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Morrisons (Wm) Supermarkets is engaged in the grocery retailing in the U.K. Through its subsidiaries, Co.'s principal activities include include the acquisition of food products, property management, maintenance and investment, manufacturing and distributing of food products, insurance captive, preparation and supply of seafood, meat processing, manufacturing of morning goods and bread, produce packer and purchaser, grocery retailer and pharmaecutical license holder. As of Jan 29 2017, Co. operated a total of 491 stores, 334 petrol filling stations, 401 cafes and 118 pharmacies.
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Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The bonus exceeds guideline and accelerated vesting is possible. Target performance for the bonus is not disclosed, though targets for minimum and maximum performance are. Actual incentive pay is excessive. The remuneration report received low support from shareholders at the previous AGM (83.4%) and no significant changes have been noted as a response to shareholder concerns. We recommend shareholders oppose. Item 4: Declare a Special DividendThe total dividends proposed, including the special dividend and t...
Although operating margins in the grocery industry are similar among the Big Four companies, we reckon Morrisons has a more efficient operating cost structure than Tesco and Sainsbury’s. Further, the firm has a stronger balance sheet than its Big Four peers, with no pension deficit and a higher percentage of store ownership. Still, what the grocer saves from a less dispersed store network (mostly in Northern England), it gives back through lower scale and buying power relative to larger competitors; Morrisons is only the fourth-largest U.K. grocer with around 10% market share, according to Kan...
Wm Morrison reported a first-quarter sales update for the 13 weeks to May 5, with group sales up 2.4% (versus 2% annual expectations in our model), like-for-like sales excluding fuel up 2.3% for the quarter, supported by wholesale (up 2.1%) while retail was soft (up 0.2% versus 0.9% annual expectations in our model). The statement didn't include any comment on guidance. We maintain our GBX 208 fair value estimate. Contribution from online through Ocado's customer fulfillment centers was 0.4% in...
The Company has paid a dividend in respect of the financial year, however no resolution to approve the distribution has been proposed at the general meeting. Item 2: Approve the New Remuneration policy The company proposes to remove the Bonus Plan for 2019/20. Therefore, variable incentives will solely be based on 2011 awards performance condition of £2 of return required each year for the tranche of options to vest, and £2 of return required each year for any of the ‘banked’ shares to vest. Thus, there will be an insufficient alignment between incentive pay and Company strategy. Moreover, ...
Il est proposé de modifier les statuts afin de créer la fonction de censeur et de nommer à ce poste le groupe L’Oréal, via son fonds d’investissement BOLD Business Opportunities for L’Oréal Development, qui a participé à une augmentation de capital en juin 2019 lui permettant de devenir le premier actionnaire de la société avec 17,3% du capital et des droits de vote. Bien qu'il soit légitime que le principal actionnaire de la société siège au conseil, le choix d'y figurer en tant que censeur ne sera pas soutenu. En effet, Proxinvest n'est pas favorable à la présence d'un censeur au sein du co...
Il est proposé une offre publique de rachat auprès de tous les actionnaires de la société au prix de 6,50 € portant sur 18,84% du capital. Selon la société, cette offre constitue une opportunité offerte aux actionnaires de céder leurs actions avec une prime et de trouver une liquidité que le marché ne leur offre pas aujourd’hui. Il est positif de donner aux actionnaires la possibilité de céder leurs actions. Cependant, cette opération d'OPRA pose la question de l'absence de projets d'investissements rentables identifiés par la société. Par ailleurs, le problème de liquidité soulevé semble inc...
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