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Votes withheld are not a vote in law and are therefore not counted in the calculation of the percentages of the votes cast for and against a resolution.
 
 
The Board confirms that there was a significant proportion of proxy votes cast against resolution 15 (22.72%). The Board is aware that when combined the authorities sought under resolutions 14 and 15 to dis-apply statutory pre-emption rights amount to 20% of the Company s issued Ordinary Share capital which is higher than the level recommended by best practice in accordance with The Investment Association Share Capital Management Guidelines and the Pre-emption Group s Statement of Principles on Dis-applying Pre-emption Rights. However, the Board notes that the Prospectus Regulation allows for issuance for up to 20% of the Company s issued Ordinary Share capital without the need for a prospectus and therefore believes that the increased authority is justified and i ....

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