REG - Crystal Amber Fund - Result of EGM

Crystal Amber FundAnnouncement

07/03/2022 15:30

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RNS Number : 9085D  Crystal Amber Fund Limited  07 March 2022

7 March 2022

 

Crystal Amber Fund Limited

(the "Company" or the "Fund")

 

Result of Extraordinary General Meeting

 

The Company announces that at its Extraordinary General Meeting held earlier
today, both ordinary resolutions set out in the Notice of EGM dated 15
February 2022 were duly passed.

 

The breakdown of proxy voting percentages for both resolutions (on a total
votes cast basis) are as follows:

               Total Votes For  Total % For  Total Votes Against  Total % Against  Total Votes Withheld*

 Resolution 1  48,677,512       69.08%       21,792,788           30.92%           0

 Resolution 2  48,668,709       69.07%       21,796,932           30.93%           4,659

 

 

*Votes withheld are not included as a vote withheld is not a vote in Law and
is therefore not counted towards the proportion of votes 'for' or 'against' a
Resolution.

 

Accordingly, the Company will now pursue the Future Strategy (Resolution 1),
as set out in the circular sent to shareholders on 15 February 2022, and the
New IMA will be adopted in accordance with its terms (Resolution 2).

 

The Board notes the significant votes against the Resolutions, which
predominately comprised the votes from Saba Capital Management L.P. ("Saba").
Last week, Saba advised that it was prepared to amend its voting on the
Resolutions on certain conditions. The directors and their advisers considered
these conditions which would have necessitated changes to the incentive
arrangements for the Investment Manager and concluded that if adopted, they
could introduce unsatisfactory conflicts of interests and would not have been
in the best interests of all shareholders. As the Resolutions have been duly
passed, the directors do not intend to take any further action in respect of
such votes against.

 

Defined terms used in this announcement shall have the same meaning as in the
circular posted to shareholders on 15 February 2022 unless otherwise defined
herein.

 

 For further enquiries please contact:

 Crystal Amber Fund Limited

 Chris Waldron (Chairman)

 Tel: 01481 742 742

 Allenby Capital Limited - Nominated Adviser

 David Worlidge/Liz Kirchner

 Tel: 020 3328 5656

 Winterflood Securities - Broker

 Joe Winkley/Neil Langford

 Tel: 020 3100 0160

 Crystal Amber Advisers (UK) LLP - Investment Adviser

 Richard Bernstein

 Tel: 020 7478 9080

 

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