Veterinary practices operator CVS Group (CVSG) says that shareholders cast 21.5% of votes against the approval of the remuneration report at the 2020 AGM and this has led to the company deciding on a two-year holding period for awards under future long-term incentive plans. There were 24.9% of votes cast against the re-election of Richard Connell and he has resigned as a member of the audit committee, thereby making it fully independent.
Midwich (MIDW) is paying a 3p a share special dividend. The audio visual products distributor will return to paying an interim and a final dividend. Midwich is no longer receiving government support. Trading in the first four months of 2021 has been ahead of expectations and much better than in 2020. As long as there are no Covid-19 setbacks, Midwich should make a much better 2021 profit than previously thought.
Linen hire services provider Johnson Service Group (JSG) is starting to see improving demand as lockdown is eased. In March, workwear volumes were 96% of normal levels and the new plant in Exeter should be completed before the end of the year. The hotel and catering volumes in the first quarter were 11% of normal levels but, following the initial easing of lockdown in the last two weeks of April, the figure increased to 30%. The hotel linen plant in Leeds should be open in May, while mothballed plants are building up their work levels, although they are operating well below capacity.
Marketing services provider Next Fifteen Communications (NFC) has increased its stake in Blueshirt Capital Advisors from 20% to 51%. Blueshirt Capital Advisors was originally set up in 2016 as a spin out of the existing Blueshirt subsidiary so that Next Fifteen could become more involved in advising technology IPOs. It has subsequently expanded into acquisitions advice. In 2020, the business made an operating profit of $2.8m. The stake could be increased to 80% in two years.
ITM Power (ITM) has set up new subsidiary ITM Motive to operate hydrogen refuelling assets. There are 12 hydrogen refuelling stations and eight of these are fully commissioned with the other four set to be built.
The wife of AFC Energy (AFC) chairman Gary Bullard has acquired 40,000 shares at 55.3p each. Non-executive director Joseph Mangion bought 25,093 shares at 54.5p each.
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