REG - Oxford Cannabinoid - Result of AGM

Oxford Cannabinoid Technologies HoldingsAnnouncement

28/09/2022 13:15

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RNS Number : 0352B  Oxford Cannabinoid Tech.Holdings  28 September 2022

 

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or "the Company")

Results of Annual General Meeting and update on shareholder engagement

 

Results of Annual General Meeting

Oxford Cannabinoid Technologies Holdings plc, the pharmaceutical company
developing prescription cannabinoid medicines targeting the US$ multi-billion
pain market, announces that all of the resolutions set out in the notice of
Annual General Meeting dated 31 August 2022 were duly passed at today's Annual
General Meeting.

      Resolution                                                                    For (including   %      Against     %      Total        % of ISC voted  Withheld*

                                                                                    discretionary)
 1.   Receive and adopt the 2022 Annual Report and Accounts                         312, 345,203     79.58  80,155,012  20.42  392,500,215  40.87           21,072
 2.   Approve the Directors' Remuneration Report                                    312,338,093      79.58  80,162,122  20.42  392,500,215  40.87           21,072
 3.   Approve the Directors' Remuneration Policy                                    311,923,093      79.47  80,561,622  20.53  392,484,715  40.87           36,572
 4.   Elect  Richard Hathaway                                                       312,154,703      79.57  80,155,012  20.43  392,309,715  40.85           211,572
 5.   Re-elect Julie Pomeroy                                                        311,644,102      79.44  80,665,613  20.56  392,309,715  40.85           211,572
 6.   Re-elect Clarissa Sowemimo-Coker                                              311,665,796      79.44  80,653,919  20.56  392,309,715  40.85           211,572
 7.   Re-appoint Moore Kingston Smith LLP as auditor                                311,941,399      79.47  80,568,316  20.53  392,509,715  40.87           11,572
 8.   Authorise the Directors to fix the auditor's remuneration                     311,955,203      79.48  80,554,512  20.52  392,509,715  40.87           11,572
 9.   To authorise the Directors to allot ordinary shares and relevant securities   311,950,899      79.48  80,558,816  20.52  392,509,715  40.87           11,572
      pursuant to Section 551 of the Companies Act 2006.
 10.  To authorise the Directors to disapply pre-emption rights (general            312,326,399      79.57  80,183,316  20.43  392,509,715  40.87           11,572
      authority).**
 11.  To authorise the directors to Disapply pre-emption rights (additional         312,326,399      79.57  80,183,316  20.43  392,509,715  40.87           11,572
      authority).**
 12.  That a general meeting other than an annual general meeting may be called on  312,345,203      79.58  80,164,512  20.42  392,509,715  40.87           11,572
      not less than 14 clear days' notice.**

 

* A vote withheld is not a vote in law and is not counted in the calculation
of the proportion of votes "For" or "Against" a resolution.

** Indicates special resolutions requiring a 75% majority.

 

Given that all resolutions passed concern ordinary business, no submission
will be made to the National Storage Mechanism in accordance with Listing
Rule 14.3.6R(2).

A copy of the Annual General Meeting results will be available on the
Company's website at
https://www.oxcantech.com/investor-financial-results-centre
(https://www.oxcantech.com/investor-financial-results-centre)

 

Update on Shareholder Engagement

In accordance with Provision 4 of the UK Corporate Governance Code, the Board
is also pleased to provide the following update on shareholder engagement. At
the Requisitioned General Meeting ("RGM") held on 6 April 2022, shareholders
strongly supported the Board's recommendation to reject all the resolutions
put forward. However, we recognise that some shareholders (between 22.31% and
23.4% of votes cast) chose to vote in favour of the resolutions. Since the
vote, the Company has engaged with its shareholders, via a number of different
platforms, which has allowed us to gain valuable insights into shareholders'
views on our overall strategy and aims, irrespective of how they voted at the
RGM.

In general, we have received clear support for our strategy and the Board is
grateful to all those who have taken the time to engage with the Company. We
have reflected carefully on the feedback and have taken certain actions,
including voluntarily adopting the key principles of the UK Corporate
Governance Code and extending the cash runway of the Company by pausing the
clinical work for OCT130401, as a result of those discussions. We will
continue to engage with shareholders and other stakeholders via various
platforms including interactive webinars, in-person, and virtual meetings, in
the weeks and months to come. We encourage anyone who would like to meet with
the Company to get in touch using the details at the end of this announcement.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).

The Directors of the Company accept responsibility for the content of this
announcement.

Enquires:

 Oxford Cannabinoid Technologies Holdings plc  +44 (0)20 3034 2820

 Dr John Lucas (CEO)                           john@oxcantech.com

 Clarissa Sowemimo-Coker (COO)                 clarissa@oxcantech.com

 Cairn Financial Advisers LLP

 Emily Staples                                 +44 (0)20 7213 0897

 Jo Turner                                     +44 (0)20 7213 0885

 Axis Capital Markets Limited

 Kamran Hussein                                +44 (0)20 3026 0320

 Richard Hutchinson

 finnCap Ltd                                   +44 (0) 20 7220 0500

 James Thompson/Geoff Nash/Fergus Sullivan

 Walbrook PR Limited                           +44 (0)20 7933 8780

 Paul Vann/Nick Rome                           +44 (0)7768 807631

                                               oxcantech@walbrookpr.com

 Harbor Access LLC                             +1 (475) 455 9403

 Richard Leighton/Jonathan Paterson            Richard.Leighton@HarborAccessllc.com

About Oxford Cannabinoid Technologies Holdings Plc:

Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid Technologies Ltd ("OCT") (together the "Group"), a
pharmaceutical Group developing prescription cannabinoid medicines for
approval by key medicines regulatory agencies worldwide and targeting the U$
multi-billion pain market. Cannabinoids are compounds found in the cannabis
plant that have been shown to have a range of therapeutic effects on the body,
including pain relief. The Group has a clearly defined path to
commercialisation, revenues and growth. The Group is developing drug
candidates through clinical trials to gain regulatory approval (FDA/MHRA/EMA)
that will enable medical professionals to prescribe them with confidence.

The Group's portfolio aims to balance risk, value and time to market, whilst
ensuring market exclusivity around all its key activities. The Group's lead
compound, OCT461201, is a highly potent and selective CB2 agonist and is being
developed by OCT in a solid oral dosage form. OCTP is conducting pre-clinical
testing and development with clinical trials scheduled for Q1 2023. The
Group's product pipeline also uses a balanced drug product strategy that
employs both natural and synthetic compounds for the treatment of rare
diseases and includes chemically modified phytocannabinoids with improved
drug-like characteristics and a proprietary library of cannabinoids.

OCTP operates a partnership model with external academic and commercial
partners

 

 

 

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