REG - Value & Index Prop - Result of AGM

Value and Indexed Property Income TrustAnnouncement

11/07/2024 13:15

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RNS Number : 0946W  Value and Indexed Prop Inc Tst PLC  11 July 2024

VALUE AND INDEXED PROPERTY INCOME TRUST PLC

 

Result of Annual General Meeting

 

The Board announces that at the Annual General Meeting of Value and Indexed
Property Income Trust PLC, held at 12.30pm today, Thursday, 11 July 2024, at
the offices of Shepherd & Wedderburn LLP, 9 Haymarket Square, Edinburgh
EH3 8FY, Ordinary Resolutions numbered 1 to 11, inclusive, and Special
Resolutions numbered 12 to 14, inclusive, as set out in the Notice of Annual
General Meeting within the 2024 Annual Report, were passed on a show of hands.

At the record date for the Annual General Meeting, being 9 July 2024, the
total number of voting rights in the Company stood at 42,448,847 and the total
number of shares in issue was 42,448,847 (excluding 3,101,128 shares held in
treasury). The Company advises that for the Annual General Meeting, 92 valid
proxy appointments were made in respect of up to 14,262,596 shares.

In relation to Resolution 13 (authority to make market purchases of Ordinary
Shares either for cancellation or for holding in treasury), 14.99% of the
Company's issued Ordinary Share capital equated to 6,367,174 Ordinary Shares
as at the date of the Notice of the Annual General Meeting.

 

The numbers of proxy votes cast in respect of each Resolution were as follows:

 

             For and Chairman's Discretion     Against                Votes     Total Votes
 Resolution  No. of           % of             No. of     % of        Withheld  (excluding Votes Withheld)
 Number      Votes            Votes Cast       Votes      Votes Cast
 1           14,260,696       99.99            1,900      0.01        0         14,262,596
 2           14,074,805       99.01            140,023    0.99        47,768    14,214,828
 3           14,260,696       99.99            1,900      0.01        0         14,262,596
 4           13,169,418       92.79            1,023,954  7.21        69,224    14,193,372
 5           14,004,851       98.24            250,358    1.76        7,387     14,255,209
 6           13,297,193       93.28            958,016    6.72        7,387     14,255,209
 7           14,004,547       98.24            250,662    1.76        7,387     14,255,209
 8           14,020,698       98.38            230,662    1.62        11,236    14,251,360
 9           14,226,566       99.78            30,709     0.22        5,321     14,257,275
 10          14,232,383       99.93            9,636      0.07        20,577    14,242,019
 11          14,201,567       99.57            61,029     0.43        0         14,262,596
 12          13,904,707       97.49            357,889    2.51        0         14,262,596
 13          14,220,049       99.70            42,547     0.30        0         14,262,596
 14          14,045,187       98.56            204,706    1.44        12,703    14,249,893

 

At the AGM held today, the Chairman announced an increase of £15 million on
an existing loan at a net effective interest rate of 6.4% through to its
maturity to 31 March 2033. 95% of the loan is at a fixed rate of 6.37%
throughout the term with 5% at a floating rate.

 

This brings the average interest rate on VIP's total borrowing of £65 million
to 4.5% (95% fixed), with an average maturity of 7.1 years (from 6.9 years).
The loan to value ratio is 41% (from 35%).

 

Copies of Resolutions 11, 12, 13 and 14, all of which were passed at the AGM,
have been submitted to the National Storage Mechanism ("NSM") and will shortly
be available for inspection at:

 
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
*

 

A copy of the Investment Manager's AGM presentation will be available shortly
to download from the website of the Company's Investment Manager, OLIM
Property Limited, at:

https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html
(https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html)
*

 

*Neither the website of the Company's Investment Manager, nor the NSM website,
nor the content of any website accessible from hyperlinks on those websites
(or any other website) is (or is deemed to be) incorporated into, or forms (or
is deemed to form) part of this announcement.

 

Enquiries:

 

Miranda Kelly

Maven Capital Partners UK LLP

Company Secretary

Tel: 0141 306 7400

 

11 July 2024

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