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  • First Group Shareholder mtg: June 25, 2019
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Author Topic: 25th June 2019 - First Group General Meeting  (Read 206 times)
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« on: June 09, 2019, 03:37:17 pm »

June 2019 General Meeting

On 17 May 2019, the Board of FirstGroup plc (the ‘Company’) received a requisition notice from State Street Nominees Limited (acting as custodian for a company managed by Coast Capital), a shareholder holding around 10% of the Company’s shares, requisitioning a general meeting to consider resolutions to remove six of the current Directors and replace them with seven of Coast Capital’s own nominees. A Notice of Meeting has been despatched or otherwise made available to shareholders.

The General Meeting will be held at 2.00 p.m. on 25 June 2019 at De Vere Grand Connaught Rooms, 61-65 Great Queen Street, Holborn, London, WC2B 5DA.

As explained in the Notice, the Directors strongly believe that the Coast Capital Resolutions are not in the best interests of the Company, its shareholders as a whole or its wider stakeholders and recommend unanimously that FirstGroup shareholders vote against all of the Coast Capital resolutions.

Great Western Railway is a wholly owned brand of FirstGroup plc (as are First West of England, Buses of Somerset, etc).   FirstGroup has many employee (and ex employee) shareholders - from companies like BadgerLine in our area, and a lot of the votes available will be with people in our area (the South West).

Coast Capital first got involved with FirstGroup last year (2018) and as stated above, at 17th May held around 10% of the shares.   I think it would be logical to suggest that if six of the current directors were replaced by seven nominees of that shareholder, we would see a very different First; I would urge any and all shareholders to read and think very carefully and to use your votes wisely.

Coffee Shop Admin, Vice Chair of Melksham Rail User Group, on the board of TravelWatch SouthWest and of RailFuture
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