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By Ian Walker
Shares of tinyBuild rose 16% on Friday after the company said that the resolution seeking approval for Chief Executive Alex Nichiporchik to increase his shareholding up to 45% without having to make a full offer for the company was rejected by independent shareholders at the annual general meeting on Thursday.
Shares at 0816 GMT were up 1.20 pence at 8.50 pence.
In the AGM notice sent out to shareholders, the London-listed videogame publisher and developer said that Nichiporchik and concert parties don’t currently plan to buy any more of the company’s stock. However the board believes that it is in the company’s and shareholders’ best interest for him to do so if the opportunities were presented.
Nichiporchik, who is also tinyBuild’s founder, currently owns 37.8% of the company’s issued share capital, according to its 2022 annual report.
All other resolutions put forward at the meeting were approved.
Write to Ian Walker at [email protected]
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