TIDMKINO

RNS Number : 6298Z

Kinovo PLC

15 September 2022

Kinovo plc

Result of Annual General Meeting and Directorate Change

The Annual General Meeting of Kinovo plc was held at the offices of Hudson Sandler, 25 Charterhouse Square, London, EC1M 6AE on 15 September 2022 at 10:00 a.m.

Resolutions 1 to 6 were proposed as ordinary resolutions and resolution 7 was proposed as a special resolution. The results of the poll are outlined in the table below.

 
           Resolution              Votes for      %     Votes against     %     Votes withheld 
 Resolution 1 (Ordinary) 
  To receive and adopt the 
  Annual Report and Accounts 
  for the financial year 
  ended 31 March 2022.             21,414,922    100          0           0           0 
                                  -----------  ------  --------------  ------  --------------- 
 Resolution 2 (Ordinary) 
  To appoint Moore Kingston 
  Smith LLP as auditor of 
  the Company.                     21,414,922    100          0           0            0 
                                  -----------  ------  --------------  ------  --------------- 
 Resolution 3 (Ordinary) 
  To elect Kim Wright as 
  a Director of the Company.       21,414,722   99.9         150         0.1           0 
                                  -----------  ------  --------------  ------  --------------- 
 Resolution 4 (Ordinary) 
  To re-elect David Bullen 
  as a Director of the Company.    21,414,922    100          0           0            0 
                                  -----------  ------  --------------  ------  --------------- 
 Resolution 5 (Ordinary) 
  To re-elect Clive Lovett 
  as a Director of the Company.    21,414,922    100          0           0            0 
                                  -----------  ------  --------------  ------  --------------- 
 Resolution 6 (Ordinary) 
  To authorise the Directors 
  to allot relevant securities 
  pursuant to section 551 
  of the Companies Act 2006, 
  as set out in the Notice 
  of the Meeting.                  21,414,722   99.9         150         0.1           0 
                                  -----------  ------  --------------  ------  --------------- 
 Resolution 7 (Special) 
  To disapply pre-emption 
  rights.                          12,100,458   56.51     9,314,464     43.49          0 
                                  -----------  ------  --------------  ------  ---------------

The Board acknowledges the failure to pass resolution 7 and intends to take action to understand the reasons behind the result. The Board is disappointed in this outcome given that the resolution follows the provisions of the Pre-emption Group's Statement of Principles for the disapplication of pre-emption rights and reflects UK-listed company market practice.

The Board considers the flexibility afforded by this authority to be in the best interests of the Company and its shareholders and notes that it has received support for this resolution at previous Annual General Meetings. However, the Board remains committed to continuing open and transparent dialogue and will, accordingly, seek to continue to engage with those shareholders regarding their views in this area.

As at 15 September 2022, there were 62,137,757 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.

Directorate Change

At the Annual General Meeting held this morning, Sangita Shah stated her intention to resign from the Board in due course. She will remain in post to assist the Board find a suitable successor.

For further information:

 
 
 Kinovo plc 
 Sangita Shah, Chairman                          +44 (0)20 7796 
                                                  4133 
  David Bullen, Chief Executive Officer           (via Hudson Sandler) 
 
 Canaccord Genuity Limited (Nominated Adviser    +44 (0)20 7523 
  and Sole Broker)                                8000 
 Adam James 
  Andrew Potts 
  Harry Rees 
 
                                                 +44 (0)20 7796 
 Hudson Sandler (Financial PR)                    4133 
 Dan de Belder 
  Harry Griffiths

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END

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September 15, 2022 07:06 ET (11:06 GMT)

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