Arcturus Therapeutics Founder Joseph Payne Welcomes Court Decision to Set Date and Agenda of Extraordinary General Meeting t...
14 Mayo 2018 - 2:05PM
Joseph Payne, Founder and largest shareholder of Arcturus
Therapeutics Ltd. (NASDAQ:ARCT) (“Arcturus” or the “Company”),
owning approximately 13.7% of the issued and outstanding shares,
yesterday welcomed the Israeli Court’s (the “Court”) decision to
uphold shareholders’ rights by sanctioning an Extraordinary General
Meeting (“EGM”) of shareholders for this June.
“We are very pleased that the Court has put an end to the
Company’s multiple attempts to prevent shareholders from exercising
their fundamental right to vote their shares,” said Mr. Payne. “The
current Board of Directors’ ongoing entrenchment tactics and
never-ending, frivolous litigation has been costly and
wasteful. Shareholders look forward to finally replacing this
self-motivated, wasteful Board and bringing positive change to
Arcturus.”
Mr. Payne requisitioned an EGM in February for the purpose of
revitalizing the Company with a new Board of highly qualified
independent and experienced nominees — Peter Farrell, Andrew
Sassine, James Barlow and Magda Marquet. However, after
originally scheduling the EGM for May 7, 2018, Arcturus’ current
Board of Directors (the “Board”) ignored its fiduciary duty and
legal obligation to hold the EGM and instead announced it would
postpone the shareholder vote indefinitely.
The Court ruled:
- The summons for the EGM is to be sent out by the Company before
May 20, 2018
- The EGM is to be scheduled within 35 days of the summons being
sent out
“With the Court sanctioning this meeting, we are now just weeks
away from putting an end to the value destruction that shareholders
have experienced and look forward with renewed commitment to an
exciting R&D pipeline supported by a talented new board with
the requisite experience, track record, and desire to propel
Arcturus into a multibillion dollar company,” added Mr. Payne.
In the meantime, Mr. Payne calls upon the current Board to act
in accordance with their fiduciary duties and manage the affairs of
the company in good faith until the EGM is held. Mr. Payne
further urges the Board to refrain from further expenditures and
last ditch reckless actions, such as the several that they have
attempted to take over the last few months, solely for the purpose
of entrenching themselves against the wishes and best interests of
the shareholders. Mr. Payne noted, “Despite attempts of the
Board to the contrary, the future is now clear to shareholders —
change is on the way and a better performing Arcturus is just
around the corner.”
Mr. Payne will be providing shareholders with proxy materials in
due course. Shareholders are urged not to vote any proxy
until they have received and reviewed materials from Mr. Payne.
ADVISORSKingsdale Advisors is acting as
strategic shareholder and communications advisor to Mr. Payne.
For further information: Ian RobertsonExecutive
Vice PresidentCommunication StrategyKingsdale AdvisorsDirect:
646-651-1640Cell: 647-621-2646Email:
irobertson@kingsdaleadvisors.com
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