Company: IMCR
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001140361-25-010035
Chunk: 34

Company: Immunocore Holdings plc
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 34
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 connection with acquisitions, other than in public offerings for cash, when the number of shares to be issued is or will be equal to or in excess of 20% of the number of our ordinary shares outstanding before the issuance. With limited exceptions, we must also seek shareholder approval of our equity compensation plans, including material revisions of such plans. We understand that certain proxy advisory firms historically applied their U.K. voting guidelines in formulating their voting recommendations on share issuance authorization for U.S.-listed U.K.-incorporated companies, meaning that they have applied or otherwise taken into account the market practice for companies whose share capital is listed on the London Stock Exchange in formulating their voting recommendations on share issuance authorization for U.K.-incorporated companies, even if their shares are not listed on the London Stock Exchange (or any other U.K. exchange), and that ISS currently has separate policies that apply for cross-market companies listed solely in the United States which would require a lower limit that would need to be renewed annually. For all of the reasons stated above, we respectfully disagree with this approach. We also understand that some U.K.-incorporated companies that are listed solely on U.S. stock exchanges have followed the market practice for companies whose share capital is listed on the London Stock Exchange with respect to their own share issuance authorization. However, those companies may have business and growth strategies that differ from ours or may have different approaches for creating shareholder value. In summary, because resolutions 12 and 13 are fully compliant with English corporate law, consistent with U.S. capital markets practice and governance standards, and, if approved, will keep us on an equal footing with our peer companies who are incorporated and listed in the United States, we believe it is necessary to seek the broad authority to issue new shares or grant Share Rights on a non-pre-emptive basis as is contemplated by resolutions 12 and 13. 24

TABLE OF CONTENTS

Summary Resolutions 12 and 13, if approved, will maintain the status quo and provide our board of directors with continued flexibility to issue shares, subject to the shareholder approval and other requirements of Nasdaq and the SEC. The approval of the share issuance authorization, as proposed:

| • | will not exempt us from any Nasdaq corporate governance or other requirements, including those limiting the issuance of shares; |

| • | will keep us on an equal footing with our peer companies who are incorporated and listed in the United States, while also fully complying with English law; and |

| • | is