Result of Annual General Meeting Held on 23 June 2020

Rhea-AI Summary

GigaMedia Limited (NASDAQ: GIGM) announced that all resolutions were passed at its Annual General Meeting (AGM) on June 23, 2020. The results included:

• Adoption of audited financial statements: 99.03% in favor
• Approval of auditors: 98.75% in favor
• Approval of Directors' remuneration: 98.45% in favor
• Authority to allot and issue shares: 98.09% in favor
• Share purchase mandate: 98.14% in favor

This demonstrates strong shareholder support for the company's proposed initiatives.

Positive

• All AGM resolutions passed with significant majority votes, indicating strong shareholder support.
• Majority support for the appointment of auditors and approval of financial statements, enhancing corporate governance.

Negative

• None.

News Market Reaction – GIGM

-5.28%

-5.28% Session move

In the trading session that priced this news, GIGM declined 5.28%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

TAIPEI, June 23, 2020 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM), a digital entertainment services provider, wishes to announce that at the Annual General Meeting ("AGM") of the Company held on 23 June 2020, all resolutions relating to the matters set out in the Notice of AGM dated 22 May 2020 were duly passed.

Poll Results

The results of the poll in respect of each of the resolutions put to vote at the AGM, as confirmed by scrutineer for the poll at the AGM, are as follow:

Resolution 1 - Adoption of audited financial statements

FOR	AGAINST	ABSTAIN
No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM
4,848,277	99.03	29,650	0.61	17,637	0.36

Resolution 2 - Approval of appointment of auditors

FOR	AGAINST	ABSTAIN
No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM
7,804,660	98.75	57,008	0.72	41,925	0.53

Resolution 3 - Approval of Directors' remuneration

FOR	AGAINST	ABSTAIN
No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM
4,819,731	98.45	61,465	1.26	14,368	0.29

Resolution 4 - Approval for authority to allot and issue shares

FOR	AGAINST	ABSTAIN
No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM
4,802,094	98.09	75,877	1.55	17,593	0.36

Resolution 5 - Approval for share purchase mandate

FOR	AGAINST	ABSTAIN
No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM	No. of votes	% of total votes exercised at AGM
4,804,600	98.14	84,702	1.73	6,262	0.13

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia's digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.

The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. GigaMedia cautions readers that forward-looking statements are based on the company's current expectations and involve a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Information as to certain factors that could cause actual results to vary can be found in GigaMedia's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission in April 2020.

View original content:http://www.prnewswire.com/news-releases/result-of-annual-general-meeting-held-on-23-june-2020-301082504.html

SOURCE GigaMedia Limited

FAQ

What were the results of GigaMedia's AGM held on June 23, 2020?

All resolutions were passed at GigaMedia's AGM on June 23, 2020, with significant majorities in favor.

How did shareholders vote on the adoption of audited financial statements at GigaMedia's AGM?

Shareholders voted 99.03% in favor of adopting the audited financial statements.

What percentage of votes approved the appointment of auditors at GigaMedia's AGM?

The appointment of auditors was approved by 98.75% of the votes.

What was the shareholder support for Directors' remuneration at GigaMedia's AGM?

Directors' remuneration received 98.45% support from shareholders.

Did GigaMedia receive approval for share allotment and issuance at the AGM?

Yes, GigaMedia received 98.09% approval for the authority to allot and issue shares.

What was the outcome for the share purchase mandate at GigaMedia's AGM?

The share purchase mandate was approved with 98.14% of shareholder votes.