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LONDON - Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) announced Wednesday that shareholders approved all resolutions at its Annual General Meeting held in London.
The mining company reported that each of the 22 resolutions put to shareholders received majority approval, with most receiving over 90% support. The meeting addressed standard corporate matters including approval of financial statements, director elections, auditor appointments, and share issuance authorizations.
Three resolutions related to performance rights grants for executive directors received notable opposition, with approximately 20% of votes cast against them. These resolutions concerned proposed awards to Managing Director Laura Tyler and director Sanela Karic under the company’s employee stock ownership plan.
The board acknowledged this opposition, attributing it to recommendations from certain proxy advisers. In response, the company committed to engage with shareholders regarding their concerns about these performance rights awards.
Adriatic’s board plans to publish an update on this engagement within six months, depending on the progress of a recently announced takeover offer from Dundee Precious Metals Inc (TSX:DPM).
Approximately 43% of the company’s voting capital participated in the meeting, with 345,295,293 ordinary shares outstanding as of the voting deadline.
The meeting also approved the election of three new directors: Laura Tyler, Mirco Bardella, and Eric Rasmussen, along with the re-election of four existing board members.
The information in this article is based on a press release statement issued by Adriatic Metals.
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