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Manchester & London Invest (MNL)

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Wednesday 03 November, 2021

Manchester & London Invest

Result of AGM

MANCHESTER AND LONDON INVESTMENT TRUST PLC

(the “Company”)

Results of Annual General Meeting

3 November 2021

The Company announces that at the Annual General Meeting (“AGM”) of the Company held today Resolutions 1 to 15 contained in the Notice of AGM were duly passed on a poll.

M&M Investment Company, the controlling shareholder of the Company undertook not to vote on the resolutions dealing with the re-election and election of the independent Directors. The proxy votes below therefore reflect the votes submitted by independent shareholders as indicated.

The proxy votes received in relation to the resolutions passed were as follows:

Resolution  Votes for Votes Against Votes at Chairman’s Discretion Shares Marked As Votes Withheld / Abstentions
1. To receive and accept the Annual Report 25,369,853 2,264 900 7,020
2. To approve the Directors’ Remuneration Report 25,347,778 27,862 900 3,497
3. To declare a final ordinary dividend of 7.0p per Ordinary Share 25,377,410 692 900 1,035
4. To re-elect David Harris as a Director (independent shareholders) 1,772,707 536,663 900 23,069,767
5. To re-elect Brett Miller as a Director 2,296,903 17,638 900 23,064,596
6. To re-elect James Waterlow as a Director (independent shareholders) 2,310,982 3,559 900 23,064,596
7. To re-elect Daniel Wright as a Director (independent shareholders) 2,305,812 8,729 900 23,064,596
8. To re-appoint Deloitte LLP as Auditor of the Company 25,367,058 10,699 900 1,380
9. To authorise the Directors to determine the Auditor’s Remuneration 25,375,838 2,264 900 1,035
10. To authorise the Directors to offer holders the right to elect to receive newly issued Ordinary Shares 25,355,810 19,888 1,718 2,621
11. To authorise the Directors to allot Ordinary Shares 25,357,008 20,323 900 1,806
12. To disapply statutory pre-emption rights in relation to the issue of Ordinary Shares 25,346,737 30,594 900 1,806
13. To authorise the Directors to sell, transfer and allot Ordinary Shares from Treasury at a discount to the net asset value 25,014,219 359,723 900 5,195
14. To authorise the Company to make market purchases of Ordinary Shares 25,366,586 11,516 900 1,035
15. To authorise the Company to hold general meetings on 14 clear days’ notice 25,330,867 43,325 900 4,945

The Board is pleased with the support from shareholders for the resolutions, but notes the minority votes (representing 23.23% of votes from independent shareholders), against resolution 4: the re-election of Mr David Harris. The Board takes the views of its shareholders seriously and the Company intends to engage with shareholders to better understand their concerns with a view to identifying how such concerns can be addressed. The Board looks forward to engaging with shareholders and an update on the results of this engagement and the actions to be taken will be published in due course.

In accordance with Listing Rule 9.6.2, copies of all resolutions passed as Special Business at the Meeting will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

LEI: 213800HMBZXULR2EEO10


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