Results of General Meeting of Shareholders Held February 22, 2018

Parnell Pharmaceuticals Holdings Ltd

Parnell Pharmaceuticals Holdings Ltd (OTC: PARNF), a fully integrated, commercial-stage pharmaceutical company focused on developing, manufacturing and marketing innovative animal health solutions, today announced the results of the resolution presented at its General Meeting of Shareholders held 22nd February 2018 (Australian Eastern Standard Time).

Submission of Matters to a Vote of Shareholders

On February 22, 2018 (AEST), the Company held a General Meeting of Shareholders (GM). The resolution subject to a vote at the GM was described in detail in the Company's Notice of General Meeting and Explanatory Memorandum dated January 11, 2018.

The purpose of the meeting was for shareholders to consider and vote on a resolution for the removal of Dr. Alan Bell, Executive Chairman, as a director of the Company. This meeting was called by the Board of Directors, upon receipt of a notice from Robert Thomas Joseph, former Chief Executive and Director of the Company. The Directors (with Alan Bell abstaining) unanimously recommended that Shareholders vote against the resolution.

The total number of shares voted by shareholders on the resolution was 9,694,898 shares, which equated to 53.78% of the total number of shares outstanding. As such a majority of shareholders constituted a quorum for the GM.

The proxy count on the resolution was reported to the meeting as follows:










The Chairman declared that a vote would be taken and declared the resolution lost by a count of proxy votes.

There being no further business, the Chairman declared the meeting closed.

Source: Parnell Pharmaceuticals Holdings Ltd