(Alliance News) - Management Resource Solutions PLC on Friday said resolutions to remove three directors and appoint two more were narrowly rejected at a general meeting.
The resolutions put forward on July 5 were for the removal of Non-Executive Chair John Zorbas, Finance Director Timothy Jones, Non-Executive Director Robert Hackett, and any director appointed between the date of the meeting.
Resolutions also requested the appointment of John Copley and Robert Wall to the board as new directors.
The shareholders who requested the meeting were said to be nominees acting on the instructions of one or more funds managed by Barclays Direct Investment Nominees Ltd and Interactive Investor Services Nominees Ltd.
The resolution to remove any new director appointed after July 5 was not put to a vote as no such appointment was made.
In total, 82.9 million or 48% of votes cast were in favour of removing Zorbas and 89.1 million or 52% were against.
In addition, 82.5 million or 48% of votes cast favoured removing Jones while 89.1 million or 52% were against. Hackett's removal had 80.7 million or 47% of votes in favour and 89.8 million or 53% against.
The resolution to appoint Copley had 82.9 million or 48% of votes cast in favour and 89.1 million or 52% against, while Wall's appointment had 48% or 82.9 million votes in favour and 52% or 89.1 million votes against.
Chief Executive Paul Brenton said: "I am pleased that this second requisitioned general meeting is behind us and we can now concentrate on growing the business for the benefit of all shareholders. Robert Hackett's appointment to the board was the first stage of implementation of the previously announced board succession plan. We will now move forward with the appointment of the two further independent non-executive directors envisaged in that plan, in respect of which candidates have been identified."
Shares in Management Resource Solutions were up 2.0% at 2.60 pence on Friday morning.
On Wednesday last week, the company announced the conclusion of a legal and valuation review of its AUD2.2 million, about USD1.5 million, Alerion Consulting Ltd acquisition. The review was conducted in response to shareholder concerns and found that the fair market value of Alerion at the time of the deal was between AUD2.2 million and AUD3.0 million.
