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.