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LONDON - HC Slingsby PLC (AIM:SLNG), a leading distributor of industrial and commercial equipment, held its Annual General Meeting today, resulting in the passage of most proposed resolutions, but with one key resolution failing to gain approval.
At the meeting, resolutions 1 to 5 and 7 to 9 were successfully passed by shareholders. These included the acceptance of the annual accounts for the year ended December 31, 2024, the re-election of Morgan Morris as a Director, the reappointment of RSM UK Audit LLP as auditors, and the authorization for the directors to determine auditor remuneration.
However, resolution 6, which would have authorized the directors to allot equity securities, did not receive sufficient support, with 46.75% voting for and 53.25% against. This decision limits the board’s ability to issue new shares for cash or other purposes, or to grant rights to subscribe for or convert any securities into ordinary shares.
Despite the mixed results, the board acknowledged the outcome of the vote on resolution 2, which saw Andrew Kitchingman elected as a Director with a relatively narrow majority of 63.25%. The board stated that it does not believe any further action is required to understand the reasons behind this voting result.
In light of the defeat of resolution 6, the board plans to engage with shareholders who voted against the resolution to understand their concerns. The company’s ability to raise capital through the allotment of equity securities is now constrained until further authorization is obtained.
The special resolutions 7 and 8, which were contingent on the passing of resolution 6, were passed with nearly unanimous support but are not actionable without the approval of resolution 6. Resolution 9, allowing the company to make market purchases, was also passed with overwhelming support.
The voting results reflect the shareholders’ stance on the company’s governance and financial strategy. With the exception of the authorization to allot equity securities, the company has received a strong mandate to proceed with its proposed actions.
The information in this article is based on a press release statement from HC Slingsby PLC.
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