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Supply@Me Capital PLC on Friday reported that four resolutions at its annual general meeting failed to pass, including for the re-election of Founder & Chief Executive Officer Alessandro Zamboni. The stock dropped 27% to 0.0022 pence on Friday afternoon in London. Supply@Me, a London-based inventory monetisation platform, said that five out of the nine resolutions at the Thursday AGM were passed. These included resolution 1, to receive the 2024 annual report and accounts; and resolution 3, to appoint Bright Grahame Murray as auditors, both of which received just over 90% of votes in favour. Resolutions 2, 5, 8 and 9 did not receive the required number of votes to pass. Resolution 5, to re-appoint Founder & CEO Alessandro Zamboni as an executive director of Supply@ME, was rejected with 54.58% of votes cast against. However, Supply@ME said that following the AGM, its independent non-executive directors [INEDs] resolved at a board meeting to re-appoint Zamboni to the board as an executive director, with immediate effect. It said the board also resolved that at the next AGM, it will again ask shareholders to vote on re-appointing Zamboni. The INEDs believed, Supply@ME said, that permanently removing Zamboni would have a detrimental impact on its business and therefore would not be in the best interests of shareholders. Explaining their reasoning, the company said: ‘[Zamboni] is the founder of the group and the business relationships and contacts that he has have been important in finalising the IM transactions that have been facilitated to date using the group’s IM Platform. ‘Without these business relationships, it will be difficult for the business to continue to execute its business plan in the short to medium term.’ The INEDs also noted that Zamboni is the only executive director on the board, and that it was not ‘appropriate governance for a listed entity’ for it to have no executives; that Zamboni remains the sole director of its wholly-owned Italian subsidiaries; and that his current service agreement does not permit him to fulfil his CEO role without being an executive director. Finally, Supply@ME said that in connection with the on-demand convertible funding facility agreed with Nuburu Inc in March, it also signed a heads of terms agreement with Nuburu. This deal ‘was legally binding in respect of a number of matters, including the requirement that [Zamboni] will remain as [CEO]’ until six months after the full repayment of the US$5.15 million facility. Supply@ME noted that Resolution 2, to approve the directors’ remuneration report for 2024, ‘was advisory in nature only’. It was rejected with 41.83% of votes in favour. Resolution 8, to authorise the directors to disapply pre-emption rights in respect of the authorities granted pursuant to Resolution 7 (permitting the directors to allot and issue ordinary shares, or to grant rights to subscribe for or to convert securities into shares up to 10% of the total number of issued ordinary shares), was also rejected with 33.44% of votes in favour. Resolution 9, to authorise Supply@ME ‘to call (other than an annual general meeting) on not less than 14 clear days’ notice’, also failed to pass with 68.41% of votes in favour. Both were special resolutions. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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