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Gabelli Value Plus+ (GVP)

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Tuesday 24 December, 2019

Gabelli Value Plus+

AGM Voting Update

RNS Number : 8834X
Gabelli Value Plus+ Trust PLC
24 December 2019
 

 

 

 

GABELLI VALUE PLUS+ TRUST PLC

Legal Entity Identifier: 213800FZFN1SD1GNNZ11

 

Update on 2019 Annual General Meeting voting

In its 2019 AGM results announcement on 31 July 2019, the Company reported that all resolutions were passed, although there was a significant minority vote against resolutions 5, 6, 7, 8 and 14. In connection with resolution 5, 41.08% of votes cast were against the resolution, and, in connection with resolutions 6, 7, 8 and 14, 28.32% of votes cast were against each resolution.

In accordance with the UK Corporate Governance Code 2018, the Company has engaged with the relevant shareholders since the vote to understand their views. The majority of votes cast against the above resolutions can be linked to the subsequent open letter to the Company and other shareholders, published on 11 September 2019, from Investec Wealth & Investment Limited, a shareholder in the Company, which detailed a number of issues in connection with the Company and noted that it intended to requisition a General Meeting of the Company in order to propose a continuation vote. That said, we also understand that the shareholder voting against resolution 14 (that a general meeting, other than an AGM, may be called on not less than 14 clear days' notice) would have liked the longer existing notice period to remain as it welcomed the additional time to consider important voting matters.

In connection with the larger number of votes cast against resolution 5, one of the shareholders voting against this resolution did so on the basis that it considered Christopher Mills to be overboarded given his number of positions held at other companies. The Board has discussed this further with the shareholder and stated that it does not consider Christopher to be overboarded and that he is able to devote more than sufficient time to the Company. However, at the shareholder's request, the Board will discuss this again with them ahead of the 2020 AGM.

The Board will continue to engage with shareholders on the composition of the Board and will update as appropriate in the 2020 Annual Report.

For further information please contact:

Maitland Administration Services Limited

Email: [email protected]

Tel: +44 (0) 1245 398 984

 

 


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