The board said four resolutions saw votes of more than 20% against them, including the re-appointment of the auditor KMPG, directors' remuneration, the re-election of three directors and the provision of share buyback authority.
KMPG has been Crystal Amber's auditor since its listing in 2008, which could trigger independence concerns. According to the shareholder registry, activist investor Saba Capital owns over 25% of the company.
Crystal Amber reinstates management fee post-2023 and alters investment agreement
In a stock exchange notice, the board said it was committed to "continuing an open dialogue with the company's shareholders".
"The board will continue to seek to engage with those shareholders who are understood to have voted against the resolutions to understand their views or any specific concerns. The board will update shareholders on this and actions taken within six months."
Crystal Amber pledges 'substantial return of capital' following Hurricane Energy sale
At the end of October, the fund reinstated its management fee for 2024 and beyond, as the activist investment trust expected to require management of the portfolio longer than it had previously expected.
Following its failed continuation vote on 22 December 2021, the board decided to return capital to investors via timely disposals. The move was confirmed at an extraordinary general meeting on 7 March 2022.