which the relevant donation is made or expenditure incurred (or the first business day thereafter), or, if earlier, on the day on which the Company enters into any contract or undertaking in relation to the same.
| By Order of the Board | Registered Office: |
|---|---|
| David Baxter | Network HQ |
| Company Secretary | 508 Edgware Road |
| The Hyde | |
| Dated 23 June 2021 | London NW9 5AB |
entitled to vote at the Annual General Meeting in respect of the number of shares registered in their names at that time. Changes to entries on the register of members after that time shall be disregarded in determining the rights of any person to vote at the meeting.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special procedures in CREST for any particular messages. Normal systems timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
If they have no such right, or do not wish to exercise it, they may have a right under such an agreement to give instructions to the member as to the exercise of voting rights. Nominated persons should contact the registered member by whom they were nominated in respect of these arrangements.
The Company cannot require the members requesting the publication to pay its expenses in complying with sections 527 or 528 of the Companies Act 2006. Any statement placed on the website must also be sent to the Company's auditors no later than the time it makes its statement available on the website. The business which may be dealt with at the meeting includes any statement that the Company has been required to publish on its website.
In the light of the current restrictions on movement following the ongoing Covid-19 pandemic any Shareholders wishing to inspect the above documents are requested to first email: [email protected].
A copy of this Notice, and other information required by section 311A of the Companies Act, can be found at the Company's website (www.telecomplus.co.uk).
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.