REG - Fuel Ventures VCT - Result of General Meeting

Fuel Ventures VCTAnnouncement

19/03/2025 14:15

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RNS Number : 3449B  Fuel Ventures VCT PLC  19 March 2025

Fuel Ventures VCT plc (the "Company")

 

Results of a General Meeting

 

At a General Meeting of the Company duly convened and held on Wednesday 19
March 2025 at 10.30am, the following resolutions were duly passed by the
required majority on a show of hands.

 

Ordinary Resolution

 

1. That, in addition to existing authorities, the directors of the Company be
and hereby are generally and unconditionally authorised in accordance with
Section 551 of the Companies Act 2006 (the "Act") to exercise all the powers
of the Company to allot Shares and to grant rights to subscribe for or to
convert any security into Shares up to an aggregate nominal amount of
£250,000 (representing approximately 243% of the Shares in issue as at 17
February 2025), provided that the authority conferred by this Resolution 1
shall expire on the date falling 15 months from the date of the passing of
this Resolution (unless renewed, varied or revoked by the Company in general
meeting) but so that this authority shall allow the Company to make, before
the expiry of this authority, offers or agreements which would or might
require Shares to be allotted or rights to be granted after such expiry.

 

Special Resolutions

 

2. That, the directors of the Company be and hereby are empowered pursuant to
Sections 570 and 573 of the Act to allot or make offers or agreements to allot
equity securities (which expression shall have the meaning ascribed to it in
Section 560(1) of the Act) for cash pursuant to the authority given pursuant
to Resolution 1 or by way of a sale of treasury shares, as if Section 561(1)
of the Act did not apply to such allotment, provided that the power provided
by this Resolution 2 shall expire on the date falling 15 months from the date
of the passing of this Resolution (unless renewed, varied or revoked by the
Company in general meeting) and provided further that this power shall be
limited to:

 

(a) the allotment and issue of Shares up to an aggregate nominal value of
£250,000 pursuant to offer(s) for subscription (including the Offer); and

(b) the allotment and issue of Shares up to an aggregate nominal value
representing 243% of the issued Share capital, from time to time,

 

where the proceeds may in whole or part be used to purchase Shares in the
Company.

 

3. That, the Company be and hereby is empowered to make one or more market
purchases within the meaning of Section 693(4) of the Act of its own Shares
(either for cancellation or for the retention as treasury shares for future
re-issue or transfer) provided that:

 

(a) the aggregate number of Shares which may be purchased shall not exceed
1,537,551 Shares;

(b) the minimum price which may be paid per Share is the nominal value
thereof;

(c) the maximum price which may be paid per Share is an amount equal to the
higher of (i) 105% of the average of the middle market quotation per Share
taken from the London Stock Exchange daily official list for the five business
days immediately preceding the day on which such Share is to be purchased; and
(ii) the amount stipulated by Article 5(6) of the Market Abuse Regulation;

(d) the authority conferred by this Resolution 3 shall expire on the
conclusion of the annual general

meeting of the Company to be held in 2025 (unless renewed, varied or revoked
by the Company in

general meeting); and

(e) the Company may make a contract to purchase Shares under the authority
conferred by this

Resolution prior to the expiry of such authority which will or may be executed
wholly or partly after

the expiration of such authority and may make a purchase of such Shares.

 

Proxy votes received were:

 

     Resolution                                                            For & Discretionary      Against          Withheld
 1.  To authorise the Directors to allot shares.                           46,000 (100%)            0                0
 2.  To authorise the Directors to disapply pre-emption rights.            46,000 (100%)            0                0
 3.  To authorise the Company to make market purchases of its own shares.  31,000 (67.39%)          15,000 (32.61%)  0

 

19 March 2025

 

 

For further information please contact:

 

Stan Williams

Fuel Ventures VCT plc

stan@fuel.ventures (mailto:stan@fuel.ventures)

 

Robin Smeaton

The City Partnership (UK) Limited (Company Secretary)

enquiries@city.uk.com (mailto:enquiries@city.uk.com)

 

Keith Lassman

Howard Kennedy Corporate Services LLP

Keith.Lassman@howardkennedy.com (mailto:Keith.Lassman@howardkennedy.com)

 

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