By Anthony O. Goriainoff
TheWorks.co.uk said that it won’t pay a final dividend as the resolution to declare a final 1.6 pence a share dividend failed to pass at its annual general meeting.
The U.K. retailer said the resolution got 35.35% of votes cast.
The company said it had received a variety of shareholder views on the proposed dividend, and that it will now consult further with them over alternative capital distributions, including share buybacks.
“Some significant shareholders expressed a preference for share buybacks over dividends and have since voted against this resolution,” the company said.
The company also said the three resolutions related to the general allotment authority and the authorities to disapply preemtpion rights were passed with a low vote count. It added that it will now engage with shareholders to understand the reasons for the voting results.
“We remain committed to open and transparent dialogue with shareholders and will now engage further with those that voted against certain resolutions to better understand their views,” Chair Carolyn Bradley said.
Shares at 0916 GMT were flat at 39.25 pence.
Write to Anthony O. Goriainoff at [email protected]
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