Van Elle suffers shareholder revolt at AGM

Van Elle, the listed Nottinghamshire piling giant, has been on the end of the shareholder backlash at its AGM.

Some 40% of shareholders voted against approving directors’ pay, while the re-election of David Hurcomb as a director saw over 30% of shareholders’ votes against the motion.

Meanwhile, a series of motions aimed issuing new shares to fund acquisitions were voted down.

The news will come as a blow to new Van Elle chief executive Mark Cutler, who took up the role in August and is the latest in a series of battles between the board and shareholders.

A statement issued by the board said: “These resolutions relate to the company’s ability to issue new shares in certain circumstances, for example to fund acquisitions or other material capital investments.

“While the board is disappointed that these resolutions have not been passed, it will actively engage with the dissenting shareholders so as to determine at what point they should be‎ re-presented for approval.”