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Lookers tells shareholders to stay away from AGM due to four-week delay in Covid unlocking

  • Due to four-week delay to next stage of government’s covid roadmap, Lookers tells shareholders to stay away from AGM
  • AGM will still take place on June 30 with 2020 results published on June 29
  • Chairman Phil White will seek re-election until replacement is found

Time 3 months ago

Lookers is telling shareholders to stay away from its AGM later this month due to the recently announced four-week delay to the next stage of the government’s Covid roadmap.

Last week, the dealer group finally revealed when it would finally be publishing its 2020 results on June 29.

In an update to the London Stock Exchange this morning (Jun 16), Lookers said that will now not be allowing shareholders to attend its AGM on June 30 due to the change in government guidance announced on June 14.

The update said: ‘Attendance at the meeting will be limited to those Lookers representatives that can safely attend for the purposes of forming a valid quorum, while observing social distancing and other Covid-19 restrictions.’

It added: ‘We strongly recommend that shareholders refrain from attending the AGM in person, as they will be refused entry.’

Lookers is encouraging shareholders to complete and return a proxy appointment.

As Car Dealer reported last week, Lookers chairman Phil White will be standing for re-election on June 30 after agreeing to stay on to help the listed dealer group for a bit longer.

Lookers is currently on the hunt for a new chairman to replace White.

Interim chief financial officer Anna Bielby, who joined Lookers in January for a six-month period, has also agreed to stay on until the end of July.

However, she will not be seeking election as a director at the AGM, Lookers said.

The dealer group has taken longer to publish its results compared to other listed dealers, blaming the Covid-19 pandemic.

Marshall Motor Group, Vertu Motors and Pendragon didn’t blame the pandemic and have already published their results.

Lookers previously said: ‘To ensure that the AGM for 2021 is held within the timescales mandated by the Companies Act 2006, we have decided to split the AGM and the general meeting at which the 2020 full year results will be laid before shareholders.’

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer.

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