Vmoto directors survive challenge

15/11/2011 - 17:43

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The incumbent directors of scooter manufacturer Vmoto have retained their board positions after narrowly surviving a challenge from a group of disgruntled investors.

Three existing diretcors - Oliver Cairns, Kaijian Chen and Trevor Beazley - survived with support from about 55 per cent of shareholders at today's annual meeting.

However, the company's remuneration report, employee share option plan and a planned increase in directors fees were rejected after going to a poll.

Following the meeting, the board issued a statement that "acknowledges today's voting results, which we hope will put an end to the significant distractions that the company has had to endure over the last 6-12 months".

The statement said the company would seek to recruit a chief executive, and added that Mr Beazley would step down as a director once this process was complete.

The investors who opposed the re-election of the current directors have requisitioned another general meeting of sharehlders, which is scheduled to be held on 29 November.

 

 

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