Result of AGM
Tern Plc announced that all resolutions were passed at its Annual General Meeting, including the authorization for directors to allot shares up to a nominal value of £35,000 and to disapply pre-emption rights up to a nominal value of £15,000. While the resolution to disapply pre-emption rights passed with 81.49% of votes in favour, the Board noted the proportion of shareholders who voted against it and intends to engage with them to understand their concerns. The company also received strong support for authorizing market purchases of its shares, with 96.99% voting in favour.
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Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, announces that at the Company's Annual General Meeting ("AGM") held earlier today, all resolutions were duly passed.
Details of the proxy voting on each resolution are set out below:
| Resolution | Votes For* | Votes Against | Votes Withheld** | Total Votes Cast (excluding Withheld) | ||
|---|---|---|---|---|---|---|
| No. of ordinary shares | % of ordinary shares voted | No. of ordinary shares | % of ordinary shares voted | No. of ordinary shares | ||
| 1. T o authorise the Directors to allot and grant rights to subscribe for, or convert any security into, Ordinary Shares up to a total nominal value of £35,000 (representing a total of up to 175,000,000 new Ordinary Shares) . | 278,705,410 | 96.81% | 9,178,902 | 3.19% | 10,137,055 | 287,884,312 |
| 2. To disapply statutory pre-emption rights, provided that such authority shall be limited to an aggregate nominal value of £15,000 (representing a total of up to 75,000,000 new Ordinary Shares). | 237,140,635 | 81.49% | 53,863,386 | 18.51% | 7,017,346 | 291,004,021 |
| 3. To authorise the Company to make market purchases of its Ordinary Shares, subject to certain restrictions. | 284,224,541 | 96.99% | 8,807,538 | 3.01% | 4,989,288 | 293,032,079 |
* Votes 'For' include votes giving the Chairman discretion.
The resolutions are set out in full in the Notice of AGM available on the Company's website at https://ternplc.com/aim-rule-26/.
Whilst Resolution 2 was passed with the necessary majority, the Board notes the proportion of shareholders who have voted against resolution 2. The Board is committed to continuing an open dialogue with the Company's shareholders and following the voting at the AGM, where it is able to, the Board will continue to seek to engage with those shareholders who are understood to have voted against certain of the resolutions to understand their views and/or any specific concerns.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.