REG - Sequoia Econ Infra - Result of AGM

Sequoia Economic Infrastructure Income FundAnnouncement

Tue 13:00

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RNS Number : 0361T  Sequoia Economic Infra Inc Fd Ld  29 July 2025

29 July 2025

Sequoia Economic Infrastructure Income Fund Limited

 (the "Company")

 

Result of Annual General Meeting

 

The Company is pleased to announce that at the Annual General Meeting (the
"AGM") of the Company held at 10:00am today, 29 July 2025, each of the
proposed resolutions were duly passed without amendment.

 

The Company had sought to ensure that as many shareholders as possible voted
on the resolutions and is pleased that the percentage of total voting rights
cast increased to 69.8% compared to 66.6% last year. The Board appreciated
the engagement with shareholders in the lead up to the AGM and looks forward
to continued dialogue.

 

All resolutions as set out in the notice of AGM, of which resolutions 1 to 12
were proposed as ordinary resolutions and resolutions 13 and 14 were proposed
as special resolutions, were voted on by way of a poll and the results were as
follows:

 

 Resolution                                                                      For*                Against           Withheld**
                                                                                 Votes        %      Votes       %     Votes
 1.     To receive the Financial Statements and Directors' Report for the        886,825,534  99.99  33,578      0.01  542,230
 year ended 31 March 2025

 2.     To approve the Directors' Remuneration as set out in the Annual          875,012,904  98.70  11,536,212  1.30  852,226
 Report for the year ended 31 March 2025

 3.     To re-elect James Stewart as a director of the Company                   873,459,076  98.50  13,341,357  1.50  600,909

 4.     To re-elect Timothy Drayson as a director of the Company                 876,723,606  98.87  10,057,027  1.13  620,709

 5.     To re-elect Margaret Stephens as a director of the Company               876,709,437  98.86  10,071,196  1.14  620,709

 6.     To re-elect Paul Le Page as a director of the Company                    876,627,757  98.86  10,152,876  1.14  620,709

 7.     To elect Selina Sagayam as a director of the Company                     886,329,318  99.95  480,595     0.05  591,429

 8.     To elect Nicola Paul as a director of the Company                        886,325,822  99.95  457,593     0.05  617,927

 9.     To re‑appoint Grant Thornton Limited as auditor of the Company           886,539,578  99.97  298,290     0.03  563,474

 10.  Authorise the Directors to determine the remuneration of the Auditor       886,946,873  99.97  251,826     0.03  202,643

 11.  To approve the Company's dividend policy                                   887,229,624  99.99  47,695      0.01  124,023

 12.  That the Directors be authorised to offer to holders of Ordinary Shares    886,242,064  99.96  387,587     0.04  771,691
 the right to elect to receive Ordinary Shares credited as fully paid, instead

 of case in respect of dividends declared

 13.  That the company be authorised in accordance with Section 315 of the       833,252,818  93.91  54,070,393  6.09  78,131
 Companies (Guernsey) Law, 2008 (as amended) to make market acquisitions of

 
 its ordinary shares in accordance with the terms set out in the Notice of
 Annual General Meeting

 14.  That the Directors be authorised to allot and issue (or sell from          868,194,904  97.85  19,072,349  2.15  134,089
 treasury) equity securities for cash, up to an aggregate amount not exceeding

 10% of the Ordinary Shares in issue

*Includes discretionary votes.

**A vote withheld is not a vote in law and has not been counted in the votes
for and against a resolution.

In accordance with UKLR 6.4.13, details of those resolutions passed at the AGM
that were not in the ordinary course of business are detailed below.

To consider and, if thought fit, to pass the following resolutions as an
ordinary resolution:

 

11.          THAT pursuant to article 35.4 of the Articles of
Incorporation of the Company (the "Articles") the Company continues its
business as a closed‑ended investment company.

