REG - Caledonia Investmnts - 2023 AGM results update statement

Caledonia InvestmentsAnnouncement

19/01/2024 16:30

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RNS Number : 3461A  Caledonia Investments PLC  19 January 2024

 

Caledonia Investments plc

 

2023 annual general meeting ("AGM") results update statement

 

In accordance with Provision 4 of the UK Corporate Governance Code, Caledonia
Investments plc (the "Company") provides an update on the feedback received
and any actions the Company intends to take following the outcome of voting in
respect of resolution 19 at the 2023 AGM.

 

Resolution 19 was the waiver of the mandatory offer provisions set out in Rule
9 of The City Code on Takeovers and Mergers in relation to the Cayzer family
concert party, given the obligation that could arise on the concert party to
make a general offer for the entire issued share capital of the Company as a
result of purchases by the Company of ordinary shares pursuant to the
authority received from shareholders to make market purchases.

 

Resolution 19 passed with a majority of votes cast by independent shareholders
in favour.  However, more than 20% of participating independent shareholders
voted against.  This included one large shareholder who, having previously
supported the resolution, recently adopted a policy of voting in line with the
voting recommendations of a proxy voting advisor which is generally not
supportive of such Rule 9 waiver resolutions given their potential to lead to
creeping control.  In response to the feedback received from this
shareholder, who continues to be supportive of management, the Company
continues to engage with this proxy voting advisor.

 

The Company is grateful to all those that have taken the time to engage on
this issue. We recognise the concern raised by the proxy voting advisor.
However, the directors believe that the Company's ability to exercise the
authority to make market purchases of its own shares warranted approval of the
Rule 9 waiver resolution.

 

19 January 2024

 

For further information please contact:

 

 Company contacts

 Caledonia Investments plc  +44 20 7802 8080
 David Stewart

 Chairman

 Media contacts

 Teneo                      +44 20 7353 4200
 Tom Murray

 Robert Yates

 caledonia@teneo.com

 

END

 

Notes for editors:

 

Caledonia Investments plc

Caledonia is a self-managed investment trust company. Our aim is to grow net
assets and dividends paid to shareholders, whilst managing risk to avoid the
permanent loss of capital. We achieve this by investing in proven,
well-managed businesses that combine long term growth characteristics with an
ability to deliver increasing levels of income. We hold investments in both
listed and private markets, covering a range of sectors and, particularly
through the listed and fund investments, have a global reach.

 

For additional information on Caledonia, please visit www.caledonia.com
(http://www.caledonia.com) .

 

 

 

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