Result of AGM and EGM

RNS Number : 7618K

Aberdeen Emerging Markets Inv Co Ld

12 April 2018

 

Aberdeen Emerging Markets Investment Company Limited (the "Company")

LEI: 213800RIA1NX8DP4P938

Result of Annual General Meeting ("AGM")

The Board of the Company announces that at the Company's AGM held earlier today all the resolutions were passed.

A summary of the resolutions and the proxy voting figures received in advance of the meeting are shown below:

AGM			For		Discretionary		Against		Withheld
Ordinary resolutions			Votes	%	Votes	%	Votes	%
1	To receive and adopt the financial statements for the year ended 31 October 2017, with the reports of the directors and auditors thereon.	44,076,125		100.00	0	0	0	0	526,211
2	To approve the Directors' Remuneration Report (excluding the Directors' Remuneration Policy) for the year ended 31 October 2017.	44,076,009		99.99	0	0	116	0.01	526,211
3	To approve and adopt a dividend policy to declare four interim dividends each year and to authorise the directors to declare such dividends.	44,073,566		99.99	0	0	2,559	0.01	526,211
4	To elect Mr M. Barker as a director.	44,050,114		99.95	22,270	0.05	0	0	529,952
5	To re-elect Mr W. Collins as a director.	44,038,114		99.95	22,270	0.05	0	0	541,952
6	To re-elect Mr J. Hawkins as a director.	44,050,114		99.95	22,270	0.05	0	0	529,952
7	To re-appoint KPMG Channel Islands Limited as auditor to the Company.	41,578,975		99.94	22,270	0.05	1,238	0.01	2,999,853
8	To authorise the directors to determine KPMG Channel Islands Limited's remuneration as auditor of the Company.	44,051,296		99.95	22,270	0.05	0	0	528,770
9	That the Company shall continue in existence as an investment company.	29,094,324		65.33	0	0	15,437,454	34.67	70,558
10	To give the Company the authority to purchase its own shares.	44,076,082		100.00	0	0	0	0	526,254
11	To give the Company the authority to allot new shares.	44,053,555		99.94	22,270	0.05	300	0.01	526,211
Special resolution			Votes	%	Votes	%	Votes	%
12	To waive Members' rights of pre-emption or similar rights which they may have under the Company's articles of incorporation or otherwise.	44,053,555		99.94	22,270	0.05	300	0.01	526,211

The Board is pleased to note the significant majority of investors that has voted in favour of the continuation of the Company. Based on the broad shareholder consultation in the build up to this vote, the Board believes this reflects the high regard in which the management team is held, combined with the proactive approach taken by both Board and Investment Manager to enhance the offering in recent years, ensuring it is made appealing and accessible to as wide an audience of investors as possible. The Board looks forward to working closely with the Investment Manager to ensure the best possible risk adjusted returns are achieved for investors in the coming years, as they have been over the close to 20 years that the Company and its predecessor vehicle have existed. The Board believes the outlook for emerging market equities remains attractive, and that the approach adopted by the Investment Manager can deliver incremental outperformance over the long term.

The Board notes that shareholders representing 34.67% of the votes cast voted against the continuation of the Company. Almost all of these shares were held by one institution. In accordance with best corporate governance practice, the Company will continue to maintain a dialogue with its shareholders based on the mutual understanding of objectives.

Result of Extraordinary General Meeting ("EGM")

The Board of the Company announces that at the Company's EGM held earlier today the resolution was passed.

A summary of the resolution and the proxy voting figures received in advance of the meeting are shown below:

EGM			For		Discretionary		Against		Withheld
Ordinary resolution			Votes	%	Votes	%	Votes	%
1	To authorise the Company to purchase its own shares in connection with the tender offer being undertaken by the Company as detailed in the circular to Shareholders dated 13 March 2018.	44,500,310		99.99	0	0	40	0.01	70,558

At the time of the above meetings the Company's share capital consisted of 51,166,729 ordinary shares with voting rights and a further 3,451,778 ordinary shares held in treasury.

Tender Offer

Further to the announcement on 13 March 2018, the Company has made a tender offer to shareholders to purchase up to 10 per cent. of the shares in issue at a 3.5 per cent. discount to NAV. The deadline for the submission of tender forms has now passed and the results of the tender are expected to be announced on 16 April 2018. The distribution of tender consideration is expected to take place in the week commencing 23 April 2018.

12 April 2018

Enquiries:

Aberdeen Fund Managers Limited (Manager to Aberdeen Emerging Markets Investment Company Limited)

William Hemmings / Jonathon McManus  Tel: [phone]

Vistra Fund Services (Guernsey) Limited (Company Secretary)

Tel: [phone]

Ordinary Shares - Listing Category: Premium - Equity Closed-ended Investment Funds

END

 

END

 

 

RAGUUUORWOASAAR