RELX Plc – AGM 26 May 2020
Under ITEM 1 the board of directors seeks approval to amend Article 132 of the Company's Articles of Association. It is proposed to increase the borrowing limit from GBP 8,000,000,000 to GBP 12,000,000,000.
Since RELX borrows mainly in US dollars and Euros, recent significant fluctuations and the inherent unpredictability in exchange rates may result in this borrowing limit being reached or exceeded even without the Company undertaking any further borrowings.
In view of the current extraordinary circumstances in connection with the Covid-19 pandemics as well as the Brexit and related (possible) currency movements, ECGS understands the request for more flexibility. ECGS furthermore notes that adopting the higher limit will not change RELX'current borrowing policy. As of financial year-end, the Company had net debt of almost GBP 6.2 billion and a net debt/EBITDA ratio of 2.5x, which is considered to be within acceptable limits. ECGS has no (major) concerns over this proposal and accordingly recommends to vote FOR.
RELX is a holding company. Through its subsidiaries, Co. operates in four market segments: Scientific, Technical and Medical, which is a global information and analytics business that helps institutions and professionals advance healthcare, open science, and improve performance for the benefit of humanity; Risk and Business Analytics, which provides customers with solutions and decision tools that combine public and industry specific content with advanced technology; Legal, which is a provider of legal, regulatory and business information and analytics; and Exhibitions, which the events business improve the power of face-to-face through data and digital tools.
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