Nasdaq-listed Gateshead company Sevcon, which makes components for low carbon vehicles, said none of the director candidates nominated by “dissident” director Ryan Morris and his firm Meson Capital were elected at its 2017 annual meeting of stockholders.
“In the election at this meeting, all director candidates nominated by the company’s board of directors were re-elected and consequently the composition of the board will remain unchanged,” said Sevcon in a statement.
Sevcon CEO Matt Boyle said: “We are pleased to put the unfortunate distraction of the recent proxy contest behind us and focus our energy on positioning the company to take full advantage of the market opportunities ahead.
“We are grateful for the reaffirmation from our stockholders that we — and not the dissident’s slate of directors — are best positioned to optimize the value of their investment in our company.”
Sevcon recently told shareholders that Morris had nominated himself and three other individuals as directors “in an effort to take effective control of your board.”
The company called Morris “a disruptive and self-interested director who was removed from his position as executive chairman after only four months by the unanimous vote of the rest of your board.”