Result of AGM

RNS Number : 8975Z

Aberdeen New Dawn Invest Trust PLC

05 September 2018

 

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 5 September 2018, 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	67,034,592	100.00%	249	0.00%	26,031	67,060,872
2.   Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy)	66,685,161	99.59%	274,517	0.41%	101,194	67,060,872
3.   Approve Directors' Remuneration Policy	67,050,772	100.00%	249	0.00%	9,851	67,060,872
4.   Re-elect Susie Rippingall	53,735,878	99.89%	60,041	0.11%	13,264,954	67,060,873
5.   Re-elect John Lorimer	53,766,688	99.88%	64,338	0.12%	13,229,847	67,060,873
6.   Re-elect Hugh Young	52,286,092	78.03%	14,719,553	21.97%	55,226	67,060,871
7.   Re-elect Marion Sears	52,941,522	98.42%	849,651	1.58%	13,269,700	67,060,873
8.   Re-elect David Shearer	51,246,613	95.37%	2,485,504	4.63%	13,328,754	67,060,871
9.   Appoint Ernst & Young LLP as Auditor	66,925,516	99.96%	28,261	0.04%	107,095	67,060,872
10.  Authorise the Directors to Determine Auditor's Remuneration	66,951,831	99.92%	51,064	0.08%	57,978	67,060,873
11.  Authorise the Directors to Allot Shares	66,903,483	99.86%	95,116	0.14%	62,273	67,060,872
12.  Approve Disapplication of Pre Emption Rights	66,851,816	99.85%	97,709	0.15%	111,348	67,060,873
13.  Authorise the Company to Purchase its Own Shares	66,879,450	99.82%	119,040	0.18%	62,383	67,060,873

The Board has noted that shareholder proxies representing 21.97% 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 communicated with the Board  prior to the AGM and 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 78.03% 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 2018, copies of which are available on the Company's website, http://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:

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

 

 

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