At the Annual General Meeting of Foresight 4 VCT today, all three board directors only very narrowly managed to get re-elected – with 50.01% voting FOR Chairman Philip Stephens, 51.69% voting FOR Peter Dicks and 52.69% voting FOR Simon Jamieson. There were substantial votes against several other resolutions, including 41% AGAINST the allotment of shares so that Resolution was lost.
The directors had a board meeting after the AGM so they no doubt were considering their position bearing in mind that although ShareSoc wrote to a number of the larger holders of the shares, we did not write to all of the shareholders. We may hear more soon, but there was a strong feeling expressed in the meeting that it was time to “refresh” the board with new members to replace the existing long standing directors as a minimum. And better to do it sooner than later.
I will write a full report of the meeting over the weekend, which was rather a long AGM with many issues covered. Our thanks to Tim Grattan and other investors for the considerable work put in to get some changes at this company.
An amazing result, and a warning shot to other underperforming Directors. Surely these Directors know their positions are untenable, let’s hope they start listening to shareholders.