Result of AGM

RNS Number : 1075R

Qatar Investment Fund PLC

14 November 2012

 



14 November 2012

Qatar Investment Fund plc

(the "Company")

2012 Annual General Meeting Results

Discontinuation Vote Rejected

The Board of Qatar Investment Fund plc (QIF.L) announces that at the Annual General Meeting ("AGM") held today at 10.00 a.m., all resolutions were duly passed on a poll with the exception of Resolution 6 (the Discontinuation Vote as set out in the Company's Articles of Association) which was rejected. The results are shown below.

ORDINARY BUSINESS

Resolution 1

The Report of the Investment Manager and Investment Adviser, Report of the Directors, Directors' Remuneration Report, Auditors' Report and the Audited Consolidated Financial Statements of the Company for the year ended 30 June 2012 were adopted with 159,257,583 votes cast in favour, 600,000 votes cast against and nil abstentions.

Resolution 2

The final dividend of USD 3 cents per ordinary share for the year ended 30 June 2012 was approved with 159,857,583 votes cast in favour, nil votes cast against and nil abstentions.

Resolution 3

KPMG Audit LLC Isle of Man was re-appointed as auditors of the Company for the year ending 30 June 2013 with 159,768,314 votes cast in favour, 89,269 votes cast against and nil abstentions.

Resolution 4   

Mr Leonard O'Brien, who retired in accordance with the Articles of Association, was re-elected a director the Company with 157,054,081 votes cast in favour, 600,000 votes cast against and 2,203,502 abstentions.

SPECIAL BUSINESS

Resolution 5

The Company was generally and unconditionally authorised to make market purchases of ordinary shares of US$0.01 each provided that: (a) the maximum aggregate number of ordinary shares that may be purchased is 33,293,162 (being the equivalent of 14.99% of the Company's issued share capital at the date of this notice); (b) the minimum price (excluding expenses) which may be paid for each ordinary share is US$0.01 being the nominal value per ordinary share; (c) the maximum price (excluding expenses) which may be paid for each ordinary share is the higher of: (i) 105 per cent. of the average market value of an ordinary share in the Company for the five business days prior to the day the purchase is made; and (ii) the value of an ordinary share calculated on the basis of the higher of the price quoted for (I) the last independent trade of and (II) the highest current independent bid for, any number of the Company's ordinary shares on the trading venue where the purchase is carried out; and (d) the authority conferred by this resolution shall expire on 23 December 2013 or, if earlier, at the conclusion of the Company's next annual general meeting save that the Company may, before the expiry of the authority granted by this resolution, enter into a contract to purchase ordinary shares which will or may be executed wholly or partly after the expiry of such authority, with 159,172,583 votes cast in favour, 685,000 votes cast against and nil abstentions.

Resolution 6

Pursuant to Article 162 of the Articles of Association, the Directors proposed that the Company ceases to continue in existence. The resolution was not passed, with 2,476,454 votes cast in favour, 157,364,129 votes cast against and 9,000 abstentions.

Resolution 7

The rights of holders of equity securities in the Company to receive a pre-emptive offer of equity securities pursuant to Article 5A.2 of the Company Articles of Association shall be and is hereby excluded in respect of 22,210,484 ordinary shares, this exclusion to expire immediately prior to the annual general meeting of the Company to be held in 2013, was approved with 159,162,383 votes cast in favour, 686,200 votes cast against and 9,000 abstentions.

A copy of the ordinary resolution 5 and the special resolution 7 will be submitted to the National Storage Mechanism and will be available for inspection at: www.hemscott.com/nsm.do.

The total number of votes cast was 159,857,583 which represents 72.0% of the Company's total voting rights.

Nick Wilson, Chairman of the Company, said:

"We are pleased with the support that shareholders have shown in the vote against discontinuation. As a result the fund will continue to provide investors with exposure to the powerful growth prospects offered by Qatar; and we will strive to deliver investment performance ahead of the Qatar stockmarket."

For further information:

Qatar Investment Fund plc [phone]

Nick Wilson

Panmure Gordon [phone]

Richard Gray / Andrew Potts

Oriel Securities [phone]

Joe Winkley / Neil Winward       

Maitland [phone]

William Clutterbuck / Robbie Hynes

Galileo Fund Services Limited [phone]

Ian Dungate / Suzanne Jones

 

END

 

 

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