4th Sep 2019 18:03
(Alliance News) - Vordere PLC shareholders showed their displeasure with several members of the German property investor and developer's board at its annual general meeting on Wednesday.
Over 23% of the company's shareholders voted against the re-election of three board members, including Chief Executive Nicholas Hofgren.
Non-Executive Directors Graeme Johnson and Nigel Fitzpatrick also saw 23.6% of shareholders vote against their re-election to the board.
Vordere noted, however, that all resolutions passed at the AGM.
"In relation to resolutions 3, 4 and 6, the board is pleased that the re-election of Nicholas Hofgren, Graeme Johnson and Stuart Cheek was supported by the majority of shareholders. However, we recognise that there were a number of votes opposing the resolutions. We will engage with shareholders over the coming months to understand the reasons for the number of votes against the resolutions," said Vordere.
Shares in Vordere are currently suspended from trading in London. The company requested for its shares to be temporarily suspended from trading on the Main Market in early July so it could accurately assess its financial position.
The company, which recently acquired six German properties for EUR52.3 million, initially planned to issue 277.9 million new ordinary shares in July.
In its financial year ended March 31, the company narrowed its pretax loss to GBP2.6 million from GBP4.1 million the year before. Revenue was GBP174,268, up from GBP6,247 year-on-year.
The firm's total asset value fell 9.3% year-on-year to GBP24.2 million from GBP26.6 million.
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