Zarlink Semiconductor won a major victory over a group of dissident shareholders at the company's annual general meeting Wednesday, with 60 per cent of shareholders supporting the company's current board of directors.
Zarlink's share value on the Toronto Stock Exchange, which began the day at around 90 cents, dropped throughout the morning and early afternoon and sat at 82 cents by 1:50 p.m. Wednesday.
Reports have also surfaced that the dissident shareholder group, who forced the proxy vote early this month after demanding CEO Kirk Mandy step down, have voiced concerns over apparent "irregularities" in the proxy voting process. The dissidents claimed that these irregularities put them at a disadvantage during the proxy fight.
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