23rd May 2016 15:36
LONDON (Alliance News) - Stock Spirits Group PLC said two of the resolutions held at its annual general meeting on Monday were not passed.
The drinks distributor said the resolution to dis-apply pre-emption rights was not passed, with 25.5% of votes being cast against and 74.7% of votes being cast for the resolution.
In addition, the resolution proposed by shareholder Western Gate Private Investments Ltd to conduct a board review of Stock Spirits' mergers and acquisition strategy was also not passed, with 45.9% of votes cast against and 54.1% of votes cast for the resolution.
Western Gate's two other resolutions, to appoint Alberto da Ponte and Randy Pankevicz as non-executive directors, were passed, although only just as 43.7% of votes were cast against da Ponte's appointment versus 56.3% for, while 43.2% of votes were cast against Pankevicz's appointment versus 56.8% for.
Western Gate owns 9.7% of Stock Spirits.
"The board acknowledges the results of the AGM and looks forward to a constructive working relationship with Mr da Ponte and Mr Pankevicz," Stock Spirits said in a statement, noting that the pair will act as non-independent non-executive directors due to their relationship with Western Gate.
Stock Spirits added that it will proceed with its plans to appoint two additional independent non-executive directors to the board.
Shares in Stock Spirits closed up 1.9% at 161.00 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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