Tern PLC Result of AGM and Directorate Change (3811E)
29 Giugno 2023 - 11:09AM
UK Regulatory
TIDMTERN
RNS Number : 3811E
Tern PLC
29 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.
29 June 2023
Tern Plc
("Tern" or the "Company")
Result of AGM
Directorate Change
Tern Plc (AIM:TERN), the investment company specialising in
supporting high growth, early-stage, disruptive Internet of Things
("IoT") technology businesses, announces that at the Company's
Annual General Meeting ("AGM") held earlier today resolutions 1, 2,
4 and 7 were passed on a poll. Resolutions 3, 5 and 6 were not
passed.
As resolution 3, seeking the re-appointment of Albert Sisto as a
director of the Company was not passed, Mr Sisto ceased to be a
director at the conclusion of the AGM. Mr Sisto remains an employee
of the Company. Due to this change the Board is considering the
future management structure of the Company and further
announcements may be made in due course, as appropriate. Following
resolutions 5 and 6 not being passed, the Directors do not
currently have the authority to issue new ordinary shares for cash
or generally.
The Board is committed to continuing an open dialogue with the
Company's shareholders. Following the voting at the AGM, where it
is able to, the Board will continue to seek to engage with those
shareholders who are understood to have voted against certain of
the resolutions to understand their views and/or any specific
concerns.
Details of the poll voting on each resolution are set out
below:
Resolution Votes For* Votes Against Votes Withheld** Total Votes
Cast (excluding
Withheld)**
No. of % of No. of % of No. of ordinary
ordinary ordinary ordinary ordinary shares
shares shares shares shares
voted** voted**
------------ ---------- ----------- ---------- -----------------
ORDINARY RESOLUTIONS
1. To receive
and adopt
the accounts
for the financial
year ended
31 December
2022 122,441,663 90.12 13,417,358 9.88 11,929,443 135,859,021
------------ ---------- ----------- ---------- ----------------- -----------------
2. To re-appoint
Evelyn Partners
as auditors
of the Company
and to authorise
the Directors
to determine
their remuneration. 114,225,642 88.11 15,407,025 11.89 18,155,797 129,632,667
------------ ---------- ----------- ---------- ----------------- -----------------
3. To re-appoint
Mr Albert
Sisto as
a Director
of the Company 58,842,897 41.12 84,263,426 58.88 4,682,141 143,106,323
------------ ---------- ----------- ---------- ----------------- -----------------
4. To re-appoint
Mr Matthew
Scherba as
a Director
of the Company 79,479,356 56.81 60,428,750 43.19 7,880,358 139,908,106
------------ ---------- ----------- ---------- ----------------- -----------------
5. To authorise
the Directors
to allot
securities 54,770,740 38.40 87,866,032 61.60 5,151,692 142,636,772
------------ ---------- ----------- ---------- ----------------- -----------------
SPECIAL RESOLUTION
6. To disapply
statutory
pre-emption
rights 45,702,008 33.21 91,895,015 66.79 10,191,441 137,597,023
------------ ---------- ----------- ---------- ----------------- -----------------
7. To allow
the Company
to make market
purchases
of its Ordinary
Shares 110,338,688 76.37 34,141,766 23.63 3,308,010 144,480,454
------------ ---------- ----------- ---------- ----------------- -----------------
* Votes 'For' include votes giving the Chairman discretion.
** A 'Vote Withheld' is not a vote in law and has not been
counted in the calculation of the proportion of the votes 'For' and
'Against' a resolution.
The resolutions are set out in full in the Company's Notice of
2023 Annual General Meeting dated 30 May 2023. The votes received
represented approximately 38 per cent. of the Company's issued
share capital.
Enquiries
Tern Plc via IFC Advisory
Ian Ritchie (Chairman)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
Alex Brearley / Dan Dearden-Williams
(Corporate Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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END
RAGFIFIARRIAFIV
(END) Dow Jones Newswires
June 29, 2023 05:09 ET (09:09 GMT)
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