News

Used car supermarket Motorpoint announces AGM will take place behind closed doors due to rising Covid cases

  • Bosses at Motorpoint announce decision to hold AGM as a closed meeting
  • Shareholders of used car supermarket group encouraged to to appoint the chair of the meeting as their proxy
  • Interested persons will be able to watch July 27 meeting remotely on conference call

Time 1 week ago

Motorpoint has announced its upcoming AGM will now be held behind closed doors in response to rising Covid-19 infection rates.

The used car supermarket firm had been due to welcome shareholders to its annual general meeting on July 27 but bosses have now decided it cannot go ahead in person.

Instead, the meeting will be conducted with the minimum requirement of just two shareholders present in the room.


The company has warned that anyone else trying to attend will be turned away and is advising shareholders to appoint the chair of the meeting as their proxy.

Voting instructions should therefore be posted electronically in advance of the meeting.

Any shareholders wishing to view the AGM will be able to do so via conference call.

The news comes a short time after Motorpoint was voted the best automotive company to work for in the country.

Advert

The firm is currently going through a large-scale expansion programme and will be opening a new Manchester branch later in the year.

In a letter posted on the London Stock Exchange website, bosses pleaded with shareholders to stay away from the upcoming AGM.

The letter said: ‘In light of the rise in the number of coronavirus cases reported in the UK, and in order to protect the health and safety of the Company’s shareholders and colleagues, the company’s annual general meeting to be held at 10:00 a.m. on Tuesday 27 July 2021 will now be held as a closed meeting.

‘The meeting will be convened with the minimum necessary quorum of two shareholders, facilitated by the company.

‘Regrettably, no additional shareholders will be able to attend the AGM in person and any person seeking to attend the meeting will be refused entry.

‘The company therefore strongly encourages all shareholders to appoint the chair of the meeting as their proxy and to submit their voting instructions electronically in advance of the meeting.

‘The Board recognises that the AGM provides an important opportunity to engage with shareholders.

‘Given the changed format of the meeting, the company will ensure that shareholders can follow the proceedings using a conference call link and requests that any questions are submitted in writing prior to the AGM.’

 

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

More stories...

Advert
Server 190