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More Acquisitions PLC - London-based special purpose acquisition company - Receives irrevocable undertakings from holders of 64.3 million shares, representing about 51.45% of current issued share capital, to vote against all resolutions proposed by Mike Whitlow at the general meeting he requisitioned and which was scheduled for December 1. Whitlow owns a 6.48% approximate stake in More, and his resolutions would ‘remove the entire current board and [replace] them with two new directors of [his] own choosing’. Company unanimously recommended voting against these. Says on Wednesday however that the meeting is unlikely to be called off.
Executive Director Roderick McIllree says: ‘It is pleasing to receive such strong support from shareholders. Achieving more than 50% from just a few phone calls shows the level of support for the incumbent directors. I suspect that once all votes are in the level of support will ultimately be much higher, sending a strong message that this opportunistic attempt to wrest control of your company has now failed.’
Current stock price: 0.55 pence
12-month change: down 21%
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