Result of AGM

RNS Number : 2360L
Aberdeen New Dawn Invest Trust PLC
04 September 2019
 

 

ABERDEEN NEW DAWN INVESTMENT TRUST PLC

RESULTS OF THE ANNUAL GENERAL MEETING

Legal Entity Identifier:  5493002K00AHWEME3J36

 

At the Annual General Meeting of Aberdeen New Dawn Investment Trust PLC held on 4 September 2019, all resolutions were passed by shareholders. The total number of proxy votes lodged was as follows:

 

Resolution

No of Votes 
For (incl discretionary)

% of Votes For (incl discretionary)

No of Votes  Against

%
of Votes Against

No of Votes Witheld

Total

Votes Cast (Incl Withheld)

1.   Receive Annual Report and Accounts

72,029,923

100.00%

302

0.00%

57,128

72,087,353

2.   Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy)

71,791,587

99.74%

184,259

0.26%

111,507

72,087,353

3.   Approve final dividend

72,034,268

100.00%

302

0.00%

52,783

72,087,353

4.   Elect Donald Workman

71,905,090

99.92%

59,163

0.08%

123,100

72,087,353

5.   Re-elect Susie Rippingall

71,927,520

99.88%

88,831

0.12%

71,002

72,087,353

6.   Re-elect John Lorimer

71,768,275

99.68%

229,480

0.32%

89,597

72,087,352

7.   Re-elect Hugh Young

53,715,454

74.60%

18,288,636

25.40%

83,262

72,087,352

8.   Re-elect Marion Sears

71,081,022

98.76%

894,040

1.24%

112,291

72,087,353

9.   Re-appoint Ernst & Young LLP as Auditor

71,878,736

99.87%

90,803

0.13%

117,814

72,087,353

10.  Authorise the Directors to Determine Auditor's Remuneration

71,951,256

99.91%

63,688

0.09%

72,409

72,087,353

11.  Authorise the Directors to Allot Shares

71,921,836

99.90%

75,180

0.10%

90,337

72,087,353

12.  Approve Disapplication of Pre Emption Rights

71,803,650

99.79%

154,319

0.21%

129,384

72,087,353

13.  Authorise the Company to Purchase its Own Shares

71,882,063

99.83%

122,473

0.17%

82,817

72,087,353

 

The Board has noted that shareholder proxies representing 25.40% of the issued capital voted against the annual re-election of Mr Hugh Young. The vast majority of these shares were voted by one shareholder who is not in favour of a representative of the Manager sitting on the Board.

 

The Board supports the democratic process which saw substantial support from shareholders with proxies representing 74.60% voting in favour of Mr Young's  re-election to the Board.  The Board notes that management representation on the Board is seen by some shareholders as negative due to concerns over conflicts of interest.  However, the Board has a rigorous procedure in place to ensure that only independent Directors are permitted to be present when any matters relating to the Manager are discussed and this process is enforced strictly.

 

The full text of the resolutions can be found in the Notice of the Meeting set out in the Annual Report and Accounts for the year ended 30 April 2019, copies of which are available on the Company's website, www.newdawn-trust.co.uk*. The Annual Report has been submitted to the National Storage Mechanism and is available for inspection at: www.morningstar.co.uk/uk/nsm*.

 

Enquiries:

Gordon Hay Smith

Aberdeen Asset Management PLC

Secretary

Tel. 0131 528 4000

 

*Neither the Company's website nor the NSM website nor the content of any website accessible from hyperlinks on those websites (or any other websites) are (or are deemed to be) incorporated into, or form (or are deemed to form) part of this announcement.

 

 

 

 


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