The discrepancy originated on June 1, when registrar Computershare updated the meeting’s voting record deadline via the CREST system. This shift triggered a new ballot, effectively nullifying votes previously cast through ProxyVote. VN Capital, which holds approximately 12.3% of the company’s common shares, was never notified that its 6.3 million votes were discarded, leaving the firm unable to resubmit them before the final tally.

Accounting for an additional 1.9 million affected shares, VN Capital suggests the actual outcome of the meeting would have been a significant defeat for the board across all seven proposed resolutions. Under this adjusted count, motions including the ratification of the annual report and the re-election of directors such as Lawrence Horsch and Thomas Anderson would have faced overwhelming rejection. James Vanasek, principal at VN Capital, characterized the suppressed opposition as a clear indicator of waning shareholder confidence in the company’s M&A strategy and capital allocation. He urged the board to pursue immediate governance reforms and appoint new leadership to address the deepening rift between the company and its investors.