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Topps Tiles has revealed that Darren Shapland will remain as its chairman after surviving a vote tabled by its biggest shareholder MS Galleon to oust him.
At the company’s AGM, 62.5% of the company’s shareholders voted against the requisition resolution put forward by the Austrian private equity firm.
The shareholder, which owns a 29.9% stake in the tile retailer, also put forward two further resolutions to install two of its representatives onto the board.
These moves were also voted down at the AGM with 63.5% of shareholders voting against the motion.
However, the AGM saw Topps Tiles shareholders mark their displeasure against the firm’s director remuneration policy with 38.8% voting against it.
Darren Shapland, non-executive chairman of Topps, said: “The board would like to thank shareholders for the support received at today’s meeting. We were pleased that shareholders supported the board’s recommendations, with an average of 99.3%. of shareholders who voted, other than MSG, opposing the Requisitioned Resolutions.
“…We welcome the strong support for the board’s position received today from other shareholders and the Board will continue to engage with, and seek constructive dialogue with, all shareholders.”
Keith Down, senior independent director of Topps, said: “The board has been unanimous in its rejection of the Requisitioned Resolutions. We are pleased to have secured strong backing from other investors at today’s meeting and, in particular, we note the significant vote of support received for the chairman. We thank shareholders for their engagement and support around the AGM and over the year.”
