(Alliance News) - ValiRx PLC, a clinical stage biotechnology company, on Wednesday said a group of investors owning more than 5% stake are seeking to remove George Morris and Satu Vainikka as directors of the company.
The company said it has received a general meeting requisition notice from the investors, at which the investors intend to propose resolutions to remove Morris and Vainikka.
"The company is mindful that, pursuant to section 304 of the Companies Act 2006, the company must post a notice convening a general meeting within 21 days from the date on which the requisition notice was received, and this general meeting must be held on a date not more than 28 days after the date of the notice to shareholders convening the general meeting," ValiRx said.
ValiRx shares closed 22% lower at 0.056 pence each in London on Wednesday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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ValiRx (VAL)