Avita Medical Limited
(ASX:AVH) – the company developing a spray on skin treatment – may receive a first strike against it when shareholders meet on Friday.
Avita’s two biggest shareholders have announced they will vote against the biotech’s remuneration report, due to concerns over the pay of chief executive Bill Dolphin and the performance of the company.
A strike will be recorded if more than 25 per cent of shares are voted against the remuneration report.
Combined, Australian Ethical Investment Limited
(ASX:AEF)and Bioscience managers control almost 28 per cent of Avita stock.
If the company records a second strike next year, it must ask shareholders if they wish to spill the board.
Avita Medical posted a net loss of $8 million in fiscal 2013.
