In a recent filing with the Securities and Exchange Commission, Pure Cycle Corporation reported the outcomes of its annual shareholder meeting held on January 15, 2025. The water supply company, based in Watkins, Colorado, with a market capitalization of $278 million and impressive gross profit margins of 74%, confirmed that shareholders voted on several key issues, including the election of directors, the ratification of the company's independent auditors, and an advisory vote on executive compensation.
According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside for investors.
According to the 8-K filing, a significant majority of the company's shareholders participated, with 87.99% of the outstanding shares represented at the meeting. The election of directors resulted in all nominees being approved, with Mark W. Harding, Patrick J. Beirne, Frederick A. Fendel III, Susan D. Heitmann, Daniel R. Kozlowski, and Jeffrey G. Sheets receiving substantial support. Wanda J. Abel, while elected, had a notable number of withheld votes. InvestingPro data reveals the company maintains strong financial health with a current ratio of 3.56, indicating robust liquidity management.
In addition, shareholders ratified the appointment of Forvis Mazars, LLP as Pure Cycle's independent registered public accounting firm for the fiscal year 2025. The advisory vote on executive compensation also passed with a majority of votes in favor.
The specific vote tallies for each director ranged from approximately 11.96 million to 14.46 million votes in favor, with withheld votes and non-votes varying for each candidate. The ratification of the auditors was passed with over 20.99 million votes for, 50,968 against, and 133,814 abstentions. The advisory vote on executive compensation saw 14.39 million votes for, 86,194 against, and 165,464 abstentions.
This SEC filing provides investors and the public with a transparent view of Pure Cycle's governance and the confidence its shareholders have in the company's leadership and financial oversight. The company has demonstrated strong operational performance with revenue growth of 56% in the last twelve months.
For deeper insights into Pure Cycle's financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
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