OncoSil Medical Ltd AGM Results 2023

Company Background

OncoSil Medical, known on the ASX as OSL, recently held its Annual General Meeting with shareholders demonstrating a strong vote of confidence in the proposed resolutions. The AGM, which took place on November 29, 2023, was a decisive event for the healthcare company that specialises in cancer treatment technologies.

Key Points From The AGM

• Shareholders voted in favour of the Remuneration Report with a significant majority, reflecting approval for the company’s executive compensation strategy.
• The election of Dr. Gabriel Liberatore and Mr Douglas Cubbin to the board of directors was also met with high approval, indicating investor confidence in the leadership team’s capability to steer the company’s direction.
• The meeting approved the allocation of performance rights to Mr. Nigel Lange, the company’s CEO and managing director, aligning leadership goals with the interests of shareholders.
• The board’s decision to approve options for Dr. Liberatore and Mr. Cubbin was also met with substantial backing, underscoring a shared vision for the company’s growth.
• The AGM highlighted a significant development with the approval of a 10% placement facility, which will enable OncoSil to strengthen its position for upcoming capital opportunities. This strategic move is anticipated to enhance the company’s financial agility in its pursuit of additional expansion opportunities.
• On the operational front, OncoSil’s leading product, the OncoSilTM device, has been recognised in key international markets and is currently authorised for sale across 34 countries. This device targets a critical need in pancreatic cancer treatment, offering an alternative in a market with few comparable options.

Summary:

AGM results:

1. The Remuneration Report was adopted with 96.03% voting for it and 2.49% against it.
2. Dr. Gabriel Liberatore was elected as a Director with 97.88% votes for and 0.68% against.
3. Mr Douglas Cubbin was elected as a Director with 97.63% votes for and 0.69% against.
4. Performance Rights for CEO and Managing Director Mr Nigel Lange were approved with 96.63% votes for and 1.88% against.
5. Options to Non-Executive Director Dr Gabriel Liberatore approved with 96.77% votes for and 1.78% against.
6. Options for Non-Executive Director Mr. Douglas Cubbin were approved with 96.75% votes for and 1.80% against.
7. The 10% Placement Facility was approved with 96.06% votes for and 2.49% against.

The AGM results indicate a consistent level of backing for OncoSil Medical’s strategic approach and operational performance. With the solid endorsements received, the company remains steadfast in its pursuit of opportunities within the healthcare sector, strategically focused on making substantial contributions to the field of cancer treatment solutions. The strong support from shareholders at the AGM can be seen as a promising sign of OncoSil’s future prospects and overall operational strength.