Stifel said investors have handed Foresight Environmental Infrastructure (LSE:FGEN) a “strong mandate” to press ahead with its strategy after 94% voted in favour of continuation at the company’s annual meeting.
Turnout was 59%, with only 6.2% backing discontinuation.
Analyst Iain Scouller noted that the result reflected a recognition among shareholders that now is not the time for a fire-sale of assets in the renewable energy and infrastructure sector.
He pointed to comments from peer Foresight Solar that it remains a “buyers’ market”, making disposals unattractive.
The broker also welcomed a change to the voting process from next year, when the resolution will be worded as a vote for continuation rather than against discontinuation.
Stifel said this should make the process clearer and help avoid mistakes, an issue that has cropped up at other companies in recent years.
The shares were down 1% at 71.24p.