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LONDON - Octopus Titan VCT plc announced the results of its Annual General Meeting held on Thursday, with all resolutions passing despite significant shareholder opposition to several key items.
The venture capital trust reported that three resolutions faced substantial dissent, with more than 20% of votes cast against the approval of the Directors’ Remuneration report and the re-election of two board members, Jane O’Riordan and Lord Rockley.
The remuneration report faced the highest opposition with 22.75% of votes against, while the re-election of O’Riordan and Lord Rockley encountered 21.64% and 21.59% opposition respectively.
The company stated that its board "will endeavour to make contact with those shareholders who voted against to ascertain their reasons" for the high level of dissent.
All resolutions were carried on a show of hands at the meeting, according to the press release statement. The voting was conducted with approximately 1% of the company’s issued share capital participating, based on the 1,647,726,059 ordinary shares outstanding at the voting record date.
The remaining resolutions received stronger support, with the highest approval coming for resolution 10, which garnered 85.83% of votes in favor.
Octopus Titan VCT is a venture capital trust that provides funding to early-stage companies. The detailed voting results for all resolutions have been submitted to the UK Listing Authority and will be available for inspection at the National Storage Mechanism document viewing facility.
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