Result of AGM

RNS Number : 5666N

BACIT Limited

09 September 2013

 



BACIT LIMITED

(a registered closed-ended collective investment scheme  incorporated as a non-cellular company limited by shares under the laws of Guernsey with registration number 55514

("the Company")

Result of Annual General Meeting

9 September 2013

At the Annual General Meeting held on 9 September 2013, all ordinary resolutions set out in the Annual General Meeting Notice sent to Shareholders dated 7 August 2013 were duly passed.

At the same Annual General Meeting noted above, the following Special Resolutions were also passed;

Special Resolution 1:

That the Company be and is hereby generally and unconditionally authorised in accordance with the Companies (Guernsey) Law, 2008, as amended (the "Companies Law"), to make market acquisitions (as defined in the Companies Law) of its shares (either for the retention as treasury shares for future resale or transfer or cancellation), PROVIDED THAT:

a.       the maximum number of shares authorised to be purchased shall be 30,989,542 ordinary shares (being 14.99 per cent. of the shares in issue as at the latest practicable date prior to the date of publication of this document);

b.     the minimum  price (exclusive of expenses) which may be paid for a share shall be 1 penny;

c.     the maximum price which may be paid for a share is an amount equal to the higher of: (a) 105 per cent. of the average of the middle market quotations for a share on the relevant market for the five business days immediately preceding the date on which the share is purchased; and (b) the higher of (i) the price of the last independent trade for a share and (ii) the highest current independent bid for a share at the time of purchase; and

d.     the authority hereby conferred shall expire at the annual general meeting of the Company in 2014 unless such authority is varied, revoked or renewed prior to such date by a special resolution of the Company in general meeting.

Special Resolution 2:

That, in accordance with Article 6.7 of the Articles, the Directors be empowered to allot and issue (or sell from treasury) 20,673,477 ordinary shares (being 10 per cent. of the shares in issue as at the latest practicable date prior to the date of this notice, excluding shares held in treasury) for cash as if Article 6.2 of the Articles did not apply to the allotment and issue (or sale from treasury) for the period expiring on the date falling fifteen months after the date of passing of this Resolution 15 or the conclusion of the next annual general meeting of the Company, whichever is the earlier, save that the Company may before such expiry make offers or agreements which would or might require shares to be allotted and issued (or sold) after such expiry and the Directors may allot and issue (or sell) shares in pursuance of any such offer or agreement notwithstanding that the power conferred by this Resolution 15 has expired.

In accordance with Listing Rule 9.6.2 the special resolutions passed at the Annual General Meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.hemscott.com/nsm.do.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

The Company Secretary

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel:       [phone]

Fax:      [phone]

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