CAMBRIDGE - Xaar plc, a leader in inkjet printing technology, has confirmed the voting outcomes from its 2024 Annual General Meeting (AGM), held on May 29, 2024. In accordance with the UK Corporate Governance Code, the company reported that all proposed resolutions were passed. However, there was notable minority dissent concerning Resolution 12, related to the power to allot securities, with 78.91% voting in favor.
The company acknowledged the lack of unanimous support for Resolution 12, which grants the board authority to allot shares. Xaar stated that the resolution was crafted following best practice guidelines and in line with institutional investor guidance. Despite the dissent, primarily from a single shareholder, the board maintains that having the ability to allot securities is in the shareholders' best interests, as it could provide the company with flexibility to capitalize on strategic investment opportunities.
Xaar's directors believe that this authority could be instrumental in achieving the company's strategic goals. The company has engaged with the dissenting shareholder to gather feedback and plans to provide a more detailed update in the 2024 Annual Report.
This development comes as the company continues to navigate the dynamic and competitive landscape of the inkjet printing industry. Xaar's ability to issue securities could potentially facilitate future growth initiatives or strategic acquisitions.
The information for this report is based on a press release statement from Xaar plc.
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