5th Dec 2018 17:32
LONDON (Alliance News) - MBL Group PLC shareholders voted against majority of resolution at the company's annual general meeting on Wednesday.
MBL shareholders voted 66.2% against the re-appointment of the company's auditors. The shareholders voted 69.63% against allowing directors to agree auditors remuneration.
The shareholders voted 82.72% against MBL approving political donations.
The shareholders voted 82.70% against authorising the directors to allot shares in the company, to allow the disapplication of pre-emption rights and to allowing directors to purchase shares in the company.
Shares in the cash shell were untraded Wednesday and last closed at 3.50 pence each.
MBL Group became a cash shell in mid-June following the appointment of administrators to its subsidiary Windsong International Ltd.
The AGM was originally adjourned. MBL said the meeting was to consult shareholders on its strategy to return cash.
In November, MBL said consultation remains ongoing, despite limited communications from shareholders.
MBL must make an acquisition constituting a reverse takeover within six months of becoming a cash shell, or before December 17, otherwise its shares will be suspended from trading.