RSM Tenon shareholders agree exchange switch
Shareholders vote in favour of firm dropping to ordinary listing – ironically, to allow it to do deals without shareholder approval
SHAREHOLDERS HAVE VOTED for RSM Tenon to transfer its premium stock exchange listing to an ordinary listing.
At the EGM vote, 97% were in favour of the move. Quitting the premium listing gives the firm more leeway when undertaking transactions. Effectively, deals would not require shareholder approval before completion and should be quicker and cheaper.
It was a busy day for the firm. It also announced the appointment of David Jeffcoat (pictured) as a non-executive director and chairman of its audit committee.
CIMA-qualified Jeffcoat is a former finance director of Ultra Electronic Holdings between 2000 and 2009. He also held senior financial roles at Smiths Group, Glaxo and Johnston Group.
From November 2010 until April 2011, he served as a non-executive with Zenergy Power.
Its share price currently stands at 6.5p, up from 6.1p from yesterday morning.