Result of AGM

RNS Number : 8578X

Aberdeen New Dawn Invest Trust PLC

02 September 2020

 

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 2 September 2020, 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	76,852,182	100.00%	1,603	0.00%	10,774	76,864,559
2.  Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy)	76,599,443	99.77%	179,513	0.23%	85,602	76,864,558
3.  Approve Directors' Remuneration Policy	76,551,962	99.74%	195,715	0.26%	116,871	76,864,548
4.  Approve final dividend	76,825,259	99.98%	12,941	0.02%	26,360	76,864,560
5.  Elect Stephen Souchon	76,709,657	99.87%	102,764	0.13%	52,138	76,864,559
6.  Re-elect Donald Workman	76,151,110	99.18%	628,309	0.82%	85,140	76,864,559
7.  Re-elect Susie Rippingall	76,173,544	99.13%	664,744	0.87%	26,271	76,864,559
8.  Re-elect Hugh Young	51,109,656	66.77%	25,430,754	33.23%	324,148	76,864,558
9.  Re-elect Marion Sears	76,190,427	99.17%	638,835	0.83%	35,297	76,864,559
10.  Re-appoint Ernst & Young LLP as Auditor	76,640,873	99.87%	96,703	0.13%	126,983	76,864,559
11.  Authorise the Directors to Determine Auditor's Remuneration	76,816,234	99.98%	14,422	0.02%	33,903	76,864,559
12.  Authorise the Directors to Allot Shares	76,746,606	99.90%	75,665	0.10%	42,288	76,864,559
13.  Approve Disapplication of Pre Emption Rights	76,637,004	99.83%	127,053	0.17%	100,492	76,864,549
14.  Authorise the Company to Purchase its Own Shares	76,780,560	99.92%	59,899	0.08%	24,100	76,864,559

The Board has noted that shareholder proxies representing 33.23% 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 66.77% 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 Directors value Mr Young's contribution and the perspective that he brings to the Board. 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 2020, 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: https://data.fca.org.uk/#/nsm/nationalstoragemechanism *

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

 

 

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