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Treatt's Board Sets Meeting Date for Tim Jones Re-appointment Vote

Posted: March 6, 2013

It's official. Treatt PLC has distributed proxies and has set a date of March 28, 2003, for its extraordinary general meeting with the aim to confirm the reappointment of Tim Jones as a director after he missed re-election by a slight margin. 

An extraordinary general meeting, or EGM, is typically a meeting that requires the input of the entire membership and is called after an issue arises that can’t be put on hold until the next annual general meeting.

As announced earlier, there was a very small margin of 3,533 votes (0.03%) by which the resolution to reappoint Jones failed to achieve a majority during the board's annual general meeting held February 25. Of the shares voted against Jones' reappointment, a statement said 2,972,991 shares are owned by Hugo Bovill, the former CEO of the company, his brother Giles Bovill, as well as their family trusts and certain members of their families (the Bovill family).

Although 41.61% of shareholders didn't vote, the board believes that a number of shareholders who didn’t vote, either in person or by proxy, may have wished to vote if they had been aware of the significance of the resolution of the composition of the board.

In its notice for its EGM, the board cited its reasons for the reappointment of Jones, saying he was appointed chairman in February 2012 and has "overseen substantial and positive changes at Treatt" while "retaining the values and focus of an established firm with a long and proud history."

Further, the board noted that in August 2012, it named Daemmon Reeve as CEO to replace Bovill and said it adopted a new strategy which it hopes will strengthen the business and increase profitability. The board updated shareholders in February saying there are early signs that this strategy is beginning to have a positive impact on the business.

"More generally, under the chairmanship of Tim Jones, the board has benefitted from an increased focus on corporate governance, has brought in another experienced non-executive director and now has the range of skills needed to drive the company forward," the board said in a recent statement. "The directors are united around a common goal of delivering returns for shareholders and creating value for all the company’s stakeholders," it added. 

Whether or not shareholders plan to be present at the EGM, the notice tells shareholders to complete and return the forms of proxy, which will be received by Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU no later than 10:30am (U.K.) on March 26.