8th Aug 2018 17:56
LONDON (Alliance News) - Investors in Mountview Estates PLC rejected the appointment of two directors of the property firm - including its chair - on Wednesday and cast a significant minority of votes against the remuneration report.
In two independent resolutions, over 80% of valid votes cast were opposed to the re-election of Chairman Tony Solway as a director of the firm. The same proportion voted against the election of Tony Powell as a director as well. The vote, however, was based on just 30% of total issued share capital.
This was after investors with a significant stake in the firm - around 50% - withheld their votes on the resolution.
In other resolutions, Solway - chairman since 2015 - received just 70% investor support for his re-election as a director from valid votes cast representing 80% of total issued capital. 30% of valid votes were against his re-election.
A similar proportion of attendant investors voted in favour of approving the remuneration report and reappointing the auditors of the company.
Mountview said it was "disappointed" that the appointment of Solway and Powell was "not approved by a majority of the company's independent shareholders." The firm added it was entitled to put another vote to appoint the pair to shareholders at a general meeting. It must do so within the next 90 and 120 days.
Mountview will make a further announcement in due course.
Shares in Mountview closed 2.7% higher at 11,394.00 pence on Wednesday.
Related Shares:
Mountview Est.