Result of AGM

RNS Number : 5335C
City of London Investment Group PLC
19 October 2020
 

 

 

 

City of London Investment Group PLC

("City of London" or "the Company")

 

Result of AGM

 

City of London announces that, at the Annual General Meeting of the Company held today, all resolutions were duly passed.

 

A breakdown of the proxy votes lodged prior to the AGM in respect of the resolutions is summarised below:†

 

 

In favour*

In favour

%

Against

Against

%

Abstain

 Resolution 1

18,291,892

100.00

0

0.00

9,011

 Resolution 2

16,890,208

92.41

1,387,247

7.59

20,560

 Resolution 3

18,291,892

100.00

0

0.00

9,011

 Resolution 4

18,287,213

100.00

460

0.00

9,011

 Resolution 5

18,287,213

100.00

460

0.00

12,386

 Resolution 6

18,287,143

100.00

530

0.00

12,386

 Resolution 7

15,514,651

97.17

451,298

2.83

1,869,913

 Resolution 8

18,285,036

99.99

2,636

0.01

12,386

 Resolution 9

17,662,959

96.58

624,713

3.42

12,386

 Resolution 10

18,259,353

100.00

530

0.00

34,620

 Resolution 11

18,263,605

100.00

0

0.00

31,642

 Resolution 12

17,843,228

97.55

448,662

2.45

9,011

 Resolution 13

18,250,002

99.78

40,687

0.22

9,973

 Resolution 14

18,279,876

99.95

9,999

0.05

10,624

 Resolution 15

17,563,274

96.10

713,111

3.90

21,417

 Resolution 16

18,277,353

99.92

14,539

0.08

9,011

 Resolution 17

18,275,916

99.98

3,905

0.02

18,668

 Resolution 18

18,267,199

99.98

3,905

0.02

25,642

*Includes discretionary votes.

 

† Following the completion of the merger with Karpus Management, Inc. on 1 October 2020, the Company has a "Controlling Shareholder Group" which has agreed to limit their voting rights to the lower of: (i) the number of shares held by them; and (ii) 24.99 per cent. of the votes cast on any resolution by all shareholders. The Controlling Shareholder Group cast votes in excess of 24.99 per cent. of the votes cast on the resolutions by all shareholders and, accordingly, the number of votes stated above as being cast "in favour", "against" and for which there were abstentions has been reduced accordingly.

 

† Resolutions 4, 8 and 9 related to the re-election of the Independent Directors. Under the Listing Rules, because the Controlling Shareholder Group together control in concert more than 30 per cent. of the voting rights of the Company (even though they have agreed to limit their voting rights as stated above), the re-election of an Independent Director by shareholders must be approved by a majority of both: (i) the shareholders of the Company; and (ii) the independent shareholders of the Company (that is, the shareholders of the Company entitled to vote on the election of Independent Directors who are not part of the Controlling Shareholder Group). The Company has separately counted the number of votes cast by the independent shareholders in favour of resolutions 4, 8 and 9 and has determined that, in each case, the second threshold referred to in (ii) above has also been met.

 

 

In accordance with Listing Rule 9.6.3 (1), copies of the resolutions (other than those resolutions comprising ordinary business) have been made available for inspection on the National Storage Mechanism at www.morningstar.co.uk/uk/NSM.

 

 

For further information, please visit www.citlon.co.uk or contact:

 

Tom Griffith (CEO)

City of London Investment Group PLC

Tel: 001 610 380 0435

 

Martin Green

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

 

 

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