TIDMGV1O
RNS Number : 2566R
Gresham House Renewable EnergyVCT1
26 June 2020
26 June 2020
Gresham House Renewable Energy VCT 1 plc
("VCT 1" or the "Company")
Result of 2020 Annual General Meeting
Gresham House Renewable Energy VCT 1 plc announces that at the
Company's 2020 Annual General Meeting held on 25 June 2020, all
resolutions were voted on by way of a poll and the results of the
proxy votes received are set out below.
Resolutions 1 to 8 (inclusive) were proposed as ordinary
resolutions and resolutions 9 to 11 (inclusive) were proposed as
special resolutions.
Resolution Votes For* % Votes Against % Total votes Total votes Vote Withheld
validly cast cast as % of **
issued share
capital
Receive and
adopt
directors'
report and
annual
accounts for
period ended
31 December
1 2019 4,119,760,097 100 0 0 4,119,760,097 16.12 0
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
Approve
directors'
remuneration
2 report 4,119,760,097 100 0 0 4,119,760,097 16.12 0
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
Approve the 4,119,760,097 100 0 0 4,119,760,097 16.12 0
directors'
3 remuneration
policy
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
To re-appoint
the auditor
4 BDO LLP 4,119,760,097 100 0 0 4,119,760,097 16.12 0
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
To authorise 4,119,760,097 100 0 0 4,119,760,097 16.12 0
the board of
directors to
5 determine the
auditors
remuneration
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
Elect David
Hunter as a
6 director 4,119,760,097 100 0 0 4,119,760,097 16.12 0
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
Re-elect
Stuart Knight
7 as a director 4,119,694,409 100 65,688 0 4,119,760,097 16.12 0
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
To authorise 1,996,035,494 48.45 2,123,724,603 51.55 4,119,760,097 16.12 0
the Directors
to allot
8 shares under
section 551
Companies Act
2006
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
Subject to 1,748,310,016 42.44 2,371,450,081 57.56 4,119,760,097 16.12 0
the passing
of resolution
8, to
disapply
9 statutory
pre-emption
rights under
section
570 Companies
Act 2006
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
To authorise 4,119,760,097 100 0 0 4,119,760,097 16.12 0
the Company
to make
10 market
purchase of
its own
ordinary
shares
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
To permit 3,553,340,243 86.25 566,419,854 13.75 4,119,760,097 16.12 0
general
meetings to
11 be called on
14 days'
notice
-------------- -------------- ------ -------------- ------ -------------- -------------- ---------------
* Includes discretionary votes
** A vote withheld is not a vote in law and is not counted in
the calculation of the votes for or against a resolution.
Resolution 8, which related to the Directors' ability to allot
new shares and Resolution 9, which related to the Company's ability
to make non-pre-emptive issues of shares, were not passed,
receiving significant opposition by shareholders.
The Board is disappointed that Resolutions 8 and 9 were not
passed. As explained in the AGM Notice, whilst the Company has no
intention at present of raising money in the coming year, the Board
believes it imprudent not to have the ability to raise funds
through the allotment of shares up to 10 per cent. of the issued
share capital without pre-emption rights. Such a facility would
only be used in exceptional circumstances, such as the need to
invest to meet HMRC rules, or to protect the value of a current
investment.
Further, the Board had explained in the AGM Notice that the
Board will only issue shares where it believes that it is in the
best interests of all existing shareholders to do so and that
existing shareholders would be given the opportunity to participate
in any future fundraising by the Company.In the light of the
significant number of votes against Resolutions 8 and 9, the
Company will undertake a detailed review of the feedback received
on these resolutions to ensure it fully understands shareholders'
concerns. The Board takes seriously its responsibilities to uphold
the highest standards of corporate governance and is open to
constructive dialogue with shareholders and shareholder bodies.
For further information, please contact:
Gresham House Asset Management t.hayes@greshamhouse.com
Tania Hayes Tel: 020 3875 9860
JTC (UK) Limited - Company Secretary GreshamVCTs@jtcgroup.com
Christopher Gibbons Tel: 44 203 846 9774
LEI: 213800IVQHJXUQBAAC06
Notes:
As at close of business on 23 June 2020, the share capital of
the Company consisted of 26,133,036 Ordinary Shares and 39,463,845
'A' shares with voting rights, excluding treasury shares. Each
Ordinary Share has 1,000 voting rights and each 'A' share has one
voting right.
In accordance with Listing Rule 9.6.2 copies of all the
resolutions passed, other than ordinary business, will be submitted
to the National Storage Mechanism and will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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