Virgata Group has secured a decisive victory at Plaza Centres plc after shareholders approved both of the extraordinary resolutions put forward at Thursday’s Extraordinary General Meeting, paving the way for significant governance and capital structure changes at the Sliema commercial centre.

The meeting was convened following an earlier EGM held in April, where the resolutions had obtained more than 75 per cent support from shareholders present but failed to satisfy the second threshold required under the company’s articles of association.

At Thursday’s meeting, shareholders approved both the proposal to amend the company’s board structure and the authorisation for a share buyback programme.

Under the approved changes, the Board of Directors will consist of five members if three or fewer directors are appointed by qualifying shareholders, and seven members if four or more are appointed.

Shareholders also approved an 18-month authorisation allowing the company to repurchase up to 2.4 million shares at prices ranging between €0.75 and €0.95 per share, with the repurchased shares to be cancelled.

The resolutions passed comfortably after more than 50 per cent of the company’s issued share capital was represented at the meeting, meaning only a simple majority was required for approval under the company’s articles.

Resolution one received support from 83.08 per cent of represented shares, while resolution two obtained 82.81 per cent backing.

Virgata Founder Jordi Goetstouwers Odena said the company is "clearly pleased" with the result. 

He added that "the next milestone is the AGM in June, where the shareholders will decide who will fill that now reduced number of director positions."

The outcome marks another major step in Virgata Group’s increasingly influential role at Plaza Centres after becoming the company’s largest shareholder through the acquisition of a 31.4 per cent stake from MAPFRE MSV Life, combined with its existing holding.

Mr Goetstouwers Odena had previously argued that the proposals would strengthen capital allocation discipline, improve liquidity for smaller shareholders, and narrow the gap between Plaza Centres’ intrinsic value and its market valuation.

Meanwhile, Plaza Centres’ Board had opposed the proposals ahead of the initial EGM, warning against altering what it described as a balanced governance structure and arguing that a share buyback would weaken the company’s balance sheet for limited gains.

However, Thursday’s result confirms strong shareholder backing for Virgata’s proposed direction and represents a significant shift in the balance of influence at the company.