Tritax Big Box REIT plc (BBOX) Earnings Call Transcript & Summary

Ladies and gentlemen, it is now 10:00, and I'm pleased to welcome you to the 2021 Annual General Meeting of Tritax Big Box REIT plc. I also welcome all those shareholders who are listening in by phone. I am Richard Jewson, Chairman of the company. This will be my last AGM as Chairman, as we announced earlier in the year. I plan to retire following the end of the meeting. It has been a privilege to lead the Board since IPO, and I leave the company well positioned for the future under the experienced leadership of your new Chairman, Aubrey Adams. Due to current government measures and in accordance with the Articles of Association of the company, this meeting will be chaired by Karen Whitworth, a fellow Non-Executive Director of the company. We regret that current government restrictions have not allowed us to welcome you in person to today's meeting, but we are glad nonetheless to have you listening through this conference call facility. As previously notified, those Tritax Big Box shareholders who have dialed in to the meeting will not be counted in the quorum and will not be able to vote at the meeting or ask questions. Your votes will, of course, be counted if you have either appointed the Chair of the meeting as your proxy or you have otherwise voted electronically. We encourage shareholders to submit any questions to us ahead of the meeting, and I can confirm that 4 questions from 1 shareholder were received and answered in advance of the meeting. I will now hand over to Karen Whitworth, who will take you through the business of the meeting.

Thank you, Richard, and good morning to all those shareholders who are listening in by phone. On behalf of the Board, I would like to express our deep thanks to Richard for his guidance, wisdom and service and his significant contribution to the growth of the company over the past 7 years as Chairman and wish him all of the best for the future. As there's a quorum present of 2 shareholders comprising myself and Hana Beard, representing the Company Secretary, Tritax Management LLP, we can start the meeting. You may wish to follow the proceedings by referring to the notice of this meeting. The notice of the meeting was sent to you in accordance with the Articles of Association of the company, and I will take the notice as read. I now formally propose the resolutions as set out in the notice of Annual General Meeting. Given the current government restrictions preventing attendance at the meeting in person and in accordance with the company's Articles of Association and best practice, I exercise my right as Chair to call for a poll on all resolutions. On a poll, each member present in person or by proxy or by corporate representative has 1 vote for every share held. Hana Beard has informed me that the poll on each of the resolutions has been validly demanded by me. I will read out each resolution together with the breakdown of the proxy votes we have received appointing the Chair as proxy, before I put the resolutions to vote. Given that the current climate does not allow for attendance at the meeting in person beyond myself and Hana, I will be able to immediately announce the results of the voting after the vote is taken on all resolutions, which will also later be announced through the regulatory information service and published on our website as soon as reasonably practicable. Resolutions 1 to 12 inclusive are proposed as ordinary resolutions, and resolutions 13 to 16 inclusive will be proposed as special resolutions. Shareholders have submitted proxies appointing the Chair as their proxy in relation to all resolutions. Resolution 1 is to receive and adopt the financial statements of the company for the financial year ended 31st of December 2020. The proxy votes received were: in favor, 99.40%; against, 0.58%; and abstained, 1,208,511. Resolution 2 is to receive, adopt and approve the directors' remuneration report other than the directors' remuneration policy. The proxy votes received were: in favor, 99.67%; against, 0.33%; and abstained, 5,368,613. Resolution 3 is to approve the directors' remuneration policy for the financial period ended the 31st of December 2020. The proxy votes received were: in favor, 99.65%; against, 0.35%; and abstained, 33,272,869. Resolution 4, is to reelect Aubrey Adams as a Director of the company. The proxy votes received were: in favor, 96.98%; against, 3.02%; and abstained, 5,345,484. Resolution 5 is to reelect Richard Laing as a Director of the company. The proxy votes received were: in favor, 95.35%; against, 4.65%; and abstained, 5,347,300. Resolution 6 is to reelect Susanne Given as a Director of the company. The proxy votes received were: in favor, 99.98%; against, 0.11%; abstained, 5,336,473. Resolution 7 is to reelect Alastair Hughes as a Director of the company. The proxy votes received were: in favor, 99.4%; against, 0.6%; abstained, 5,337,126. Resolution 8 is to reelect Karen Whitworth as a Director of the company. The proxy votes received were: in favor, 98.54%; against, 1.46%; and abstained, 5,336,473. Resolution 9 is to reelect BDO LLP as auditors of the company. The proxy votes received were: in favor, 99.99%; against, 0.01%; abstained, 5,291,601. Resolution 10 is to authorize the directors to determine the auditor's remuneration. The proxy votes received were: in favor, 99.95%; against, 0.05%; and abstained, 80,449. Resolution 11 is to authorize the directors to declare and pay all dividends of the company as interim dividend. The proxy votes received were: in favor, 100%; against, 0%; abstained 57,711. Resolution 12 is to authorize the directors to allot shares under Section 551 of the Companies Act 2006. The proxy votes received were: in favor, 95.28%; against, 4.72%; and abstained, 5,474,051. Resolution 13 is to authorize the directors to allot shares as if Section 561 (1) of the Companies Act 2006 did not apply. The proxy votes received were: in favor, 99.98%; against, 0.02%; abstained, 5,485,960. Resolution 14 is to authorize the directors to allot shares as a Section 561 of the Company's Act 2006 did not apply for the purpose of financing an acquisition. The proxy votes received were: in favor, 92.38%; against, 7.62%; abstained, 5,484,960. Resolution 15 is to authorize the company to make market purchases of its own shares. The proxy votes received were: in favor, 99.98%; against, 0.02%; abstained, 7,082,350. Resolution 16 is to approve that a general meeting other than an Annual General Meeting may be called on not less than 14 clear days' notice. The proxy votes received were: in favor, 93.71%; against, 6.29%; abstained, 5,291,739. I now call for voting on all resolutions and hereby vote as Chair in accordance with the proxy votes received appointing the Chair as proxy and as recorded in the preprepared poll card for good order. [Voting]

I now declare the poll closed and all resolutions carried. The results of the voting will be confirmed through the regulatory information service as soon as reasonably practicable. The result will also be posted on the company's website. That now concludes the business of this Annual General Meeting, and I declare the meeting closed. For those that dialed in to the conference facility this morning, we thank you for joining us.

Ladies and gentlemen, this does conclude today's call. You may now disconnect your lines, and enjoy the rest of your day. Thank you.