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CT Automotive Group PLC held its Annual General Meeting on 13 July 2023, at which all ten proposed resolutions were passed. Shareholders representing 39.13% of the company's 73,597,548 issued shares cast votes. Ordinary Resolutions 1-9, which included the re-appointment of six directors and the company's auditors, passed with 100% of votes cast, while Special Resolution 10 passed with 83.02% "For" and 16.98% "Against".
| Date | 13 Jul 2023 |
| Time | 15:56:22 |
| Category | AGMs and other meetings |
| ID | 9769F |
13 July 2023
CT AUTOMOTIVE GROUP PLC
("CT Automotive" or the "Company")
Result of Annual General Meeting
CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, is pleased to announce that all resolutions proposed to shareholders at its Annual General Meeting held at 9:00 a.m. today were duly passed.
The total number of proxy votes received in respect of all resolutions were as follows:
|
Resolution |
Votes For |
% For |
Votes Against |
% Against |
Total votes cast as % of issued share capital |
Total |
Withheld |
|
|
Ordinary Resolutions |
||||||||
|
1 |
To receive the Annual Report and Accounts |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
2 |
To re-appoint Simon Phillips as a director of the Company |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
3 |
To re-appoint Scott McKenzie as a director of the Company |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
4 |
To re-appoint Anna Brown as a director of the Company |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
5 |
To re-appoint Francesca Ecsery as a director of the Company |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
6 |
To re-appoint Raymond Bench as a director of the Company |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
7 |
To reappoint auditors of the Company |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
8 |
To authorise the directors to determine the auditor's remuneration |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
9 |
Authority for directors to allot shares |
28,801,032 |
100 |
0 |
0 |
39.13 |
28,801,032 |
0 |
|
Special Resolutions |
||||||||
|
10 |
Authority for directors to allot shares on a non-pre-emptive basis |
23,909,356 |
83.02 |
4,891,676 |
16.98 |
39.13 |
28,801,032 |
0 |
1. Proxy appointments which gave discretion to the Chairman of the AGM have been included in the "For" total for the appropriate resolution.
2. Votes "For" and "Against" any resolution are expressed as a percentage of votes validly cast for that resolution.
3. A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against".
4. The number of shares in issue on 13 July 2023 was 73,597,548 with no shares in treasury.
5. The full text of the resolutions passed at the AGM can be found in the Notice of Annual General Meeting which is available on the Company's website at www.ctautomotive.net.
For further information please contact:
|
CT Automotive Simon Phillips, Executive Chairman Anna Brown, Chief Financial Officer |
via MHP |
|
|
|
|
Liberum (Nominated Adviser and Broker) Richard Lindley Benjamin Cryer |
Tel: +44 (0)20 3100 2000 |
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|
MHP (Financial PR) Tim Rowntree Charlie Baker Veronica Farah |
Tel: +44 (0)20 3100 8540 |
Notes to editors
CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.
The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Turkey, Mexico and the Czech Republic.
CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid. It has also recently started working with e.Go Mobile, a German manufacturer which plans to launch a series of small electric vehicles for the budget end of the market.
The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.