Company Announcements

13 January 2023

LUCECO PLC

Annual General Meeting ('AGM') Update 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 2022 AGM.

Throughout 2022, and ahead of the 2022 AGM, the Company engaged with its shareholders to understand their views. We will continue to engage regularly with shareholders both on matters relating to the below resolution and to consider their views in our general decision making.

Resolution 20 - To approve the Rule 9 Waiver, which failed to pass with 29.9% of participating independent shareholders voting in favour.

Prior to the 2022 AGM the Directors consulted with shareholders regarding Resolution 20 - to approve the Rule 9 Waiver (the "Resolution"), the majority of whom were supportive of the rationale for to 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 naturally disappointed in the failure to pass the resolution by a majority of votes cast by the independent shareholders of the Company.

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.

The approval of the Rule 9 waiver under Resolution 20 is a prerequisite for the Company to be able to commence a share buyback programme and, therefore, the Board believes it to be in the best interests of the Company and the Non-Concert Party Shareholders as a whole to approve the Rule 9 waiver resolution.

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.

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Note to Editors

Luceco plc - Bringing Power To Life

Luceco plc (LSE:LUCE) is a supplier of high quality and innovative wiring accessories, EV chargers, LED lighting and portable power products for a global customer base.

For more information, please visit www.lucecoplc.com.