Aim-listed Kibo Energy did not receive the mandatory threshold of 75% approval from shareholders for several resolutions, among which were a proposed share capital reorganisation, during voting at an extraordinary general meeting held on June 8.
Proxies were received by shareholders holding 46.55% of the shares in Kibo.
Kibo had tabled various special resolutions, including amending the share capital clause of the memorandum of association following subdivision of share capital of the company and to amend the share capital clause of the articles of association following the subdivision of share capital in the company.
However, the special resolutions and the remaining ordinary resolutions are conditional and interdependent on the approval of the special resolutions, and all resolutions were not approved.
Ordinary resolutions included but were not limited to the subdivision of the issued share capital of the company; to consolidate the authorised but unissued pre-consolidation shares of the company and to consolidate the issued pre-consolidation shares of the company.