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LONDON - VPC Specialty Lending Investments PLC (LSE:VSL) announced Thursday it will hold a General Meeting on September 22 to address an oversight in its corporate governance procedures.
The company failed to propose a required continuation vote at its June 11 annual general meeting, which should have been the second such vote since 2020 as mandated by the company’s Articles of Association.
According to the announcement, the General Meeting will seek shareholder approval to ratify this breach and release the company and its directors from their obligation to have proposed the continuation resolution at the 2025 AGM.
The company noted that the oversight has limited practical implications since VPC Specialty Lending is already in a managed wind-down phase following changes to its investment objective approved by shareholders in June 2023. Under this strategy, the company is conducting an orderly realization of assets to balance returning cash to shareholders while maximizing value.
Since implementing this strategy, VPC has distributed approximately £11.9 million to shareholders in April 2024 and £43 million in May 2025.
The General Meeting will be held at the offices of Winterflood Securities Limited in London at 3:00 p.m. on September 22. The company stated that the preparation of the circular and convening of the meeting will not involve additional costs.
The board has taken steps to prevent similar oversights in the future, according to the press release statement.
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