Result of AGM

RNS Number : 8975Z
Aberdeen New Dawn Invest Trust PLC
05 September 2018
 

 

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 5 September 2018, 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

67,034,592

100.00%

249

0.00%

26,031

67,060,872

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

66,685,161

99.59%

274,517

0.41%

101,194

67,060,872

3.   Approve Directors' Remuneration Policy

67,050,772

100.00%

249

0.00%

9,851

67,060,872

4.   Re-elect Susie Rippingall

53,735,878

99.89%

60,041

0.11%

13,264,954

67,060,873

5.   Re-elect John Lorimer

53,766,688

99.88%

64,338

0.12%

13,229,847

67,060,873

6.   Re-elect Hugh Young

52,286,092

78.03%

14,719,553

21.97%

55,226

67,060,871

7.   Re-elect Marion Sears

52,941,522

98.42%

849,651

1.58%

13,269,700

67,060,873

8.   Re-elect David Shearer

51,246,613

95.37%

2,485,504

4.63%

13,328,754

67,060,871

9.   Appoint Ernst & Young LLP as Auditor

66,925,516

99.96%

28,261

0.04%

107,095

67,060,872

10.  Authorise the Directors to Determine Auditor's Remuneration

66,951,831

99.92%

51,064

0.08%

57,978

67,060,873

11.  Authorise the Directors to Allot Shares

66,903,483

99.86%

95,116

0.14%

62,273

67,060,872

12.  Approve Disapplication of Pre Emption Rights

66,851,816

99.85%

97,709

0.15%

111,348

67,060,873

13.  Authorise the Company to Purchase its Own Shares

66,879,450

99.82%

119,040

0.18%

62,383

67,060,873

 

The Board has noted that shareholder proxies representing 21.97% 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 communicated with the Board  prior to the AGM and 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 78.03% 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 2018, copies of which are available on the Company's website, http://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:

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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