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Report of Voting Results Submitted Pursuant to Section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations In accordance with Section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligati

Thursday, November 14, 2024 2 min read
Key Takeaway: ImmunoPrecise Antibodies Ltd. held its annual general meeting on November 14, 2024, where shareholders voted on various matters. Most director nominees were approved with significant majority support, although Barry A. Springer did not meet the majority requirement, leading to his resignation. Additionally, Grant Thornton LLP was reappointed as auditors, receiving strong backing. The board will consider Springer's resignation and announce its decision within 90 days.

Market Sentiment Analysis

POSITIVE FACTORS

  • The election results indicate a healthy majority for most director nominees.
  • Grant Thornton LLP was reappointed as auditors with significant support.
  • Management's transparent approach to governance is evident, as seen in Barry A. Springer's resignation.

CONCERNS & RISKS

  • Barry A. Springer failed to achieve the required majority and submitted his resignation.
  • Some directors received over 30% votes withheld, indicating shareholder dissatisfaction.
  • The upcoming decision on Springer's resignation may create uncertainty.

Full Press Release Details

Report of Voting Results
Submitted Pursuant to
Section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations
In accordance with Section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations, this report describes the matters voted upon and the outcome of the votes at the annual general meeting of shareholders of ImmunoPrecise Antibodies Ltd. (the Corporation ) held on November 14, 2024, via live webcast (the Meeting ). Each of the matters is described in greater detail in the Corporation's management information circular dated October 14, 2024 (the Circular ).
(a)The number of directors was set at four. The following are the voting results on this matter:
FOR % FOR AGAINST % AGAINST
Number of Directors 10,999,231 81.01% 2,578,940 18.99%
(b)In the Circular, management of the Corporation proposed four nominees for election as directors of the Corporation for the ensuing year or until their successors are duly elected or appointed. The Corporation's majority voting policy stipulates that any director nominee who receives more votes withheld than in favor must tender their resignation to the board. In this instance, Barry A. Springer did not achieve the required majority and, in accordance with the policy, submitted his resignation following the meeting. The board is now considering this resignation and will announce its decision within 90 days of the resignation, as per the company's governance guidelines. The following are the voting results on this matter:
FOR % FOR WITHHELD % WITHHELD
Jennifer L. Bath 7,841,725 66.87% 3,885,466 33.13%
Chris Buyse 9,251,399 78.89% 2,475,791 21.11%
Barry A. Springer 5,850,192 49.89% 5,876,998 50.11%
Dirk Witters 8,528,076 72.72% 3,199,114 27.28%
(c)Grant Thornton LLP was reappointed as the Corporation's auditors and the directors were authorized to fix the remuneration to be paid to the auditors. The following are the voting results on this matter:
FOR % FOR WITHHELD % WITHHELD
Reappointment of Auditors 12,184,321 89.73% 1,393,851 10.27%
Dated this 15th day of November 2024.
IMMUNOPRECISE ANTIBODIES LTD.
By: /s/ Kristin Taylor
Name: Kristin Taylor
Title: Chief Financial Officer

Frequently Asked Questions

What was the outcome for the number of directors?

The number of directors was set at four, with 81.01% voting in favor.

What happened to Barry A. Springer's nomination?

Barry A. Springer did not receive a majority and resigned as per policy.

Who were reappointed as auditors for the Corporation?

Grant Thornton LLP was reappointed as the Corporation's auditors.

What percentage voted for the auditors' reappointment?

89.73% of votes were in favor of reappointing Grant Thornton LLP.

When was the annual general meeting held?

The annual general meeting was held on November 14, 2024.

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Last updated: Nov 14, 2024