(Alliance News) - Vordere PLC said Monday it has received a letter from a shareholder requisitioning a general meeting.
At the German property investor and developer's annual general meeting earlier this month, over 23% of shareholders voted against the re-election of three board members, including Chief Executive Nicholas Hofgren.
Non-Executive Directors Graeme Johnson and Nigel Fitzpatrick also saw 23.6% of shareholders vote against their re-election to the board.
Vordere said it was going to "engage" with shareholders to "understand the reasons for the number of votes against the resolutions".
Shares in Vordere are currently suspended from trading in London. The company had requested for its shares to be temporarily suspended from trading on the Main Market in early July so that it could accurately assess its financial position.
The company, which recently acquired six German properties for EUR52.3 million, initially planned to issue 277.9 million new ordinary shares in July.
In its financial year ended March 31, Vordere narrowed its pretax loss to GBP2.6 million from GBP4.1 million the year before. Revenue was GBP174,268, up from GBP6,247 year-on-year.
However, total asset value fell 9.3% year-on-year to GBP24.2 million from GBP26.6 million.