Result of AGM

RNS Number : 2360L

Aberdeen New Dawn Invest Trust PLC

04 September 2019

 

ABERDEEN NEW DAWN INVESTMENT TRUST PLC

RESULTS OF THE ANNUAL GENERAL MEETING

Legal Entity Identifier:  5493002K00AHWEME3J36

At the Annual General Meeting of Aberdeen New Dawn Investment Trust PLC held on 4 September 2019, all resolutions were passed by shareholders. The total number of proxy votes lodged was as follows:

Resolution	No of Votes  For (incl discretionary)	% of Votes For (incl discretionary)	No of Votes  Against	% of Votes Against	No of Votes Witheld	Total Votes Cast (Incl Withheld)
1.   Receive Annual Report and Accounts	72,029,923	100.00%	302	0.00%	57,128	72,087,353
2.   Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy)	71,791,587	99.74%	184,259	0.26%	111,507	72,087,353
3.   Approve final dividend	72,034,268	100.00%	302	0.00%	52,783	72,087,353
4.   Elect Donald Workman	71,905,090	99.92%	59,163	0.08%	123,100	72,087,353
5.   Re-elect Susie Rippingall	71,927,520	99.88%	88,831	0.12%	71,002	72,087,353
6.   Re-elect John Lorimer	71,768,275	99.68%	229,480	0.32%	89,597	72,087,352
7.   Re-elect Hugh Young	53,715,454	74.60%	18,288,636	25.40%	83,262	72,087,352
8.   Re-elect Marion Sears	71,081,022	98.76%	894,040	1.24%	112,291	72,087,353
9.   Re-appoint Ernst & Young LLP as Auditor	71,878,736	99.87%	90,803	0.13%	117,814	72,087,353
10.  Authorise the Directors to Determine Auditor's Remuneration	71,951,256	99.91%	63,688	0.09%	72,409	72,087,353
11.  Authorise the Directors to Allot Shares	71,921,836	99.90%	75,180	0.10%	90,337	72,087,353
12.  Approve Disapplication of Pre Emption Rights	71,803,650	99.79%	154,319	0.21%	129,384	72,087,353
13.  Authorise the Company to Purchase its Own Shares	71,882,063	99.83%	122,473	0.17%	82,817	72,087,353

The Board has noted that shareholder proxies representing 25.40% of the issued capital voted against the annual re-election of Mr Hugh Young. The vast majority of these shares were voted by one shareholder who is not in favour of a representative of the Manager sitting on the Board.

The Board supports the democratic process which saw substantial support from shareholders with proxies representing 74.60% voting in favour of Mr Young's  re-election to the Board.  The Board notes that management representation on the Board is seen by some shareholders as negative due to concerns over conflicts of interest.  However, the Board has a rigorous procedure in place to ensure that only independent Directors are permitted to be present when any matters relating to the Manager are discussed and this process is enforced strictly.

The full text of the resolutions can be found in the Notice of the Meeting set out in the Annual Report and Accounts for the year ended 30 April 2019, copies of which are available on the Company's website, www.newdawn-trust.co.uk*. The Annual Report has been submitted to the National Storage Mechanism and is available for inspection at: www.morningstar.co.uk/uk/nsm*.

Enquiries:

Gordon Hay Smith

Aberdeen Asset Management PLC

Secretary

Tel. [phone]

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

 

 

END

 

 

RAGSSIFELFUSEIU