REG - Oxford Cannabinoid - Results of Requisitioned General Meeting

Oxford Cannabinoid Technologies HoldingsAnnouncement

06/04/2022 13:00

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RNS Number : 5053H  Oxford Cannabinoid Tech.Holdings  06 April 2022

6 April 2022

 

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or the "Company")

Results of

Requisitioned General Meeting

 

Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP, OTCQB: OCTHF), the
pharmaceutical company developing prescription cannabinoid medicines targeting
the US$ multi-billion pain market is pleased to announce that all resolutions
("Requisitioned Resolutions") put to shareholders at the requisitioned general
meeting, called by GHS Capital Limited ("GHS Capital"), held today
("Requisitioned General Meeting") were defeated in line with the Board's
unanimous recommendation for shareholders to vote AGAINST all of the
resolutions being proposed.

As announced on 4 March 2022, in advance of the Requisitioned General Meeting,
irrevocable undertakings (including those of individual Board members) to vote
against the Requisitioned Resolutions were received from shareholders of
446,632,048 ordinary shares of £0.01 each in the issued share capital of the
Company, representing approximately 46.5 per cent. of the issued share capital
of the Company.

Details of the votes cast for each Requisitioned Resolution were as follows:

      Resolution                                                                      For (including   %      Against      %      Total        % of issued share capital voted  Withheld*

                                                                                      discretionary)
 1.   THAT James Brodie be appointed as a director of the Company with immediate      137,911,042      23.38  451,985,905  76.62  589,896,947  61.42                            8,099
      effect.

 2.   THAT Richard Bedford be appointed as a director of the Company with             137,911,042      23.38  451,985,905  76.62  589,896,947  61.42                            8,099
      immediate effect.

 3.   THAT Richard Grethe be appointed as a director of the Company with immediate    137,911,042      23.38  451,985,905  76.62  589,896,947  61.42                            8,099
      effect.

 4.   THAT Julie Pomeroy be removed as a director of the Company with immediate       137,901,542      23.38  451,995,405  76.62  589,896,947  61.42                            8,099
      effect.

 5.   THAT Cheryl Dhillon be removed as a director of the Company with immediate      137,911,042      23.38  451,985,905  76.62  589,896,947  61.42                            8,099
      effect.

 6.   THAT John Lucas be removed as a director of the Company with immediate effect.  131,744,095      22.33  458,152,852  77.67  589,896,947  61.42                            8,099

 7.   THAT Neil Mahapatra be removed as a director of the Company with immediate      131,744,095      22.33  458,152,852  77.67  589,896,947  61.42                            8,099
      effect.

 8.   THAT Bishrut Mukherjee be removed as a director of the Company with immediate   131,594,095      22.31  458,302,852  77.69  589,896,947  61.42                            8,099
      effect.

 9.   THAT Richard Hathaway be removed as a director of the Company with immediate    131,594,095      22.31  458,302,852  77.69  589,896,947  61.42                            8,099
      effect.

 10.  THAT any person appointed as a director of the Company since 18 February 2022,  138,061,042      23.40  451,835,905  76.60  589,896,947  61.42                            8,099
      and who is not already referred to in these resolutions be removed as a
      director of the Company with immediate effect.

 

* 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.

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

 

 

Commenting on the outcome of the Meeting, Julie Pomeroy, Independent
Non-Executive Chair of OCTP said:

"The Board is naturally delighted with the results of the Requisitioned
General Meeting, whereby every one of GHS Capital's Requisitioned Resolutions
were defeated. The percentage of votes polled in favour of the Board
illustrates Shareholders' support for our strategy outlined at Admission on
which good progress has been made.

"The Board believes that the Company's prospects remain positive, and is
grateful for the support shown by a large majority of its shareholders.

"With the Requisitioned General Meeting having already taken up a considerable
amount of management time and shareholders' funds, it is now time to move
forward and get back to the business in hand, including the very important
upcoming clinical trials for drug development programmes 1 and 2."

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.

 

Enquiries:

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

 Dr John Lucas (CEO)                                                                                    john@oxcantech.com (mailto:john@oxcantech.com)

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

 Cairn Financial Advisers LLP                                                                           +44 (0)20 7213 0897

 Emily Staples                                                                                          +44 (0) 20 7213 0885

 Jo Turner

 Walbrook PR Limited                                                                                    +44 (0)20 7933 8780

 Paul Vann                                                                                              +44 (0)7768 807631

 Nicholas Johnson                                                                                       oxcantech@walbrookpr.com (mailto:oxcantech@walbrookpr.com)

 Harbor Access LLC

 Richard Leighton                                                                                       Richard.Leighton@HarborAccessllc.com

                                                                                                      (mailto:Richard.Leighton@HarborAccessllc.com)
 Jonathan

 Paterson                                                                                               +1 (475) 455 9403

About Oxford Cannabinoid Technologies Holdings Plc:

Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid Technologies Ltd ("OCT"), a pharmaceutical company
developing prescription cannabinoid medicines for approval by key medicines
regulatory agencies worldwide and targeting the U$ multi-billion pain market
(together the "Group"). 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. OCT is conducting pre-clinical
testing and development with pre-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.

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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