In its Annual General Meeting, German plant-based food company Veganz’s shareholders approved all of the management’s proposed resolutions as part of a strategic realignment of the business.

Approximately 57.6% of the share capital was represented, with a ‘large majority’ approving the restructuring measures at the meeting, Veganz said in a statement.

These measures include the spin-off of the Mililk, Happy Cheeze, Peas on Earth and Veganz divisions into separate subsidiaries. This aims to create the basis for a ‘clear focus as an innovative technology investment company’ and is expected to support further international growth for the business.

Additionally, Veganz Group – which will remain the majority owner of all subsidiaries – will be renamed Planethic Group. Within this new structure, the group will be able to invest in and incubate innovative sustainable food solutions.

Following the €30 million sale of its vertical farming business OrbiFarm this summer, Veganz is opening up Mililk Food Tech – its food-tech subsidiary with an initial focus on milk alternatives – to investors.

This planned capital injection aims to convert the international demand for Mililk technology into profitable sales more quickly by establishing production sites around the world.

Jan Bredack, CEO and founder of Veganz, said: “With the measures decided today, we are laying the foundation for accelerated growth. The new holding structure and capital measures increase our strategic flexibility, improve the liquidity of our shares, and open up significant value enhancement potential for our shareholders.”

Earlier this month, Bredack announced he will be stepping down at the end of September to head up OrbiFarm as managing director. Rayan Tegtmeier will succeed him in the role.

Top image: © Veganz