- Aggreko has announced that the existing Directors' Remuneration Policy will remain in place due to the level of of shareholder support for the proposed changes to the policy and a new Restricted Share Plan.

The Company said:

"Whilst a substantial majority of Shareholders (through proxies and corporate representatives) were in favour of the Directors' Remuneration Policy, the majority in favour of the RSP was much lower. The RSP is an integral part of the Policy with proposed awards under this plan reflecting a reduction in the amount of annual bonus and awards under the Long Term Incentive Plan and an increase in personal shareholding requirement.

"In view of the level of support for the new Restricted Share Plan, the Board of Aggreko decided to withdraw both Resolutions. The existing Remuneration Policy, which was approved by shareholders in 2015 will therefore remain in place."

Chairman, Ken Hanna said: "Whilst both resolutions would have gained majority support, the level received for the RSP element is not one that we are comfortable proceeding with. This is disappointing as we believe our proposal aligned shareholder, company and management interests.

We will now reengage with shareholders with the intention of introducing a revised policy for approval at our AGM in 2018."

At 3:00pm: [LON:AGK] Aggreko PLC share price was -0.75p at 903.75p

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