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InnovaDerma PLC (LON:IDP) said the search for a new chief executive is progressing very well.
Kieran Callan stepped down in August and was replaced by Joe Bayer, who has been serving both as interim boss and executive chairman.
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The developer of beauty, personal care and life science products added that it received a requisition notice from Edale Capital, a shareholder holding in excess of 5% of the total voting capital.
The notice proposed resolutions to be held at the upcoming annual general meeting (AGM) for the re-election of Joseph Bayer and Rodney Turner in line with good corporate governance, as well as the appointment of a new director.
The firm said the best way to proceed is to call a new general meeting to consider these resolutions, having consulted with its advisors.
“So that shareholders can consider these resolutions at the same time as the AGM resolutions, the Board intends to adjourn the upcoming AGM scheduled for 11 November to the same date and time as the new general meeting,” InnovaDerma said in a statement.
“It is expected that the adjourned AGM and the new general meeting will be held in the second half of November. The company is working with its advisors to put in place the procedures to allow this to happen as smoothly as possible. A formal notice of general meeting will be produced and issued as soon as possible,” it continued.
“The board continues to believe that good corporate governance is important to the operation of the company and supports the proposal to have all directors stand for re-election. The board is also in the process of interviewing the new director and carrying out normal due diligence on the individual. Following this process, the board hopes to be able to make a recommendation to shareholders in favour of the appointment of this director.”
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