At its AGM on 18 June, shareholders voted against the approval of Ukraine Opportunities’ accounts, the Directors’ Remuneration Report, the re-election of Beatrice Hollond, the re-election of Dmitry Chernobay, the permission to repurchase shares, the permission to allot new shares, the disapplication of pre-emption rights and a change to the Articles to allow meetings to be called on 14 days’ notice.
Robin Monro-Davies, the Chairman of the company has retired from the Board with immediate effect and Nigel Pilkington, another non-executive director, has replaced him. Bertrand Lipworth, who was due to stand down as a director is staying on.
The votes have obviously impacted on the shape of the Board but the defeat of the resolutions about the accounts and the remuneration report, whilst very embarrassing and, as far as we can remember, extremely unusual in the investment companies sector, have less severe consequences. The Listing Rules require that accounts are prepared and published within a defined timescale (six months for AIM companies and four months for main market companies like Ukraine Opportunities) but there is no penalty if shareholders reject them. it will be interesting to see what happens next.
Update
Two new directors were announced on 26 June:
Nicholas Cournoyer was previously a director of Orascom Development Holdings AG and Treveria plc. Mr Cournoyer is managing partner of Montpelier Investment Management LLP, who has an interest in 620,969 Ordinary shares in the Company, representing 17.23% of the Ordinary shares in circulation.
Gordon Lawson was a Non-Executive Director and Chairman of the Company between 2008 and 2014. Mr Lawson has a beneficial interest in 350,000 Ordinary shares in the Company, representing 9.71% of the Ordinary shares in circulation.
UKRO : Shareholder revolt at Ukraine Opportunities