Result of AGM and Change of Name

RNS Number : 2621V

Advance Developing Markets Fund Ltd

14 April 2016

 

Aberdeen Emerging Markets Investment Company Limited (formerly Advance Developing Markets Fund Limited) (the "Company")

Result of AGM and Change of Name

The Board of the Company announces that at the Company's Annual General Meeting held earlier today all the resolutions were passed.

A summary of the resolutions and the proxy voting figures received in advance of the meeting are shown below:

		For		Discretionary		Against		Withheld
Resolution		Votes	%	Votes	%	Votes	%
1	To receive and adopt the financial statements for the year ended 31 October 2015, with the reports of the directors and auditors thereon.	43,126,353	95.97	0	0	1,811,981	4.03	0
2	To approve the Directors' Remuneration Report for the year ended 31 October 2015.	42,341,937	94.26	0	0	2,578,097	5.74	18,300
3	To re-elect William Collins as a director of the Company.	44,923,908	99.97	6,279	0.01	8,147	0.02	0
4	To re-elect Mark Hadsley-Chaplin as a director of the Company.	36,243,248	80.79	6,279	0.01	8,614,153	19.2	74,654
5	To re-elect John Hawkins as a director of the Company.	33,665,151	75.04	0	0	11,198,529	24.96	74,654
6	To re-elect Terence Mahony as a director of the Company.	26,723,800	59.47	0	0	18,214,534	40.53	0
7	To re-appoint KPMG Channel Islands Limited as auditor to the Company.	43,126,353	100	0	0	0	0	1,811,981
8	To authorise the directors to determine KPMG Channel Islands Limited's remuneration as auditor of the Company.	44,938,334	100	0	0	0	0	0
9	To give the Company authority to purchase its own shares.	44,938,334	100	0	0	0	0	0
10	To approve that the Company's name be changed to Aberdeen Emerging Markets Investment Company Limited.	44,938,334	100	0	0	0	0	0

At the time of the above meeting the Company's share capital consisted of 51,926,229 ordinary shares with voting rights and a further 2,692,278 ordinary shares held in treasury.

The Board is pleased that shareholders have approved all resolutions proposed at the AGM.  While it notes the number of votes against the re-election of certain Directors, the Board is aware that these votes arose principally due to independence issues arising as a result of the acquisition of Advance Emerging Capital Limited by Aberdeen Asset Management PLC ("Aberdeen") in December 2015. The Board is currently conducting a review of its composition and will notify shareholders of the results of that review in due course.

The Board also announces that Mr John Hawkins remains as a Director of the Company but has stepped down from his position as Deputy Chairman with immediate effect.

Change of Name

It is expected that the change of name to Aberdeen Emerging Markets Investment Company Limited will be made effective by the Guernsey Registry by Friday 15 April 2016 and that the Company's TIDM ("ticker") will change to AEMC with effect from 8.00am on Monday 18 April 2016. The ISIN and SEDOL numbers will not change. Existing share certificates remain valid and certificates in the new name will only be issued as required.

Enquiries:

Aberdeen Emerging Capital Limited (Investment Manager to Aberdeen Emerging Markets Investment Company Limited)

Andrew Lister / Bernard Moody   Tel: [phone]           

Lisa Garnham

Tel: [phone]

Orangefield Legis Fund Services Limited

Company Secretary to Aberdeen Emerging Markets Investment Company Limited

14 April 2016

END

 

END

 

 

RAGEALLLFSDKEFF