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LONDON - The Biotech Growth Trust PLC announced Thursday that its shareholders have passed a special resolution to renew the company’s authority to repurchase up to 14.99% of its issued share capital. The decision was made during the General Meeting held today, with an overwhelming majority of votes in favor.
The proxy voting results indicated a strong shareholder endorsement for the buyback initiative, with 8,511,712 votes (99.7%) supporting the resolution and only 28,426 votes (0.3%) against it. The total number of votes cast was 8,540,138, with an additional 22,889 votes withheld.
The resolution’s passage allows The Biotech Growth Trust PLC to potentially enhance shareholder value by reducing the number of shares in circulation, which could lead to an increase in earnings per share and return on equity.
At the time of the General Meeting, the total number of Ordinary Shares of 25p each in issue and the total number of voting rights stood at 28,387,591. The detailed proxy voting figures will be made available on the company’s website shortly.
In compliance with regulatory requirements, the full text of the special resolution that was passed has been submitted to the National Storage Mechanism and will soon be accessible for public inspection. The resolution will also be filed with Companies House.
The passed resolution and further details regarding the General Meeting can be found in the Notice of General Meeting included in the Circular dated February 3, 2025, which is available at the National Storage Mechanism and on the company’s website.
The information reported is based on a press release statement by The Biotech Growth Trust PLC.
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