Result of AGM & Board Changes

NetScientific PLC

29 June 2023

 

For immediate release

NetScientific plc

("NetScientific", "Group" or the "Company")

Result of Annual General Meeting and Board Changes

NetScientific plc (AIM: NSCI), the deep tech and life sciences VC investment group, announces that all resolutions set out in the 2023 Notice of Annual General Meeting sent to shareholders were duly passed at the Company's Annual General Meeting held earlier today.

Result of Annual General Meeting

Resolutions 1 to 9 were passed as Ordinary Resolutions and Resolution 10 was passed as a Special Resolution. The proxy voting results are as follows:

Resolution	For	%	Against	%	Vote Total	Vote Total as % of Issued Share Capital	Withheld*
1.    To receive and adopt the Company's Annual Report and Accounts for the period ended 31 December 2022	6,910,987	100%	686	0%	6,911,673	29%	-
2.    To receive and approve the Directors' Remuneration Report	6,871,686	99%	39,975	1%	6,911,661	29%	12
3.    To reappoint BDO LLP as auditors for the forthcoming year	6,873,987	99%	37,686	1%	6,911,673	29%	-
4.    To authorise Audit Committee in determining Auditors' remuneration	6,910,987	100%	686	0%	6,911,673	29%	-
5.    To confirm the reappointment of Dr Ilian Iliev as a director	6,905,598	100%	6,075	0%	6,911,673	29%	-
6.    To confirm the reappointment of Edward Hooper as a director	6,905,598	100%	6,075	0%	6,911,673	29%	-
7.    To confirm the reappointment of Dr Jonathan Robinson as a director	6,905,598	100%	6,075	0%	6,911,673	29%	-
8.    To confirm the reappointment of Dr Charles Spicer as a director	6,897,104	100%	6,075	0%	6,903,179	29%	8,494
9.    To authorise the Directors to allot relevant securities pursuant to section 551 of the Companies Act 2006	6,865,004	99%	46,669	1%	6,911,673	29%	-
10.  To disapply pre-emption rights on the allotment of securities or sale of treasury shares in connection with a pre-emptive offer or on allotment of shares	6,810,004	99%	101,669	1%	6,911,673	29%	-

* 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.

Board Changes

Further to the announcement made on 3 April 2023, Prof Stephen Smith has retired from the NetScientific Board with effect from the closing of the AGM. It is anticipated that he will remain an adviser to a number of the Group's life sciences portfolio companies.

Further to the announcement made on 31 May 2023, Dr Charles Spicer has taken over as Chair with effect from the closing of the AGM.  Dr Jonathan Robinson has retired as Interim Chair and moves to the role of Senior Independent Director.

Dr Ilian Iliev, Chief Executive Officer of the Company, commented:

"On behalf of the Company and the Board, I extend a warm welcome to Charles as he joins our team. We are looking forward to working with him and benefiting from his expertise. Additionally, I would like to express my appreciation to Prof. Stephen Smith for his dedicated service since 2016. We greatly value his ongoing counsel and understanding of the life sciences sector. Finally, I would like to extend my gratitude to Jonathan Robinson for his interim board leadership. We look forward to continuing to work alongside him in his new role as Senior Independent Director."

Dr Charles Spicer, Chair of the Company, commented:

"I am excited by the future prospects of the Company and eagerly anticipate working with Ilian and the wider team. Our primary objective will be to drive shareholder returns through profitable exits and strategic expansion of our portfolio."

For more information, please contact:

NetScientific

Ilian Iliev, CEO                                                                                                    Via Belvedere Communications

WH Ireland (NOMAD, Financial Adviser and Broker)

Chris Fielding / Darshan Patel / Enzo Aliaj                                              [phone]

Belvedere Communications

John West / Llew Angus                                                                                                [phone]

Email: [e-mail]

About NetScientific

NetScientific plc (AIM: NSCI) is deep tech and life sciences VC investment group with an international portfolio of innovative companies.

NetScientific identifies, invests in, and builds high growth companies in the UK and internationally. The company adds value through the proactive management of its portfolio, progressing to key value inflection points, and delivering investment returns through partial or full liquidity events.

NetScientific differentiates itself by employing a capital-light investment approach, making judicial use of its balance sheet and syndicating investments through its wholly owned VC subsidiary, EMV Capital. The group secures a mixture of direct equity stakes and carried interest stakes in its portfolio of companies, creating a lean structure that can support a large portfolio.

NetScientific is headquartered in London, United Kingdom, and is admitted to trading on AIM, a market operated by the London Stock Exchange.

www.netscientific.net

 

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