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LONDON - Anglo-Eastern Plantations Plc (AEP), a plantation company, announced today that a significant number of its shareholders did not support a resolution during its Annual General Meeting (AGM) held on June 24, 2024. The contentious resolution 12 concerned the Directors' Power to Allot (NASDAQ:ALLT) equity securities and the disapplication of pre-emption rights, which would allow the company to issue new shares without offering them first to existing shareholders.
The company stated that the authority sought under resolution 12 adhered to the maximum levels recommended by share capital management and corporate governance guidelines. AEP emphasized that retaining these authorities was meant to provide flexibility in managing the company's capital and would only be exercised if deemed to benefit the shareholders.
Following the AGM, AEP's executive directors engaged with shareholders who opposed the resolution to understand their concerns. The feedback highlighted a preference for case-by-case approval of new share issuances rather than granting general annual authorities that could lead to dilution of their stakes.
In response to the shareholders' feedback, AEP expressed its commitment to maintaining open communication with all shareholders and to continuous improvement, as per Provision 4 of the UK Corporate Governance Code.
The company's dedication to constructive dialogue and active feedback incorporation reflects its efforts to align with shareholder interests and corporate governance standards. This update on the AGM voting results is based on a press release statement provided by Anglo-Eastern Plantations Plc.
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