MREO - Mereo cites 'deficiencies' in investor Rubric's letter seeking general meeting removal of directors

Mereo BioPharma ( NASDAQ: MREO ) said a notice sent by its shareholder Rubric Capital Management asking for shareholders' meeting to proposed to remove four Mereo directors and replace them with Rubric's nominees had certain deficiencies.

Mereo said in a letter that Rubric's notice does not satisfy the requirements of the Companies Act 2006 to requisition a general meeting.

The company added that its solicitors were ready to discuss the deficiencies in Rubric's letter and potential means to correct them at the firm's convenience.

On Aug. 19, Rubric — which claims to be the largest shareholder of Mereo holding ~14.32% stake — sent a letter to Mereo asking to hold a general meeting of the company within 21 days to  consider the removal of directors Peter Fellner, Anders Ekblom, Deepika Pakianathan, and Michael Wyzga and to appoint Annalisa Jenkins, Daniel Shames, Marc Yoskowitz, and Justin Roberts as directors with immediate effect.

Rubric had said that Mereo's current board did not respond to a June 14 letter — which outlined a low-risk strategy to unlock value and preserve cash — sent by the firm and failed to engage with it over the last two months.

MREO -0.83% to $1.20 premarket Aug. 22

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