REG - Utilico Emerging Mkt - Result of AGM

Utilico Emerging Markets TrustAnnouncement

17/09/2024 17:30

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RNS Number : 5816E  Utilico Emerging Markets Trust PLC  17 September 2024

17 September 2024

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

 

Result of Annual General Meeting

 

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2024
Annual General Meeting of shareholders on 17 September 2024.

 

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  125,008,618     100.00  0              0.00   125,008,618       13,659
 Auditor
 2. To approve the Directors' Remuneration Report                           124,904,664     99.96   52,966         0.04   124,957,630       64,647
 3. To approve the Company's dividend policy                                125,010,368     100.00  0              0.00   125,010,368       11,909
 4. To re-elect Mr Rennocks                                                 124,969,425     99.99   17,225         0.01   124,986,650       35,627
 5. To re-elect Mr Bridgeman                                                124,966,110     99.99   13,040         0.01   124,979,150       43,127
 6. To re-elect Ms Liu                                                      124,923,982     99.96   55,168         0.04   124,979,150       43,127
 7. To re-elect Mr Stobart                                                  97,462,577      77.98   27,516,573     22.02  124,979,150       43,127
 8. To elect Ms Wells                                                       124,920,957     99.96   55,168         0.04   124,976,125       46,152

 9. To re-appoint KPMG LLP as auditor of the Company                        124,856,550     99.90   127,992        0.10   124,984,542       37,735
 10. To authorise the Directors to determine the auditor's remuneration     124,974,947     99.98   22,072         0.02   124,997,019       25,258
 11. To authorise the Directors to allot securities                         124,945,200     99.95   64,956         0.05   125,010,156       12,121

 

 Special Resolutions
 12. To authorise the Directors to disapply pre-emption rights  124,819,271  99.85  185,138  0.15  125,004,409  17,868
 13. To authorise the Company purchase its own shares           124,988,911  99.98  26,231   0.02  125,015,142  7,135

 

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 22.02% of the shares voted (14.63% of the issued share
capital) were against the annual re-election of Mr Eric Stobart.
Approximately 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, who joined the Board in 2019, 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.  Earlier this year the Company announced
the appointment of Ms Nadya Wells as a new Independent Director to the Board,
continuing the cycle of 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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