It seems OCT are going down the road of MedMen & CannTrust.
Here’s the latest drama
GAVIN Sathianathan, a founder member of Oxford Cannabinoid Technologies (OCT), published a bombshell letter to fellow investors last week laying bare the numerous reasons behind his call for the company’s board to be replaced.
The six-page document details what Mr Sathianathan describes as a ‘series of regulatory and governance failings’ for which he believes ‘sweeping changes’ need to be made in order to rectify.
It came after he called for a general meeting, understood to be taking place on April 6 2022, for shareholders to vote on the removal of six of OCT’s current board members and replaced by three new candidates.
In an RNS published on Friday March 11, a day after the letter was made public, OCT said it was ‘already in receipt of irrevocable undertakings’ from 46.5% of shareholders to vote against these proposals.
With around 30% of the entire company’s shares represented by co-founder Neil Mahapatra and early stage investors Imperial Brands, both of which stand to lose their seat on the company’s board, Mr Sathianathan says ‘there are other shareholders who would like to make clear their grievances and offer their constructive support to the Company’.
OCT are expected to publish a formal reply to this letter, which has now been removed from the public domain, in the coming days.
Read on at BusinessCann
