Bullish indicating open at $55-$60, IPO prices at $37
LONDON - Mountview Estates P.L.C. (LON:MTVW) announced Wednesday that shareholders approved a final dividend of 275 pence per share at its Annual General Meeting, while failing to support the election of two independent directors.
The company reported that while resolutions 1 through 11 passed with the required majority, independent resolutions 12 and 13 - concerning the re-election of Tony Powell and election of Tracey Hartley as directors - were rejected by independent shareholders. These resolutions received only 17.98% and 19.82% support respectively from independent voters.
The dividend resolution was approved by 90.85% of votes cast, representing 81.81% of the company’s issued share capital.
Several board re-elections faced significant opposition despite passing, including the re-election of M.M. Bray, D.M. Sinclair, and A.W. Powell as directors, each receiving approximately 64% support.
The Directors’ Remuneration Report and Remuneration Policy both passed with 64.08% approval. Shareholders also approved the appointment of Moore Kingston Smith LLP as auditors with 73.41% support.
Mountview’s board expressed disappointment with the opposition to several resolutions and plans to engage with shareholders to address concerns, with an update promised within six months.
According to the company’s statement, Mountview is entitled under FCA’s UK Listing Rules to convene another general meeting within 90-120 days to resubmit resolutions for the appointment of the rejected independent directors.
The information was disclosed in a press release following the Annual General Meeting.
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