MIGO
OPPORTUNITIES TRUST PLC
(the
"Company")
Results
of the Annual General Meeting held on Wednesday, 18 September 2024
The Board
is pleased to announce that at the Annual General Meeting held
today, all resolutions as detailed below were duly passed by
shareholders on a show of hands. The proxy voting figures are shown
below:
|
Resolutions
|
Votes
For
|
%
|
Votes
Against
|
%
|
Total
Votes Cast (excl. votes withheld)
|
Votes
Withheld
|
|
Ordinary Resolutions
|
|
- To receive
the Strategic Report, Report of the Directors, Auditor's Report and
the audited financial statements for the year ended 30 April
2024.
|
2,293,769
|
99.72
|
6,500
|
0.28
|
2,300,269
|
6,624
|
- To receive
and approve the Directors' Remuneration Report for the year ended
30 April 2024.
|
2,260,837
|
98.48
|
34,966
|
1.52
|
2,295,803
|
11,090
|
- To approve
a final dividend of 0.6p per share.
|
2,290,752
|
99.70
|
6,850
|
0.30
|
2,297,602
|
9,291
|
- To
re-elect Richard Davidson as a Director of the Company.
|
2,293,419
|
99.70
|
6,850
|
0.30
|
2,300,269
|
6,624
|
- To elect
Caroline Gulliver as a Director of the Company.
|
2,274,527
|
98.88
|
25,742
|
1.12
|
2,300,269
|
6,624
|
- To
re-elect Lucy Costa Duarte as a Director of the
Company.
|
2,279,527
|
99.10
|
20,742
|
0.90
|
2,300,269
|
6,624
|
- To re-
elect Ian Henderson as a Director of the Company.
|
2,292,261
|
99.65
|
8,008
|
0.35
|
2,300,269
|
6,624
|
- To
re-appoint PricewaterhouseCoopers LLP as Auditor of the
Company.
|
2,283,282
|
99.52
|
11,060
|
0.48
|
2,294,342
|
12,551
|
- To
authorise the Audit Committee to determine the Auditor's
remuneration.
|
2,290,473
|
99.69
|
7,129
|
0.31
|
2,297,602
|
9,291
|
|
SPECIAL BUSINESS
|
|
- To
authorise the Directors to allot shares.
|
2,277,356
|
99.10
|
20,742
|
0.90
|
2,298,098
|
8,795
|
|
Special Resolutions
|
|
- To
authorise the Directors to dis-apply pre-emption
rights.
|
2,270,680
|
98.92
|
24,751
|
1.08
|
2,295,431
|
11,462
|
- To
authorise the Company to re-purchase shares in the
market.
|
2,291,082
|
99.60
|
9,187
|
0.40
|
2,300,269
|
6,624
|
- To
authorise the Directors to call general meetings (other than the
AGM) on not less than 14 clear days' notice.
|
2,293,419
|
99.70
|
6,850
|
0.30
|
2,300,269
|
6,624
|
- To
authorise the Company to re-purchase Elected shares in the
market.
|
1,779,061
|
77.50
|
516,370
|
22.50
|
2,295,431
|
11,462
|
- To
authorise the Company to re-purchase Realisation shares in the
market.
|
1,780,953
|
77.42
|
519,316
|
22.58
|
2,300,269
|
6,624
|
Any proxy
votes which are at the discretion of the Chairman have been
included in the "for" total.
A vote
withheld is not a vote in law and is not counted in the
calculations of votes cast by proxy.
At the
date of the Annual General Meeting, the total number of Ordinary
shares of 1p each in issue and the total number of voting rights
was 21,214,731.
The proxy
voting figures will shortly also be available on the Company's
website at
www.migoplc.co.uk
In
accordance with Listing Rule 9.6.2, the full text of the special
business resolutions passed have been submitted to the National
Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The special business resolutions will additionally be filed at
Companies House.
Resolutions
14 and 15:
The Board
notes that a significant number of votes were cast against
resolutions 14 and 15, and provides the following further
explanation for shareholders, as recommended by the Investment
Association and the UK Corporate Governance
Code.
These
resolutions were carefully drafted to provide maximum flexibility
for the Company to deal with any unplaced Elected shares and with
Realisation shares, following the 2024 Realisation
Opportunity.
Fortunately,
the recent Realisation Opportunity did not require the
implementation of the mechanisms that resolutions 14 and 15
provided.
Nonetheless,
the Board understands the technical principles under which some
shareholders have chosen to vote against these resolutions,
particularly in the very unlikely event that they had needed to be
fully utilised, and also notes that buybacks are subject to
shareholder elections and market conditions, limiting arbitrary
use.
The Board
acknowledges the significant shareholder support for its approach
to returning capital via a range of mechanisms (including from
shareholders who voted against resolutions 14 and 15) as well as
noting the limited election for the 2024 Realisation Opportunity,
which totalled 5.3% of MIGO's issued share
capital.
This
amount was bought back on 5 September necessitating no further
action from the Company. Consequently, despite being passed,
resolutions 14 and 15 need have no further application for the time
being.
The Board
takes the result of the recent Realisation Opportunity and broader
feedback on its realisation approach as a strong endorsement for
the Company's strategy, particularly given the opportunities that
the Investment Mangers see. The Board continues to have an open
dialogue with shareholders on the approach to offering mechanisms
to exit investments, which can be seen as positive for
liquidity.
18 September 2024
For
further information contact:
Kerstin Rucht, Frostrow Capital LLP
Company
Secretary, 020 3709 8732