REG - Utilico Emerging Mkt - Result of AGM

Utilico Emerging Markets TrustAnnouncement

19/09/2023 12:15

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RNS Number : 9423M  Utilico Emerging Markets Trust PLC  19 September 2023

19 September 2023

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

 

Result of Annual General Meeting

 

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2023
Annual General Meeting of shareholders on 19 September 2023.

 

All resolutions proposed at the meeting were passed on a show of hands.  A
copy of the Notice of Meeting is available at www.uemtrust.co.uk
(http://www.uemtrust.co.uk) .

 

The proxy voting figures received in advance of the meeting are shown below.

 

 Resolution                                                                 Votes for/      %       Votes against  %      Total votes cast  Votes withheld

discretionary
 Ordinary Resolutions
 1. To receive the Company's Accounts and the Reports of the Directors and  130,591,780     100.00  0              0.00   130,593,634       26,767
 Auditor
 2. To approve the Directors' Remuneration Report                           130,412,862     99.94   79,139         0.06   130,493,855       126,546
 3. To approve the Company's dividend policy                                130,589,367     100.00  2,413          0.00   130,593,634       26,767
 4. To re-elect Mr Rennocks                                                 129,425,168     99.16   1,097,137      0.84   130,524,159       96,242
 5. To re-elect Mr Bridgeman                                                129,594,224     99.29   928,081        0.71   130,524,159       96,242
 6. To re-elect Ms Liu                                                      129,561,580     99.27   955,940        0.73   130,519,374       101,027
 7. To re-elect Mr Stobart                                                  96,783,200      74.15   33,734,320     25.85  130,519,374       101,027
 8. To re-appoint KPMG LLP as auditor of the Company                        130,361,092     99.88   157,087        0.12   130,520,033       100,368
 9. To authorise the Directors to determine the auditor's remuneration      130,501,035     99.98   18,076         0.02   130,520,965       99,436
 10. To authorise the Directors to allot securities                         130,491,704     99.98   24,088         0.02   130,517,646       102,755

 

 Special Resolutions
 11. To authorise the Directors to disapply pre-emption rights  130,352,007  99.91  110,912  0.09  130,464,773  155,628
 12. To authorise the Company purchase its own shares           130,338,483  99.85  189,571  0.15  130,529,908  90,493

 

While a significant majority of shareholder proxies supported Resolution 7
(re-election of Mr Eric Stobart), the Board is disappointed that a notable
number representing 25.85% of the shares voted (17.01% of the issued share
capital) were against the annual re-election of Mr Eric Stobart.  Over 97% of
these shares were voted by one shareholder, with whom the Company has
previously engaged and will continue to engage, and who has indicated its
opposition to the appointment of Mr Stobart.

 

Mr Stobart is an Independent Director pursuant to the UK Corporate Governance
Code and in accordance with the principles of the Code, all Directors offer
themselves for re-election annually. The Board is firmly of the view that Mr
Stobart is and remains independent in character and judgement and that his
appointment to the Board is in the best interests of the Company and its
shareholders.  In 2021 the Company announced the appointments of Mark
Bridgeman and Isabel Liu as new Independent Directors to the Board of UEM and
the Board continues to consider board refreshment.

 

A copy of the full text of the resolutions (other than those resolutions
comprising ordinary business) will shortly be made available for inspection on
the National Storage Mechanism at
http://data.fca.org.uk/#/nsm/nationalstoragemechanism
(http://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

 

Name of contact and telephone number for enquiries:

ICM Investment Management
Limited
+44(0)1372 271486

Charles Jillings / Alastair Moreton

 

Montfort Communications

Gay Collins, Pippa
Bailey
+44(0)20 3770 7913

utilico@montfort.london

 

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