UrtheCast Shareholders Endorse the New Board

         By Chuck Black

Vancouver BC based UrtheCast has reported that all resolutions put forward at its June 25th, 2018 annual general and special meeting (AGM) were passed with strong, but not universal, support from UrtheCast shareholders.

Graphic c/o UrtheCast.

As outlined in the June 25th, 2018 UrtheCast press release, "UrtheCast Corp. Announces Results of Annual General and Special Meeting of Shareholders," those resolutions included:

• The election of four new and two returning directors.

• An amendment to increase the number of permitted directors who are not Canadian residents to 75% in accordance with the residency requirements of the Business Corporations Act (Ontario). 

• The appointment of PricewaterhouseCoopers LLP (PwC) as corporate auditor.

Based on proxies received in advance and voted at the meeting, 44,081,427 common shares of UrtheCast, representing 36.3% of the issued and outstanding common shares were voted. This is an increase from 22% of issued and outstanding common shares voted at last year’s annual meeting.

The new board members include:

• Mark Piegza, a US based investment banker, who also co-founded and acts as CFO and director of Dulles VA based US Space LLC (with 86.23% of the voted shares in favor of his election).

• Adam Vore, another US based investment banker, currently acting as the managing director of Seaport Global Securities (86.26% in favor).

• Andreas Georghiou, a well respected US based satellite industry executive (83.43% in favor).

• John (Jack) Shannon, a New York attorney who for the past 14 years was a managing director and head of compliance for investment banking and capital markets at NY NY based Bank of America Merrill Lynch (83.42% in favor).

As outlined in the June 1st, 2018 post, "UrtheCast Receives a Vote of Confidence from American Investors," the new additions are believed to have been critical for putting together the funding of the UrtheDaily™ constellation.

Their appointment to the board is considered by the broader investment community to be "a vote of confidence" on UrtheCast's future prospects, according to sources.

The new directors will join former Canadian Space Agency (CSA) president William "Mac" Evans, who's been a director since June, 2013 (75.38% in favor) and James Topham, an accountant with Vancouver BC based KPMG, who's been a director since May, 2015 and also chairs the UrtheCast audit committee (75.39% in favor).

As outlined in the June 22nd, 2018 post, "New UrtheCast CEO Don Osborne Belongs to a "Secret Society," UrtheCast appointed a new CEO last week.

Chuck Black.

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Chuck Black is the editor of the Commercial Space blog.