Annual General Meeting
Darty plc (DRTY.L) (formerly Kesa Electricals plc)
(the "Company") today announced that, further to
the statement made on 31 July 2012 in relation to the
requisition of a resolution by State Street Nominees to
approve the appointment of Eric Knight as a director, the
Company has had a number of discussions with Mr Knight, the
CEO and founder of Knight Vinke, Darty's largest
shareholder.
The Board and Mr Knight are in agreement that the
recent financial and share price performance of the Company
has been unacceptable and have undertaken to work together
with the common goal of rebuilding the market's
confidence in the Company and creating value for all
shareholders.
In light of the constructive nature of these
discussions, Knight Vinke has agreed to withdraw the
resolution requisition and the Board has agreed that if
Knight Vinke requests that Mr Knight be appointed to the
Board at any time between mid December 2012 and the
September 2013 Annual General Meeting, the Board will make
such an appointment with immediate effect. The Board
and Mr Knight have further agreed that they will continue
to have an open and constructive dialogue regarding the
Company's future strategy as this is refined over the
coming months.
David Newlands, who was due to retire from the Board
at the next Company AGM on 13 September 2012, will step
down from the Board, allowing Alan Parker to become
Chairman with immediate effect. The Company intends
to appoint two new Non-Executive Directors in due course.
It has been agreed that Mr Knight will be consulted in
relation to this process, with any appointments being the
Board's decision.
Commenting, Alan Parker Chairman said:
"I welcome Knight Vinke's decision to
withdraw its resolution. I am also pleased with the
constructive discussions I have had with Eric Knight over
recent days and look forward to having further discussions
with him over the coming months. The rest of the
Board and I are very committed to restoring shareholder
value. As part of this, I am already leading a review
of the Group, its markets and operations and we will report
on our findings and the new strategy as soon as possible
and in any case by no later than the end of the current
calendar year."
Commenting, Eric Knight said:
"We have had a frank and constructive dialogue
with the Board and I am pleased that we have agreed on
many, if not most, of the steps that need to be taken in
order to restore shareholder value. As part of these
discussions I proposed a number of steps that could be
taken to achieve this and Alan Parker has indicated that
there is broad agreement on many of these items although
there are some technical and legal issues which need to be
overcome before they can be implemented. Execution is now
key and we have confidence in Alan Parker's ability to
deliver."
Enquiries
Analysts
Simon
Ward
+44 (0) 20 7269 1400
Media
Darty plc
Simon
Ward
UK
+44 (0) 20 7269 1400
Vinciane
Beurlet
France
+33 (0) 1 43 18 52 00
Finsbury
Rollo
Head
+44 (0) 20 7251 3801
Jenny Davey
Knight Vinke
David
Trenchard
+44 (0) 7771 867757
+377 93 30 40 70
Notes to Editors
Alan Parker CBE
Previous Experience
Alan was Chief Executive Officer of Whitbread plc
from 2004and retired from this position in
November 2010. During his tenureas
CEOhe led a substantial increase in
shareholder value andcreated the UK's
largest hospitality company expanding Premier Inn in the
UKanddeveloping the global Costa
coffee brand. Prior to joining Whitbread in 1992, Alan was
based in Brussels and Frankfurt as Holiday Inn EMEA
Managing Director.
External Appointments
Alan is Non Executive Chairman of Mothercare plc, and
is a Non Executive Director of Burger King Worldwide
Inc. Alan is also President of the British
Hospitality Association and Chairman of the Governors at
West Buckland School.
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