Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) today announced that a contested vote by shareholders for the board of directors of Glance (the “Board”) has delivered strong support for Glance’s five nominees for the Board (the “Glance Nominees”).
“We want to thank all shareholders for voting, and for giving the board and management team a clear and unequivocal mandate,” said Desmond Griffin, CEO of Glance. “We look forward to focusing all of our energy on advancing our strategy and delivering value for shareholders after the annual general meeting, when we will have put this unnecessary proxy contest behind us.”
Approximately 47 million shares were voted in support of Mr. Griffin, CEO of Glance. Approximately 29.5 million shares were voted in support of dissident shareholder Penny Green.
After excluding shares held by Mr. Griffin and Angela Griffin, Glance’s Chief Technology Officer, at April 20, 2018 (the “Record Date”), approximately 31.9 million shares were voted in support of Mr. Griffin. After excluding shares held by Ms. Green at the Record Date, approximately 14.4 million shares were voted in support of Ms. Green. On that basis, support for Mr. Griffin was approximately 2.2 times higher than support for Ms. Green.
Ms. Green’s support, excluding shares controlled by her at the Record Date, amounted to approximately 10.6% of Glance’s 135,880,880 issued and outstanding shares as of the Record Date.
If all voted shares are included, nearly 60% of the voted shares were in support of the Glance Nominees. Voting results for individual nominees are as follows:
|Election of the Glance Nominees||For||Withhold|
|Vote regarding the dissident nominees||For||Withhold|
|William Davis III||29,455,092||1,509,643|
Glance shareholders also voted to confirm the number of directors of the Company for the ensuing year at five, to appoint Saturna Group Chartered Professional Accountants LLP as the Company’s auditor for the fiscal year ending November 30, 2018 and to authorize the Board to fix the remuneration to be paid to the auditor, and to confirm, ratify and approve the Company’s Advance Notice Policy, as follows:
|Meeting Matters||For||% (1)||Against/ Withhold||% (1)|
|To confirm the number of directors at five||76,900,252||97.05||%||2,337,940||2.95||%|
|To appoint Saturna Group Chartered Professional Accountants LLP as the Company’s auditor||77,471,969||97.77||%||1,766,223||2.23||%|
|To confirm, ratify and approve the Company’s Advance Notice Policy||49,476,801||62.44||%||29,759,691||37.56||%|
- Based on 79,752,402 shares voted.
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