REG - Baillie Gifford US - Result of Requisitioned General Meeting

Baillie Gifford Us Growth TrustAnnouncement

03/02/2025 15:00

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RNS Number : 7120V  Baillie Gifford US Growth Trust PLC  03 February 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

For immediate release

 

Baillie Gifford US Growth Trust plc ("USA" or the "Company")

 

Legal Entity Identifier: 213800UM1OUWXZPKE539

Result of Requisitioned General Meeting

3 February 2025

The Board of USA announces that, at the Requisitioned General Meeting held
earlier today, Shareholders decisively voted AGAINST all the Requisitioned
Resolutions. Total votes cast represented approximately 78.4% of the Company's
total voting rights.

Excluding the shares voted by Saba, approximately 98.5% of the votes cast were
against the Requisitioned Resolutions. Of the total votes cast, 65.6% were
voted against all the Requisitioned Resolutions and represented a majority of
the Company's total voting rights.

Tom Burnet, Chair of the Company commented:

"Faced with the threat to their investment posed by Saba's self-serving and
destructive proposals, shareholders have mobilised and acted decisively to
protect their investment. The result is unambiguous and conclusive.

We would like to thank shareholders for their support at this important moment
for the Company. We are delighted, in particular, by the number of retail
shareholders who have voted and played a key role in this positive outcome and
encourage them to continue to make their voices heard.

Thanks to our patient strategy of investing in exceptional US growth
companies, public and private, the Company has achieved its objective of
delivering above average long-term returns for our shareholders. Since IPO in
March 2018, the Company has been one of the best-performing funds globally
when measured against all US equity open-ended funds and ETFs.

Following the decisive result at the Requisitioned General Meeting, we look
forward to executing our strategy in a supportive macro environment and
continuing to engage with all our shareholders."

All of the Requisitioned Resolutions were voted on by way of a poll and the
results are shown in the table below. The Board appointed Civica Election
Services as independent assessor to report on the poll in respect of each of
the Requisitioned Resolutions.

 Ordinary Resolutions                                                           VOTES FOR          VOTES AGAINST (including votes at the discretion of the Chair)      VOTES WITHHELD  TOTAL VOTING RIGHTS EXERCISED
                                                                                Number      %      Number                            %                                 Number          %
 1.     To reduce the minimum number of directors (disregarding alternate       76,711,583  34.4%  146,350,406                       65.6%                             108,407         78.4%
 directors), pursuant to article 106 of the articles of association of the
 Company, to be not less than two.
 2.     To remove Tom Burnet as a director of the Company.                      76,720,143  34.4%  146,304,522                       65.6%                             145,731         78.4%
 3.     To remove Sue Inglis as a director of the Company.                      76,733,312  34.4%  146,291,353                       65.6%                             145,731         78.4%
 4.     To remove Graham Paterson as a director of the Company.                 76,734,556  34.4%  146,290,109                       65.6%                             145,731         78.4%
 5.     To remove Rachael Palmer as a director of the Company.                  76,699,298  34.4%  146,329,207                       65.6%                             142,891         78.4%
 6.     To remove Chris van der Kuyl as a director of the Company.              76,710,659  34.4%  146,317,174                       65.6%                             142,563         78.4%
 7.     To appoint Boaz Weinstein as a director of the Company with effect      76,587,150  34.4%  146,271,225                       65.6%                             312,021         78.4%
 from the end of the meeting.
 8.     To appoint Miriam Khasidy as a director of the Company with effect      76,636,586  34.4%  146,284,600                       65.6%                             249,210         78.4%
 from the end of the meeting.

 

 

Shareholders are entitled to one vote per share. Votes withheld are not a vote
in law and, therefore, are not counted in the calculation of the percentages
of the votes cast for and against a resolution. Where shareholders appointed
the Chair as their proxy with discretion as to voting, their votes were cast
against the Requisitioned Resolutions and their votes have been included in
the 'votes against' column.

The number of shares of 1p each in issue excluding the total number of shares
held in treasury at the voting record time was 284,603,700. The total number
of voting rights at that time was, therefore, 284,603,700.

Unless the context provides otherwise, capitalised terms used in this
announcement shall have the same meanings given to them in the circular posted
to Shareholders on 6 January 2025 (the "Circular").

The full text of all the Requisitioned Resolutions can be found in the Notice
of Requisitioned General Meeting contained in the Circular which is available
for viewing at the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and on the Company's
webpage https://bgusgrowthtrust.com (https://bgusgrowthtrust.com) .

The person responsible for arranging for the release of this announcement on
behalf of the Company is Baillie Gifford & Co Limited, the Company
Secretary.

Enquiries:

Company

Tom Burnet

c/o Burson Buchanan

USA@buchanancomms.co.uk (mailto:USA@buchanancomms.co.uk)

+44 (0)20 7466 5000

 

Panmure Liberum Limited

Alex Collins / Michael Janes

info@panmureliberum.com (mailto:info@panmureliberum.com)

+44 (0)20 3100 2000

 

Burson Buchanan

Henry Wilson / Helen Tarbet

USA@buchanancomms.co.uk (mailto:USA@buchanancomms.co.uk)

+44 (0)20 7466 5000

 

Company Secretary

Baillie Gifford & Co Limited, Company Secretary

trustenquiries@bailliegifford.com (mailto:trustenquiries@bailliegifford.com)
 

+44 (0)800 917 2113

 

 

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