Shareholders at a Cheshire company have staged a revolt against plans to allow directors to dilute their stakes without their approval.
Wilmslow-based hydraulics business Flowtech Fluidpower had been seeking approval at its AGM to allow its directors to allot shares in the company without first offering them to existing shareholders on a pro-rata basis.
The main function of pre-emption rights is to help protect a shareholders' proportion of voting and other rights in a company from being diluted without their consent.
