The Van Elle management team have said they expect “technical issues” resulting from the AGM to be resolved in due course, after a number of special motions were rejected by shareholders.
At the AGM yesterday (18 September), shareholders rejected a number of the special motions that would have allowed the directors to issue new shares to fund acquisitions.
A statement issued by the Van Elle board said: “These resolutions relate to the company’s ability to issue new shares in certain circumstances, for example to fund acquisitions or other material capital investments.
“While the board is disappointed that these resolutions have not been passed, it will actively engage with the dissenting shareholders so as to determine at what point they should be re-presented for approval.”
In a further statement, a spokesperson said: “These are technical issues that we expect to be resolved in due course. It’s very much business as usual at Van Elle and with a new CEO at the helm, the business is looking toward the future with confidence”.
Around a third of shareholders also voted against the re-appointment of David Hurcomb, as an independent non-executive director.
Van Elle has had a new CEO since August when Mark Cutler officially took up the post, replacing Steve Prendergast who temporarily took on the role for three months after Jon Fenton’s exit from the business.
At the time Cutler joined the business, the firm had reported a record 10.4% jump in turnover to £103.9M.