25th Sep 2019 15:13
(Alliance News) - Injection moulded plastic parts maker Carclo PLC on Wednesday expressed its disappointment at a lack of shareholder support at its annual general meeting.
Shareholders voted 27% against the election of Joe Oatley as a non-executive director, 30% against the re-election of Chair Mark Rollins, 27% against the re-election of Finance Director Sarah Matthews-DeMers, 27% against the re-election of Senior Non-Executive Director Peter Slabbert, and 27% against the re-election of Non-Executive Director David Toohey.
Matthews-DeMers will be leaving at the end of October anyway.
Earlier Wednesday, Carclo said her replacement Paul Below would not be taking up the role. Instead, Ed Watkinson will become interim chief financial officer.
The firm has also appointed a new chief executive. Anthony Collins, currently chief restructuring officer, will become CEO at the start of October, with Chair Rollins returning to a non-executive chair role.
Three resolutions were rejected outright: the resolution on disapplication of pre-emptive rights, a resolution allowing the firm to buyback shares, and a resolution for a shorter notice for general meetings.
"The board is naturally disappointed with the level of support for all resolutions which, following discussions with its principal shareholders, it understands is largely attributable to the business and share price performance over the past year," said Carclo.
"During the coming weeks, the board will continue to engage with shareholders. An update on such engagement will be published in accordance with the recommendations of the UK Corporate Governance Code."
Carclo shares are currently suspended from trading, with the firm not releasing annual results in time.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Carclo