LONDON - Nanoco Group PLC (LSE: NANO), a specialist in the production of cadmium-free quantum dots and nanomaterials, announced today that its shareholders have voted against the appointment of two new directors proposed by Milkwood, its largest shareholder. The voting took place during a general meeting, with a substantial majority rejecting the nominations.
At the meeting, the resolutions to appoint Rhys Drennan Summerton and André Charles Tonkin to the company's board were defeated, with 95% and 97.7% of votes cast against them, respectively. The total votes represented 29% of the issued share capital, and there were 208,061 withheld votes for each resolution.
The board expressed gratitude for the shareholders' support and reaffirmed its commitment to executing the company's strategic plan. Christopher Richards, Nanoco's Non-Executive Chairman, commented on the outcome, stating, "We see this support for our recommendations also as a sign of confidence in the Group's Board and strategy."
Richards acknowledged the costs and distractions the requisition process had caused and emphasized the board's focus on supporting the new CEO, Dmitry Shashkov, in implementing the company's strategy. He also indicated the intention to maintain a constructive relationship with Milkwood and to return value to all shareholders.
Nanoco, headquartered in Runcorn, UK, has been developing its patent-protected intellectual property portfolio and scaling up production facilities to meet commercial orders. The company's cadmium-free quantum dots are designed for use in various applications, including the sensor, electronics, and display markets.
The detailed voting results have been made available on Nanoco's website, and the full text of the resolutions can be found in the company's circular to shareholders dated November 15, 2024. This announcement is based on a press release statement from Nanoco Group PLC.
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