Utilico Emerging Markets Trust PLC Result of AGM
17 September 2024 - 6:24PM
RNS Regulatory News
RNS Number : 5816E
Utilico Emerging Markets Trust PLC
17 September 2024
17 September
2024
UTILICO EMERGING MARKETS
TRUST PLC
(LEI Number:
2138005TJMCWR2394O39)
Result of Annual General
Meeting
Utilico Emerging Markets Trust plc
("UEM" or the "Company") held its 2024 Annual General Meeting of
shareholders on 17 September 2024.
All resolutions proposed at the
meeting were passed on a show of hands. A copy of the Notice
of Meeting is available at www.uemtrust.co.uk.
The proxy voting figures received in
advance of the meeting are shown below.
Resolution
|
Votes for/
discretionary
|
%
|
Votes
against
|
%
|
Total votes
cast
|
Votes
withheld
|
Ordinary
Resolutions
|
|
|
|
|
|
1. To receive the Company's Accounts and the Reports of the
Directors and Auditor
|
125,008,618
|
100.00
|
0
|
0.00
|
125,008,618
|
13,659
|
2. To approve the Directors' Remuneration Report
|
124,904,664
|
99.96
|
52,966
|
0.04
|
124,957,630
|
64,647
|
3. To approve the Company's dividend policy
|
125,010,368
|
100.00
|
0
|
0.00
|
125,010,368
|
11,909
|
4. To re-elect Mr Rennocks
|
124,969,425
|
99.99
|
17,225
|
0.01
|
124,986,650
|
35,627
|
5. To re-elect Mr Bridgeman
|
124,966,110
|
99.99
|
13,040
|
0.01
|
124,979,150
|
43,127
|
6. To re-elect Ms Liu
|
124,923,982
|
99.96
|
55,168
|
0.04
|
124,979,150
|
43,127
|
7. To re-elect Mr Stobart
|
97,462,577
|
77.98
|
27,516,573
|
22.02
|
124,979,150
|
43,127
|
8. To elect Ms Wells
|
124,920,957
|
99.96
|
55,168
|
0.04
|
124,976,125
|
46,152
|
9. To re-appoint KPMG LLP as auditor of the Company
|
124,856,550
|
99.90
|
127,992
|
0.10
|
124,984,542
|
37,735
|
10.
To authorise the Directors to determine the
auditor's remuneration
|
124,974,947
|
99.98
|
22,072
|
0.02
|
124,997,019
|
25,258
|
11.
To authorise the Directors to allot
securities
|
124,945,200
|
99.95
|
64,956
|
0.05
|
125,010,156
|
12,121
|
Special
Resolutions
|
|
|
|
|
|
12.
To authorise the Directors to disapply pre-emption
rights
|
124,819,271
|
99.85
|
185,138
|
0.15
|
125,004,409
|
17,868
|
13.
To authorise the Company purchase its own
shares
|
124,988,911
|
99.98
|
26,231
|
0.02
|
125,015,142
|
7,135
|
While a significant majority of
shareholder proxies supported Resolution 7 (re-election of Mr Eric
Stobart), the Board is disappointed that a notable number
representing 22.02% of the shares voted (14.63% of the issued share
capital) were against the annual re-election of Mr Eric
Stobart. Approximately 97% of these shares were voted by one
shareholder, with whom the Company has previously engaged and will
continue to engage, and who has indicated its opposition to the
appointment of Mr Stobart.
Mr Stobart, who joined the Board in
2019, is an Independent Director pursuant to the UK Corporate
Governance Code and in accordance with the principles of the Code,
all Directors offer themselves for re-election annually. The Board
is firmly of the view that Mr Stobart is and remains independent in
character and judgement and that his appointment to the Board is in
the best interests of the Company and its shareholders.
Earlier this year the Company announced the appointment of Ms Nadya
Wells as a new Independent Director to the Board, continuing the
cycle of Board refreshment.
A copy of the full text of the
resolutions (other than those resolutions comprising ordinary
business) will shortly be made available for inspection on the
National Storage Mechanism at
http://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Name of contact and telephone number for
enquiries:
ICM Investment Management
Limited
+44(0)1372 271486
Charles Jillings / Alastair
Moreton
Montfort Communications
Gay Collins, Pippa
Bailey
+44(0)20 3770 7913
utilico@montfort.london
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