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As company accounts come under closer scrutiny amid talk of recession, shareholders continue to take the opportunity at company AGMs to express disapproval with executive pay.
Scapa Group saw significant opposition to its remuneration report and its request to disapply pre-emption rights at its AGM on 7 August 2020.
On 12 February, the AIM 50 company posted a trading update ahead of its financial year end on 31 March 2020, reporting that revenue had decreased from £311.8m in 2019 to around £306m and that the loss of a significant contract with ConvaTec had resulted in a significant decrease in trading profit to approximately £28m. Once the news hit the market, Scapa’s share price dropped from 272 pence per share to 188 pence, its lowest in almost five years.
The impact of the COVID-19 pandemic had a further effect on the share price of the adhesive and wound-care specialist, which dipped down as low as 83.2 pence in July. In May, the company cancelled its dividend and carried out a cashbox placing for 19.99% of the company’s share capital to strengthen the group’s balance sheet and provide flexibility to support future growth initiatives post-COVID-19. The move followed guidance from the Pre-Emption Group released in April, recommending that during the COVID-19 crisis, investors consider supporting non pre-emptive fundraisings of up to 20% of a company’s issued share capital on a temporary basis.
Notwithstanding its financial difficulties, Scapa announced in its
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