 

12.          THAT in accordance with Article 31A of the Articles, the
Directors be and are hereby authorised to offer to any holders of Ordinary
Shares (excluding any member holding Ordinary Shares as treasury shares) the
right to elect to receive Ordinary Shares credited as fully paid, instead of
cash in respect of the whole (or some part to be determined by the Directors)
of all or any dividends declared or paid during the period from the date
hereof and ending prior to the date of the annual general meeting of the
Company to be held in 2026, on such terms as the Directors may determine.

 

To consider, and if thought fit, to pass the following resolutions as special
resolutions:

 

13.          THAT the Company be and is hereby generally and
unconditionally authorised in accordance with Section 315 of The Companies
(Guernsey) Law, 2008 (as amended) (the "Law") to make market acquisitions (as
defined in the Law) of its Ordinary Shares, provided that:

a.     the maximum aggregate number of Ordinary Shares hereby authorised
to be purchased is such number as represents 14.99% of the Ordinary Shares in
issue immediately following the passing of this resolution;

b.     the minimum price (exclusive of expenses) which may be paid for an
Ordinary Share is 1 pence;

c.     the maximum price (exclusive of expenses) which may be paid for an
Ordinary Share shall be not more than the higher of (i) 5% above the average
market value of an Ordinary Share for the five business days prior to the day
the purchase is made and (ii) the value of an Ordinary Share calculated on the
basis of the higher of the price quoted for the last independent trade and the
highest independent bid for any number of the Ordinary Shares on the trading
venue where the purchase is carried out;

d.     the authority hereby conferred shall expire at the conclusion of
the next annual general meeting of the Company held in 2026 or 18 months from
the date of this resolution, whichever is the earlier, unless such authority
is varied, revoked or renewed prior to such time; and

e.     the Company may make a contract to purchase Ordinary Shares under
the authority hereby conferred 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 an acquisition of Ordinary Shares pursuant to any such
contract.

 

14.          THAT in substitution for all existing authorities to
disapply pre‑emption rights pursuant to the special resolution of the
Company dated 2 August 2023 the Directors be and are hereby authorised to
allot and issue (or sell from treasury) equity securities (within the meaning
of the Articles) for cash, as if Article 5.1 of the Articles did not apply to
any such allotment and issue, up to an aggregate amount not exceeding 10% of
the Ordinary Shares in issue immediately following the passing of this
resolution; provided that this authority shall expire at the conclusion of the
next annual general meeting of the Company to be held in 2026 unless such
authority is renewed, varied or revoked by the Company, save that the Company
may prior to the expiry of such period make any offer or agreement which would
or might require such shares to be issued (or sold from treasury) or rights to
be granted after such expiry and the Directors may issue (or sell from
treasury) such shares (or to grant rights to subscribe for or to convert any
securities into shares) in pursuance of any such offer or agreement as if the
authority conferred hereby had not expired.

 

For further information please contact:

 

 Sequoia Investment Management Company                                    +44 (0) 20 7079 0480

 Steve Cook

 Dolf Kohnhorst

 Randall Sandstrom

 Anurag Gupta

 Jefferies International Limited (Joint Corporate Broker & Financial      +44 (0) 20 7029 8000
 Adviser)

 Gaudi Le Roux

 Stuart Klein

 J.P. Morgan Cazenove (Joint Corporate Broker & Financial Adviser)        +44 (0) 20 7742 4000

 William Simmonds

 Jeremie Birnbaum

 Teneo (Financial PR)                                                     +44 (0) 20 7353 4200

 Elizabeth Snow

 Faye Calow

 FundRock Management Company (Guernsey) Limited (AIFM)                    +44 (0) 20 3530 3600

 Chris Hickling

 Dave Taylor

 Apex Fund and Corporate Services (Guernsey) Limited (Company Secretary)  +44 (0) 20 3530 3600

 Aoife Bennett

 James Taylor

 

About Sequoia Economic Infrastructure Income Fund Limited

 

The Company seeks to provide investors with regular, sustained, long-term
distributions and capital appreciation from a diversified portfolio of senior
and subordinated economic infrastructure debt investments. The Company is
advised by Sequoia Investment Management Company Limited.

 

LEI: 2138006OW12FQHJ6PX91

 

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