Tern PLC - internet of things-focused investor - While all resolutions at general meeting on Wednesday passed, company sees some minority shareholder opposition. Resolution to permit directors to issue up to 50 million new shares sees nearly 76% of votes cast at GM in favour and 25% against. Special resolution to permit directors to disapply pre-emption rights in any issue of up to 50 million new shares sees similar vote split.
Chief Executive Al Sisto "pleased" that requisite majority of shareholders supported the revised share allotment authority proposals.
"We are conscious that we have shareholders who do not wish to see any dilution of their holding and I would like to reassure all shareholders that the company will not look to issue any further equity without having an appropriate use for the funds that is focussed on maximising shareholder value," the CEO stresses.
Current stock price: 26.75 pence, up 24% on Wednesday
Year-to-date change: up sharply from 6.95p at end of 2020
By Lucy Heming;Â lucyheming@alliancenews.com
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Tern (TERN)