Yellow Cake, the London-listed uranium investment company, announced that its resolution to approve the report and accounts for fiscal 2023 was approved at the annual general meeting, albeit with a relatively low count. However, all other resolutions presented received higher votes.
Resolution number 1, which sought approval for the annual report and accounts for the year ended March 31, secured 72.4% of votes. It is worth noting that a proxy advisory firm had recommended shareholders to vote against this resolution due to concerns over the lack of conditions pertaining to the vesting of long-term incentive awards.
As an AIM-listed company, Yellow Cake explained that it is not obliged to hold a separate vote on its directors’ remuneration report, despite the advisory firm’s suggestion to vote against it. The company clarified that, given its absence of operations, its long-term incentive plan, formulated with the guidance of external independent remuneration consultants, is deemed suitable for Yellow Cake.
Yellow Cake has highlighted its intention to engage with shareholders who voted against the resolution to gain a more comprehensive understanding of their specific concerns.
