On January 26, 2024, On The Beach Group plc held its Annual General Meeting (AGM), where all resolutions were passed by a majority through a poll vote. The company also announced the exercise of a £25m accordion under its existing revolving credit facility to support additional volumes in a growing market for up to 18 months.
The AGM saw the approval of various resolutions, including the receipt of the report and accounts, approval of the Directors' remuneration report, and the re-appointment of directors such as Richard Pennycook, Simon Cooper, Shaun Morton, David Kelly, Elaine O'Donnell, Justine Greening, Zoe Harris, Veronica Sharma, and Jon Wormald. Additionally, the appointment of Ernst & Young LLP as auditors and the authorization of directors to allot shares, determine the auditor's remuneration, and make political donations were approved.
The total ordinary shares in issue at the time of the AGM were 166,718,520 ordinary shares of £0.01 each, with ordinary shareholders entitled to one vote per ordinary share held. Resolutions 16 to 19 were passed as special resolutions. The details of the resolutions passed as special business at the AGM have been submitted to the National Storage Mechanism for inspection.
The company's banking facility update involved the exercise of a £25m accordion under its existing revolving credit facility to support additional volumes in a growing market for up to 18 months. This move is aimed at providing support for the company's operations in a burgeoning market.
For further information, shareholders were directed to contact On the Beach Group plc or FTI Consulting.