Result of AGM

RNS Number : 4060Z
Vela Technologies PLC
24 January 2022
 

24 January 2022

 

Vela Technologies plc

("Vela" or "the Company")

 

Result of Annual General Meeting

 

Update on proposed share consolidation

 

Adoption of a revised investing policy

 

The Board of Vela (AIM: VELA) announces that at its Annual General Meeting ("AGM") held earlier today, resolutions 1 to 5, 7 and 9 were passed and resolutions 6 and 8 were not passed.

As a result of ordinary resolution 6 not being passed at today's AGM, the proposed consolidation of every 50 ordinary shares of 0.01p per share into one new ordinary share of 0.5p per share will not now proceed. There will remain 16,252,335,184 ordinary shares of 0.01p in issue.

As a consequence of special resolution 8 not being passed at today's AGM, the Board does not have the authority to issue new ordinary shares for cash. The Company remains well capitalised, however, with cash balances of approximately £1.43 million as at the date of this announcement. The Board did not have any imminent plans to utilise the authorities that had been sought at the AGM.

Following the passing of ordinary resolution 9, the Company has now adopted its revised investing policy as set out in the announcement released on 30 December 2021 and the Company's notice of AGM. This revised investing policy will be made available shortly on the Company's website ( http://www.velatechplc.com/ ).

The proxy voting results of the Resolutions are set out below: 

Resolutions at General Meeting

Votes For*

% of votes cast**

Votes Against

% of votes cast**

Votes Withheld***

Total votes cast****

ORDINARY RESOLUTIONS

1. To receive and adopt the directors' report, the auditor's report and the Company's accounts for the year ended 31 March 2021.

1,960,411,416

 

99.03

19,148,217

 

0.97

37,052,110

 

1,979,559,633

 

2. To re-appoint Murray Harcourt Limited as auditor of the Company.

1,960,756,247

 

98.89

21,908,490

 

1.11

33,947,006

 

1,982,664,737

 

3. To authorise the Directors to determine the remuneration of the auditor.

1,957,492,003

 

98.88

22,138,253

 

1.12

36,981,487

 

1,979,630,256

 

4. To re-appoint Brent Fitzpatrick as a Director of the Company.

1,167,683,207

 

58.68

822,220,170

 

41.32

26,708,366

 

1,989,903,377

 

5. To re-appoint Emma Wilson as a Director of the Company.

1,125,374,511

 

55.89

888,140,068

 

44.11

3,097,164

 

2,013,514,579

 

6. To approve the consolidation of every 50 shares of 0.01p each into one new ordinary share of 0.5p each

983,859,563

 

49.13

1,018,571,806

50.87

14,180,374

2,002,431,369

 

7. To approve t he general authority to allot shares

1,320,647,911

65.82

685,760,169

34.18

10,203,663

2,006,408,080

9. To approve the adoption by the Company of a revised investing policy.

1,961,291,934

97.74

45,309,433

2.26

10,010,376

2,006,601,367

SPECIAL RESOLUTION

8. To approve the authority to allot equity securities for cash

1,296,161,936

64.79

704,447,870

35.21

16,001,937

2,000,609,806



 

  Notes:

*"Votes For" include votes giving the Chairman discretion.

**Percentages exclude "Votes Withheld".

***"Votes Withheld" are not votes in law and do not count in the number of votes counted for or against a resolution.

***"Total votes cast" do not include withheld votes.

 

Notwithstanding that only c.12% of the Company's issued share capital was voted, the Board has noted the proportion of those that were voted against certain resolutions. The Board will therefore be consulting with its advisers on how it might engage more effectively with its shareholders and will also be engaging with shareholders in order to understand the reasons behind the voting results.

 

 

For further information, please contact:

 

Vela Technologies plc

Brent Fitzpatrick, Non-Executive Chairman

James Normand, Executive Director

 

Tel: +44 (0) 7421 728875

Allenby Capital Limited (Nominated Adviser and Joint Broker)

Tel: +44 (0) 20 3328 5656

Nick Athanas / Piers Shimwell

 


Peterhouse Capital Limited (Joint Broker)

Tel: +44 (0) 20 7469 0930

Lucy Williams / Duncan Vasey / Eran Zucker 

 

 

 

 

About Vela Technologies plc

 

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Following the investment announced today there will be seven investments in the portfolio which have either developed ways of utilising technology or are in the process of developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has broadened its focus to include existing listed companies where valuations may offer additional opportunities.

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