22nd May 2019 13:30
LONDON (Alliance News) - Sportech PLC on Wednesday said over 30% of investors voted against the company's remuneration report and the re-election of Director Giles Vardey at the company's annual general meeting.
Even still, the digital betting platforms developer said all resolutions put to shareholders were passed and approved on a show of hands at the meeting.
The Directors' Remuneration Report faced opposition from 33.3% investors, with 66.7% approving the resolution. The re-election of Vardey as director faced opposition from 31.4% shareholders, with 68.6% approving his re-election.
The resolution to re-elect Chair Richard McGuire was opposed by 13.9% investors, while 86.1% approved his appointment.
"The board notes that although resolutions 2 and 4 were passed with the necessary majority, around 30% of votes received were against these resolutions. Whilst the Remuneration Committee and the board as a whole understand shareholder concerns around the level of remuneration, the board supports unanimously the company's current Remuneration Policy. The Remuneration Committee and the board will continue to respond to shareholder concerns and engage fully with the shareholders on remuneration matters," Sportech said.
Earlier, Chair McGuire in his annual general meeting statement said Sportech continues to trade in line with board's expectations, and it has made progress in implementing its strategy to drive longer-term profitability.
Sportech is slated to announce its interim results for the six months ended June 30 on August 22.
Shares in Sportech were untraded at 27.20 pence each.
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