REG - River and Mercantile - Result of AGM

River UK Micro CapAnnouncement

02/03/2022 11:15

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RNS Number : 3699D  River & Mercantile UK Micro Cap Inv  02 March 2022

2 March 2022

 

 

River and Mercantile UK Micro Cap Investment Company Limited

("Company")

 

Result of Annual General Meeting

 

 

The Board of the Company announces that all of the resolutions proposed at the
Annual General Meeting convened today were duly passed.

 

The Board believes that the votes against Resolution 6 relate to the fact
that, as disclosed in the annual report, Mark Hodgson is not considered an
independent director because he is a director of Carne Global AIFM Solutions
(C.I.) Limited ("Carne"). Carne is the Alternative Investment Fund Manager of
the Company but is totally unrelated to River & Mercantile Asset
Management. The opinion of the other Directors is that Mark provides
considerable and complementary expertise to the Board, particularly in the
area of risk management, in which Carne has a significant operation. In
accordance with the recommendations of the Association of Investment Companies
in relation to non-independent directors, Mark is subject to annual
re-election; and indeed the independent directors also put themselves forward
for annual re-election.

 

The Board further note the votes received against Resolution 7 relating to the
re-election of the Auditors, PricewaterhouseCoopers CI LLP, being 24.36%.
The Board will contact those shareholders who voted against the resolution to
better understand their views.  The Board, through the Chair, the Investment
Manager and the Company's corporate broker, seeks to maintain an ongoing
dialogue with major shareholders, including dissenting shareholders, and will
continue to engage with shareholders.

 

Further to the provision 1.D.4 of the 2018 UK Code of Corporate Governance and
principle 5.2.4. of the 2019 AIC Code of Corporate Governance, a further
announcement will be made in due course.

 

Further information on the votes cast on each resolution will be available on
the Company's website shortly.

- ENDS -

 

For further information please contact:

Singer Capital Markets

Alan Ray / James Moat, Investment Banking

Tel: +44 (0)20 7496 3000

 

Camarco

Jake Thomas

Tel: +44 (0) 20 3781 8337

 

BNP Paribas Securities Services S.C.A., Guernsey Branch - Company Secretary

Jasper Cross

Tel: +44 (0) 1481 750859

 

 

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