Shareholders Led by Blue Ocean Announce Successful Results of Extraordinary General Meeting of Global Cord Blood Corporation

Rhea-AI Summary

Blue Ocean Structure Investment Company Ltd. and shareholders owning over 75% of Global Cord Blood Corporation announced the successful approval of all resolutions at the Extraordinary General Meeting. A total of 104,369,577 shares voted, representing 85.86% of outstanding shares. Key resolutions included the removal of seven directors and the election of five new directors. Shareholders also rejected the proposed acquisition of Cellenkos, Inc., and amended the Articles of Association to eliminate a staggered board. The outcome reflects a strong shareholder mandate for growth and value creation.

Positive

• Shareholders representing 85.86% approved all resolutions at the EGM.
• Removal of underperforming directors enables new leadership.
• Rejection of Cellenkos acquisition allows focus on growth strategy.
• Amendments to Articles of Association enhance shareholder protection.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Blue Ocean Structure Investment Company Ltd., (“Blue Ocean”) and shareholders representing over 75% of the outstanding shares of Global Cord Blood Corporation (the “Company” or “Global Cord”) (NYSE: CO) today announced the successful approval of all resolutions at the Global Cord Extraordinary General Meeting of Shareholders (“EGM”) held today. 104,369,577 shares out of 121,551,075 total outstanding shares of Global Cord voted in the EGM, which represents 85.86 percent of all outstanding shares.

The resolutions passed by the shareholders at the EGM are as follows:

1. The removal of the following directors from office of the Company: Ting Zheng, Albert Chen, Mark D. Chen, Jack Chow, Dr. Ken Lu, Jennifer J. Weng and Jacky Cheng;
2. the election of the following five nominees as directors of the Company: Lingyun Zhai, Guojun Liu, Yang Wang, Shi’an Liu and Michael S. Weiss;
3. the Company refrain from the proposed acquisition of Cellenkos, Inc. (“Cellenkos”), as described in a Form 6-K filed by the Company on 29 April 2022; and
4. amendments to the Company’s Articles of Association to eliminate the staggered Board of Directors and to provide shareholder protective provisions.

Details of the number of shares voted in person or by proxy on the resolutions was as follows:

Resolution	For		Against		Abstain
	Votes	%	Votes	%	Votes
1. The removal of the following directors from office of the Company: Ting Zheng, Albert Chen, Mark D. Chen, Jack Chow, Dr. Ken Lu, Jennifer J. Weng and Jacky Cheng.	102,200,038 shares	97.92%	2,157,808 shares	2.07%	11,731 shares
2. The election of the following five nominees as directors of the Company: Lingyun Zhai, Guojun Liu, Yang Wang, Shi’an Liu and Michael S. Weiss.	102,154,931 shares	97.88%	2,158,090 shares	2.07%	56,556 shares
3. The Company refrain from the proposed acquisition of Cellenkos, Inc. (“Cellenkos”), as described in a Form 6-K filed by the Company on 29 April 2022.	104,345,365 shares	99.98%	20,996 shares	0.02%	3,216 shares
4. Amendments to the Company’s Articles of Association to eliminate the staggered Board of Directors and to provide shareholder protective provisions.	104,338,679 shares	99.97%	20,791 shares	0.02%	10,107 shares

Blue Ocean thanks its fellow shareholders for their support in achieving this positive outcome today. The actions taken reflect an overwhelming shareholder repudiation of the proposed acquisition of Cellenkos and the total disregard for shareholder perspectives shown by the prior Board and management team. Given the result of the vote, Blue Ocean is confident that Global Cord will now be able to focus its full efforts on executing against its growth strategy while driving long-term sustainable value for all of its shareholders.

The full text of each resolution is contained in the notice of general meeting set out in the Circular, a copy of which is available here: https://www.sec.gov/Archives/edgar/data/1729271/000110465922067866/0001104659-22-067866-index.htm

For more details, please refer to Blue Ocean’s 13D filing at: https://www.sec.gov/Archives/edgar/data/0001729271/000110465922071860/0001104659-22-071860-index.htm

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005926/en/

FTI Consulting

Brad Newman (US)

brad.newman@fticonsulting.com

+12128505736

Source: Blue Ocean Structure Investment Company Ltd.

FAQ

What were the results of the Global Cord Blood Corporation EGM held in June 2022?

All resolutions were approved by shareholders, including the removal of seven directors and rejection of the Cellenkos acquisition.

What changes were made to the board of Global Cord Blood Corporation?

Five new directors were elected, replacing seven previous directors.

How many shares voted at the Global Cord EGM?

104,369,577 shares voted, which totals 85.86% of outstanding shares.

What was the outcome of the proposed acquisition of Cellenkos, Inc.?

Shareholders voted against the proposed acquisition of Cellenkos, Inc.

What amendments were made to the Articles of Association at the Global Cord EGM?

The amendments eliminated the staggered board and included shareholder protective provisions.