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Draper Esprit VCT plc (DEVC)

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Tuesday 22 September, 2020

Draper Esprit VCT plc

Draper Esprit VCT plc - Result of AGM

Draper Esprit VCT plc - Result of AGM

Draper Esprit VCT plc
Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97
Result of AGM
22 September 2020

At the Annual General Meeting (“AGM”), of Draper Esprit VCT plc held on 22 September 2020, which was held as a closed meeting, all resolutions were passed.

Details of the proxy votes in respect of the resolutions passed at the AGM received as at 11:00am on 18 September 2020, 48 hours before the time of the meeting (excluding weekends), at the receiving agent, Downing LLP, are set out below:

  For Discretionary Against Total Withheld
Resolution No. No. of No. of No. of No. of No. of
Votes Cast Votes Cast Votes Cast Votes Cast Votes
% of votes % of votes % of votes % of votes  
1 4,389,300  90,463  - 4,479,763 8,805
97.98% 2.02% 0.00% 100.00%  
2 4,073,549  62,471 185,066 4,321,086 167,482
94.27% 1.45% 4.28% 100.00%  
3 4,055,238  62,471 215,850 4,333,559 155,009
93.58% 1.44% 4.98% 100.00%  
4 4,405,924  62,471 11,368 4,479,763 8,805
98.36% 1.39% 0.25% 100.00%  
5 4,160,417  123,672 178,797 4,462,886 25,682
93.22% 2.77% 4.01% 100.00%  
6 4,289,852  62,471 74,353 4,426,676 61,892
96.91% 1.41% 1.68% 100.00%  
7 4,278,882  62,471 85,323 4,426,676 61,892
96.66% 1.41% 1.93% 100.00%  
8 4,264,477  62,471 91,461 4,418,409 70,159
96.52% 1.41% 2.07% 100.00%  
9 4,209,280  121,907 95,489 4,426,676 61,892
95.09% 2.75% 2.16% 100.00%  
10 4,423,625  62,471 2,472 4,488,568 -
98.55% 1.39% 0.06% 100.00%  
11 4,279,708  62,471 134,442 4,476,621 11,947
95.60% 1.40% 3.00% 100.00%  
12 4,194,408  62,471 231,689 4,488,568 -
93.45% 1.39% 5.16% 100.00%  

A copy of the resolutions passed will be submitted to the National Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Company decided to hold its AGM as a closed meeting because of the practical difficulties in holding open meetings with the ongoing social distancing restrictions. The board invited questions from shareholders in writing and comments on the issues raised by shareholders as follows:

Board independence and director tenure
Even though all directors have sat on the board of the Company for more than 9 years, the board is satisfied that the four independent directors have continued to act independently in the manner in which they undertake their duties. For example, the Board has been closely involved in developing the new management arrangements with Draper Esprit which have been put in place over the last couple of years and which have effectively resulted in a change of manager for the Company.

The Board accepts that it is helpful for the director’s appointment dates to be included in the Annual Report and will ensure this is done in future.

Board succession planning
Board structure has been a discussion topic for some time now, as the Company has undergone a transition in putting in place the arrangements with Draper Esprit.  One director stepped down at this AGM today and the Board is considering some further changes in due course.

Auditor’s re-election and remuneration as separate AGM resolutions
The Board will give consideration to having the Auditor’s re-election and the authority for the directors to determine the Auditor’s remuneration as separate resolutions in future.


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