Marshall Motor Holdings Plc (LON:MMH), one of the UK’s leading automotive retail groups, confirms that the Notice of its Annual General Meeting to be held on 16 July 2020 is now available on its website at www.mmhplc.com and will be posted to shareholders later today.
Attendance at the AGM
As previously announced, in light of ongoing Government advice to restrict all non-essential travel and social contact, the AGM will take place at the Company’s office in Milton Keynes with the minimum quorum of attendees facilitated by the Company. Physical attendance by other shareholders will not be permitted, however, shareholders are encouraged to vote on the AGM resolutions electronically and also have the opportunity to submit questions on the AGM resolutions electronically before the meeting and such questions, limited to matters relating to the business of the AGM itself, should be sent to 2020AGM@mmhplc.com.
Cancellation of 2019 Final Dividend
The Company announced on 23 March 2020 that it was suspending the payment of the final dividend for the year ended 31 December 2019. The Board now considers it prudent not to recommend the payment of that final dividend and is not proposing a final dividend resolution at the AGM. The Board is very mindful of the importance of dividends to its shareholders and intends to resume the payment of dividends as soon as conditions allow. In the short period since our dealerships re-opened on 1 June, initial trading has been encouraging.
Appointment of new Auditor following competitive tender
The Notice of AGM includes a resolution to appoint BDO LLP as the Company’s auditor in succession to Ernst & Young LLP who have been the Company’s external auditors for over 20 years. During 2019, the Company’s Audit Committee commenced a formal, competitive tender process for the external audit appointment. Following the conclusion of the tender process and in accordance with the recommendation of the Audit Committee, the Board has approved the appointment of BDO LLP as the Company’s external auditor. Further details of the tender process are set out in the Notice of AGM.
As outgoing auditors, Ernst & Young LLP have provided the Company with a statement of reasons, as required by company law, which is also set out in the Notice of AGM. This statement confirms that there are no reasons and no matters connected with Ernst & Young LLP ceasing to hold office which they consider should be brought to the attention of the members or creditors of the company.
Alan Ferguson, Senior Independent Director and Chair of the Audit Committee, said:
“On behalf of the Board, I would like to thank Ernst & Young LLP for the service they have given the Group over many, many years, it has been much appreciated. The tender process we ran was extremely thorough and the Board is unanimous in its recommendation that BDO LLP are appointed as our auditors. Subject to shareholder approval, we are very much looking forward to working with BDO LLP over the coming years.”