May 24, 2012 / 8:54 AM / 6 years ago

QLT postpones agm as proxy battle looms

(Reuters) - Canadian pharmaceutical firm QLT Inc QLT.TO postponed its annual general meeting after receiving a raft of late director nominations from a group of institutional investors it believes is looking to gain control of the company.

QLT said its second-largest shareholder, Denmark-based fund Nordic Biotech Public Equity Komplementar Aps, planned to nominate six new directors at the AGM on Thursday in a move QLT described as disruptive and potentially threatening to its clinical development plans.

QLT said it postponed the meeting to allow time for shareholders to “properly consider their decision” regarding the election of NB Public Equity’s nominees.

“QLT management has spoken to a number of shareholders who are concerned that NB Public Equity has not disclosed its plans for the company,” the company added in a statement.

NB Public Equity, which invests mainly in biopharmaceutical companies, is the second-largest shareholder in QLT with a 15.2 percent stake, according to Thomson Reuters data.

QLT’s proxy administrator, Computershare, had earlier informed the company that it has also received legal proxies representing an additional 2.5 million common shares voting in support of the NB Public Equity nominees to the QLT board.

Earlier this month, QLT reported a wider quarterly loss on higher research and development costs which rose 30 percent to $12.6 million.

The annual meeting will now be held on June 4.

Reporting by Sakthi Prasad; Editing by Mike Nesbit

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