Results of Requisitioned General Meeting

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 p harmaceutical 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 discretionary)	%	Against	%	Total	% of issued share capital voted	Withheld*
1.	THAT James Brodie be appointed as a director of the Company with immediate effect.	137,911,042	23.38	451,985,905	76.62	589,896,947	61.42	8,099
2.	THAT Richard Bedford be appointed as a director of the Company with  immediate effect.	137,911,042	23.38	451,985,905	76.62	589,896,947	61.42	8,099
3.	THAT Richard Grethe be appointed as a director of the Company with immediate effect.	137,911,042	23.38	451,985,905	76.62	589,896,947	61.42	8,099
4.	THAT Julie Pomeroy be removed as a director of the Company with immediate effect.	137,901,542	23.38	451,995,405	76.62	589,896,947	61.42	8,099
5.	THAT Cheryl Dhillon be removed as a director of the Company with immediate effect.	137,911,042	23.38	451,985,905	76.62	589,896,947	61.42	8,099
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 effect.	131,744,095	22.33	458,152,852	77.67	589,896,947	61.42	8,099
8.	THAT Bishrut Mukherjee be removed as a director of the Company with immediate effect.	131,594,095	22.31	458,302,852	77.69	589,896,947	61.42	8,099
9.	THAT Richard Hathaway be removed as a director of the Company with immediate effect.	131,594,095	22.31	458,302,852	77.69	589,896,947	61.42	8,099
10.	THAT any person appointed as a director of the Company since 18 February 2022, and who is not already referred to in these resolutions be removed as a director of the Company with immediate effect.	138,061,042	23.40	451,835,905	76.60	589,896,947	61.42	8,099

* 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 .

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 Dr John Lucas (CEO) Clarissa Sowemimo-Coker (COO)	[phone] [e-mail] [e-mail]
Cairn Financial Advisers LLP Emily Staples Jo Turner	[phone] [phone]
Walbrook PR Limited Paul Vann Nicholas Johnson	[phone] [phone] [e-mail]
Harbor Access LLC Richard Leighton Jonathan Paterson	[e-mail] [phone]

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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