Private Investor support for Dr Cave’s plan to vote against warrants and in favour of board changes to improve corporate governance now exceeds his own 17.7% shareholding
Dr Cave announces that, since his announcement yesterday, his advisers Egremont Capital Limited (“Egremont”) have been overwhelmed by support from private investors concerned with the current make-up of the board and opposed to the placing with warrants announced by the Board on 18 December 2020.
Dr Cave has been advised by Egremont that, as at 2.00 am on 22 December 2020, it had received emails of support from 386 shareholders stating that they represented in aggregate 301.3 million ordinary shares in RMS. It is not possible to verify these holdings definitively using the share register provided by the Company, as many private investors hold shares via nominee holdings. However, if the communications are accurate, this represents 18.7 per cent of the current voting rights of the Company. Taken with Dr Cave’s holding of 17.7 per cent. there is now a substantial groundswell of shareholders opposed to the actions of the current board of directors.
Dr Cave commented: “I am personally delighted by the support I have received from private investors. We cannot respond individually to each email but will keep all of these supporters updated on developments. I am saddened that RMS and its advisers seem unwilling to engage with our entirely reasonable demands. If SP Angel and Peterhouse Capital listened to shareholders rather than the current board, they would be delaying this placing until better corporate governance can be put in place.”
ENDS
Voting Percentage Clarification
According to the RNS issued by RMS on 30 November 2020 the total number of voting rights of the company in issue are 1,583,270,231. Dr Cave holds 289,645,185 ordinary shares in RMS. The percentage total used in the announcement issued on 21 December 2020 was therefore incorrect and should have been 17.7% and not 18.4%.
Enquiries
Jonathan Hall
Egremont Capital Limited
0203 697 9496
