For-sale Runcorn nano-material firm Nanoco Group plc confirmed that at a General Meeting, neither of the resolutions proposed by activist investor Milkwood Fund were passed.

Milkwood proposed the appointment of Rhys Drennan Summerton and Andre Charles Tonkin as directors of Nanoco.

Shareholders overwhelmingly rejected Milkwood’s proposals by 95% and 97.7% respectively.

Nanoco recently appointed Dmitry Shashkov as chief executive officer and put its trading business and intellectual property up for sale after the loss of a major customer prompted a strategic review.

“The Board is grateful for the support of shareholders with respect to the Requisition and their endorsement of the strategy set out in the Circular (and preceding announcements),” said Nanoco

“The Board has engaged in constructive dialogue with Milkwood during the period leading up to and during this Requisition and is making efforts to ensure a constructive relationship is maintained with the Company’s largest shareholder in the future.

“The Board is very mindful of its responsibilities to all shareholders, as well as the Company’s wider stakeholders.

Christopher Richards, Non-Executive Chairman of Nanoco, said: “I would like to thank shareholders again for voting. We see this support for our recommendations also as a sign of confidence in the Group’s Board and strategy.

“It is regrettable that this Requisition has led the Company to incur costs and not inconsiderable distraction.

“Our focus is now on supporting Dmitry, as our new CEO, in executing on our plan and, as and when appropriate, returning value to all of our shareholders, Milkwood included. 

“We look forward to providing more updates as we progress.”