REG - Down MicroCap InvTst - Statement re Requisitioned General Meeting

Downing Strategic Micro-Cap Investment TrustAnnouncement

25/07/2024 07:00

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RNS Number : 7226X  Downing Strategic Micro-Cap IT PLC  25 July 2024

Downing Strategic Micro-Cap Investment Trust plc (the "Company")

LEI Number: 213800QMYPUW4POFFX69

Board Receives Support From Independent Advisors

 

 

Following the receipt of a request to requisition a general meeting of the
Company (the "Requisition") from Vidacos Nominees Limited, acting as nominee
of Milkwood Capital Limited ("Milkwood"), the resolutions put forward at the
General Meeting on 5 August 2024 have been assessed by a key leading
independent proxy advisory agency working in the financial markets.

The assessment of this globally respected advisor is to vote Against each of
the Requisitioned Resolutions, which is in line with the board's unanimous
recommendation.

As stated before the Board considers that Milkwood's decision to lodge the
Requisition is wholly self-interested and disruptive when the Board and the
Investment Manager are focused on returning cash to shareholders pursuant to
the shareholder approved managed wind-down of the Company.

Shareholders are reminded, if voting by proxy, that the latest time and date
for lodging proxy forms or submitting proxy instructions online in connection
with the requisitioned general meeting is 10.00 a.m. on 1 August 2024,
however, intermediaries will have set earlier deadlines for underlying holders
to provide them with voting instructions. The record date and time for the
purposes of being entitled to vote at the requisitioned general meeting is
6.00 p.m.  on 1 August 2024, and the meeting will be held on 5 August 2024 at
10.00 a.m.

Hugh Aldous, chairman of the Company, commented: "It is clear that the leading
governance advisors, who are trusted by major fund managers around the world,
are in agreement that the proposals would put the Company under the leadership
of directors who are not independent and will not necessarily represent the
interests of all shareholders. I am pleased that they agree with the Board in
rejecting these self-interested proposals."

If you are in any doubt about what action to take in respect of matters in
connection with your investment in DSM (including whether to vote or not, or
how to vote) you should consult your independent professional adviser
authorised pursuant to the Financial Services and Markets Act 2000"

 

For further information, please contact:

 Chairman
 Hugh Aldous  Tel: 020 7416 7780

 

 Dickson Minto Advisers LLP
 Douglas Armstrong           Tel: 020 7649 6823

 

 Media Contacts - Garfield Advisory
 Andrew Garfield                     Tel: 07974 982337
 Jason Nisse                         Tel: 07769 688618

 

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