CAT takes pre-emption rights issue to shareholders.

Cambridge Antibody Technology (CAT) is hoping to pass a controversial pre-emption rights resolution at this week's annual general meeting (AGM) following a Government review of the process last year.

CAT is seeking an authority at its meeting this Friday to allow the board to issue up to 10 per cent of new capital without first offering the shares to existing holders. Current guidelines limit non-pre- emptive share issues to five per cent in one year.

Last year's report by Marks & Spencer chairman Paul Myners was in favour of keeping the concept of pre-emption but said a rigid interpretation on share issuance was not working and encouraged a more flexible …