28 July 2022
Allied Minds Plc
("the "Company")
Result of 2022 Annual General Meeting
Allied Minds plc (LSE: ALM, "the Group"), the IP commercialisation company focused on early-stage company development within the technology sector, announces that at the Company's 2022 Annual General Meeting held yesterday, all resolutions proposed at the AGM were voted on and passed by a poll by the Company's shareholders with the exception of Resolution 3, which did not receive the requisite 50% majority and was therefore not passed.
The results of the poll, including the proxy votes received, are set out below. Resolutions 1 to 6 (inclusive) were proposed as ordinary resolutions and resolution 7 was proposed as a special resolution.
|
|
Resolution |
Votes For* |
% |
Votes Against |
% |
Total votes validly cast |
Total votes cast as % of issued share capital |
Votes Withheld ** |
|
1 |
Receive the Annual Report and Financial Statements Year 31 December 2021 |
142,886,407 |
99.98 |
23,775 |
0.02 |
142,910,182 |
59.63 |
8,987 |
|
2 |
Approve the directors' Remuneration report |
98,739,538 |
69.09 |
44,165,541 |
30.91 |
142,905,079 |
59.63 |
14,090 |
|
3 |
Approve the Remuneration Policy |
29,641,844 |
20.74 |
113,263,235 |
79.26 |
142,905,079 |
59.63 |
14,090 |
|
4 |
Re-appoint BDO LLP as an Auditor |
142,888,620 |
99.98 |
21,562 |
0.02 |
142,910,182 |
59.63 |
8,987 |
|
5 |
Remuneration of Auditor |
142,891,407 |
99.99 |
18,775 |
0.01 |
142,910,182 |
59.63 |
8,987 |
|
6 |
Political Expenditure |
142,721,832 |
99.87 |
188,367 |
0.13 |
142,910,199 |
59.63 |
8,970 |
|
7 |
Authorisation to Purchase Own Shares |
141,852,978 |
99.26 |
1,057,204 |
0.74 |
142,910,182 |
59.63 |
8,987 |
The Board is grateful for the support it has received from the sizeable majority of shareholders, however it is disappointed that there was a majority of votes against resolution 3 to approve the Remuneration Policy. The Board will seek to engage with shareholders over a revised remuneration policy, which will be put to all shareholders as soon as practicable.
The Board further notes the vote against the advisory resolution on the Remuneration report. As shareholders are aware, the Company has instituted a governance structure that is focused on delivering value for shareholders on the most cost-effective basis. The Remuneration Committee will nevertheless continue to consult with shareholders and will, in accordance, with the Corporate Governance Code, publish an update on that engagement within six months of the AGM.
As ever, the Board is committed to an open dialogue with shareholders and welcomes constructive engagement.
Every shareholder has one vote for every Ordinary Share held. As at close of business on 27 July 2022, the share capital of the Company consisted of 239,650,273 Ordinary Shares with voting rights. The Company does not hold any shares in Treasury.
In accordance with Listing Rule 9.6.2, copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
* Includes discretionary votes.
** A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
Allied Minds plc Bruce Failing |
c/o Instinctif Partners |
|
|
|
|
JTC ( Christopher Gibbons |
0203 846 9774 christopher.gibbons@jtcgroup.com |
The Company's LEI is 213800YB4G7YN21NLL72
About Allied Minds
Allied Minds plc is an IP commercialisation company focused on early stage company development within the technology sector. With origination relationships that span US federal laboratories, universities, and leading US corporations, Allied Minds historically created, and now operates and funds, a portfolio of companies to generate long-term value for its investors and stakeholders. Based in