(Alliance News) - Aviation services firm John Menzies PLC said on Tuesday it was "disappointed" shareholders voted against plans to cancel preference shares.
At the general meeting, 63.6% of preference shareholders voted in favour of the motion to approve the cancellation and repayment of preference shares, with 36.4% against. However, as the motion was a special resolution, the company needed support from at least 75% of shareholders.
"As a result, the necessary consents for the cancellation and repayment have not been obtained and therefore the cancellation and repayment cannot proceed at the present time," John Menzies said, adding it was "disappointed" the resolution was not passed.
Shares in John Menzies closed down 0.4% at 403.389 pence in London on Tuesday.
