annual report 2007 - the Admiral Group plc

ADMIRAL GROUP plc 45Employee policiesDetailed information on the Group’semployment practices is set out in theCorporate responsibility report.The Group purchases appropriate liabilityinsurance for all staff and Directors.Creditor payment policyIt is the policy of the Group to pay allpurchase invoices by their due date, andappropriate quality measures are in place tomonitor and encourage this. At the end of theyear outstanding invoices represented 15 dayspurchases (2006: 18).Additional information forshareholdersWhere not provided previously in thisDirectors' Report, the following providesthe additional information required forshareholders as a result of the implementationof the Takeovers Directive into UK law.At 31 December 2007, the Company's issuedshare capital comprised a single class of sharesreferred to as ordinary shares. Details of theshare capital and shares issued during the yearcan be found in note 25.On a show of hands at a general meeting ofthe Company every holder of shares presentin person and entitled to vote shall have onevote and on a poll, every member present inperson or by proxy and entitled to vote shallhave one vote for every ordinary share held.The notice of the general meeting specifiesdeadlines for exercising voting rights eitherby proxy notice or present in person or byproxy in relation to resolutions to be passed atgeneral meeting. All proxy votes are countedand the numbers for, against or withheld inrelation to each resolution are announced atthe annual general meeting and published onthe Company's website after the meeting.There are no restrictions on the transfer ofordinary shares in the Company other than:· pursuant to the Listing Rules of theFinancial Services Authority whereby certainemployees of the Company require theapproval of the Company to deal in theCompany's securities.The Company has not purchased any of itsown shares during the period.There are no agreements between theCompany and its Directors or employeesproviding for compensation for loss of officeor employment (whether through resignation,purported redundancy or otherwise) thatoccurs because of a takeover bid.There are a number of agreements that alteror terminate upon a change of control of theCompany following a takeover bid, such ascommercial contracts. None is consideredto be significant in terms of their impact onthe business of the Group as a whole exceptfor the long-term co-insurance agreementin place with Great Lakes Resinsurance (UK)Plc. Details relating to this agreement arecontained in the Financial Review.Power to issue sharesAt the last annual general meeting, held on 16May 2007, authority was given to the Directorsto allot unissued relevant securities in theCompany up to a maximum of an amountequivalent to one third of the shares in issue.This authority expires on the date of theannual general meeting to be held on 29 April2008 and the Directors will seek to renew thisauthority for the following year.A further special resolution passed at thatmeeting granted authority to the Directors toallot equity securities in the Company for cash,without regard to the pre-emption provisionsof the Companies Act 1985. This authorityalso expires on the date of the annual generalmeeting to be held on 29 April 2008 and theDirectors will seek to renew this authority forthe following year.Financial statements 43 - 94· certain restrictions may from time to timebe imposed by laws and regulations (forexample, insider trading laws) and: