Allergy Therapeutics PLC - Sussex-based biotechnology firm focused on allergy vaccines - At annual general meeting, resolution ten - which is to disapply pre-emption provisions of section 561 of the Companies Act 2006, which involves the allotment of equity securities - did not pass, due to 49% of shareholders voting against it.
Although resolution nine had the same percentage of shareholders voting against it, it and all other resolutions had passed.
"The board acknowledges the failure to pass resolution 10 and is disappointed in this outcome. The board considers the flexibility afforded by these authorities to be in the best interests of the company and shareholders and notes that this resolution has received support at previous AGMs. However, the board remains committed to continuing an open and transparent dialogue and will, accordingly, seek to continue to engage with shareholders regarding their views in this area," the group stated.
Current stock price: 15.31 pence
Year-to-date change: up 49%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Allergy Thera. (AGY)