Shareholders voted down a set of special motions that would have allowed the directors to issue new shares to fund acquisitions.
Around a third of shareholders also staged a significant protest vote against the re-appointment of NG Bailey chief David Hurcomb, who was successfully re-elected after joining the board of the AIM-listed piling specialist as an independent non-executive director a year.
The revolt is a set-back for new chief executive Mark Cutler, who joined the firm last month succeeding Jon Fenton who, due to a serious medical matter within his close family, stepped down last May.
A statement issued by the board said: “These resolutions relate to the Company’s ability to issue new shares in certain circumstances, for example to fund acquisitions or other material capital investments.
“While the board is disappointed that these resolutions have not been passed, it will actively engage with the dissenting shareholders so as to determine at what point they should be re-presented for approval.”
A spokesman for the company added: “These are technical issues that we expect to be resolved in due course. It’s very much business as usual at Van Elle and with a new CEO at the helm, the business is looking toward the future with confidence”.
