Plans for a new executive pay scheme at Financial Planning firm and takeover target Tavistock have fallen through after shareholders failed to support the move.
As a result, a company general meeting planned for today has been cancelled.
The company said that only 66.4% of shareholders voted in favour of the scheme, below the 75% threshold needed.
Some 33.6% of shareholders cast their votes against the scheme.
The company has separately found itself a takeover target from new AIM-listed company TEAM plc but has rebuffed the offer. The company said today that the unwelcome TEAM approach was supported by “small grouping of former employees and disaffected shareholders.”
Tavistock wanted to revamp its executive incentive scheme to reduce the reliance on share options and said the revamped scheme would help boost profits. It previously said the share option scheme was “no longer fit for purpose.”
By the voting cut