AGM Statement

In accordance with Provision 4 of the 2018 UK Corporate Governance Code, Luceco plc ("the Company") has released this statement to provide an update to shareholders on the actions taken following the outcome of Resolution 20 at the 2023 AGM.

Prior to the 2023 AGM the Directors consulted with shareholders regarding Resolution 20 - to approve the Rule 9 Waiver (the "Resolution"), the significant majority of whom were supportive of the rationale for permitting the Company to buy back shares as proposed. Per the Notice of AGM, the members of the Concert Party were not entitled to vote on the Resolution.

The Board was delighted that Resolution 20 to approve the Rule 9 Waiver, passed with 79.95% of participating independent shareholders voting in favour. However, 20.05% of participating independent shareholders voted against Resolution 20.

Following the AGM, we have contacted the major shareholders who had not supported the Resolution to understand the reasons for their vote against the proposal and to continue a transparent and constructive dialogue on this topic. The Board will continue to engage as appropriate with those shareholders regarding their views in this area.

The Board continues to consider that the ability for the Company to buy back shares is in the best interests of all shareholders, particularly in light of the current share price levels, which presents an opportunity to generate attractive returns for all shareholders through allocating capital to buying back ordinary shares.