CIP Merchant Capital Ltd - investment firm - Notes almost 20% of its shareholders vote against election of Piero Sansalone as a director of the company. Also, over 66% of directors did not authorise the company to make market acquisitions of its own shares. "Whilst the board had no present intention to exercise such general authority to buy back shares had it been approved, the board believes it would have provided them with greater flexibility when considering how best to address any imbalance between the supply of and demand for its ordinary shares," the company said in its statement Friday.
In addition, CIP confirmed that Marco Fumagalli and Carlo Sgarbi have retired from the board of directors, with effect from Friday.
Current stock price: 58.95 pence
Year-to-date change: up 17%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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