(Alliance News) - Nanoco Group PLC on Monday welcomed the rejection of motions from a group of disgruntled shareholders that could have seen the group's board removed.
The quantum dots manufacturer had urged shareholders to reject the votes at Mondy's general meeting, and they duly did. There was some sizeable support for the motions put forward, but none received more than 20% of votes cast.
Christopher Richards, non-executive chair of Nanoco, said: "The actions of the requisitionists have been value destructive for shareholders in that they have required a significant amount of management time, time which should have been spent running the business and generating value for shareholders."
The requisition was spearheaded by shareholder Tariq Hamoodi who argued that minority shareholders seemed to be acting on information that wasn't available to other shareholders or the market more generally.
Hamoodi's requisition proposed the removal of the group's current directors, including its chair, chief executive officer, chief finance officer and chief technology officer, with effect from the general meeting.
But Richards said: "The board has always striven to act in the best interests of all shareholders and will continue to do so."
"The business is in a better position than it's ever been," he added.
Shares in Nanoco closed 7.8% higher at 19.40 pence in London on Monday.
By Jeremy Cutler, Alliance News reporter
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Nanoco (NANO)