AGM Statement

At an Annual General Meeting of Kings Arms Yard VCT PLC, duly convened and held at the City of London Club, 19 Old Broad Street, London on 24 day of May 2013 the following resolutions were passed

Ordinary resolutions numbers 1 to 5 were passed.

The following items of Special Business were passed of which 6 and 10 were passed as ordinary resolutions and 7 to 9 were passed as special resolutions.

Special Business

6. Authority to allot shares

That the directors be generally and unconditionally authorised in accordance with section 551 of the
Companies Act 2006 ("the Act") to allot ordinary shares of 1 penny each in the capital of Company, up to a maximum aggregate nominal amount of £209,667, provided that this authority shall expire 18 months from the date that this resolution is passed, or, if earlier, the conclusion of the next annual general meeting of the Company, but so that the Company may, before the expiry, make an offer or agreement which would or might require shares to be allotted or rights to subscribe for or convert securities into shares to be granted after such expiry and the directors may allot shares or grant rights to subscribe for or convert securities into shares pursuant to such an offer or agreement as if the authority had not expired.

7. Authority for the disapplication of pre-emption rights

That, subject to and conditional on the passing of resolution number 6, the directors be empowered,
pursuant to section 570 of the Act, to allot equity securities (within the meaning of section 560 of the Act) for cash pursuant to the authority conferred by resolution number 6 as if section 561(1) of the Act did not apply to any such allotment, provided that this power shall be limited to the allotment of equity securities:

(a) in connection with an offer of such securities by way of rights issue;

(b) pursuant to any dividend reinvestment scheme introduced or operated by the Company; and

(c) otherwise than pursuant to paragraphs (a) and (b) above, up to an aggregate nominal amount of
£209,667

in each case, where the proceeds may be used in whole or part to purchase shares, and that this authority shall expire 18 months from the date that this resolution is passed or, if earlier, the conclusion of the next annual general meeting, save that the Company may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any such offer or agreement as if the power had not expired.

In this resolution, "rights issue" means an offer of equity securities open for acceptance for a period fixed by the directors to holders on the register on a fixed record date in proportion as nearly as may be to their respective holdings, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient to deal with any fractional entitlements or legal or practical difficulties under the laws of, or the requirements of any recognised regulatory body or any stock exchange in, any territory.
This power applies in relation to a sale of treasury shares which is an allotment of equity securities by virtue of section 560(2)(b) of the Act as if in the first paragraph of the resolution the words "subject to and conditional on the passing of Resolution number 6" were omitted in relation to such a sale.

8. Authority to purchase own shares

That, the Company be generally and unconditionally authorised to make market purchases (within the meaning of section 693(4) of the Act) of ordinary shares of 1 penny each in the capital of the Company, on such terms as the Directors think fit, and where such shares are held as treasury shares, the Company may use them for the purposes set out in section 727 of the Act, provided that:

(a) the maximum aggregate number of shares hereby authorised to be purchased is 31,429,178;

(b) the minimum price, exclusive of any expenses, which may be paid for a share shall be 1 penny;

(c) the maximum price, exclusive of any expenses, which may be paid for a share shall be an amount equal to the higher of (a) 105 per cent. of the average of the middle market quotations for the share,
as derived from the London Stock Exchange Daily Official List, for the five business days immediately
preceding the date on which the share is purchased; and (b) the amount stipulated by Article 5(1) of
the Buy-back and Stabilisation Regulation 2003;

(d) the authority hereby conferred shall, unless previously revoked or varied, expire 18 months from the date that this resolution is passed or, if earlier, at the conclusion of the next annual general meeting; and

(e) the Company may make a contract or contracts to purchase shares under this authority before the expiry of the authority which will or may be executed wholly or partly after the expiry of the authority, and may make a purchase of shares in pursuance of any such contract or contracts as if the authority conferred hereby had not expired.

Under sections 724-732 of the Act, shares purchased by the Company out of distributable profits can be held as treasury shares, which may then be cancelled or sold for cash. The authority sought by this special resolution number 8 is intended to apply equally to shares to be held by the Company as treasury shares in accordance with the Act.

9. Authority to sell treasury shares

That the directors be empowered to sell treasury shares at the higher of the prevailing current share price and the price at which they were bought in at.

10. That the Related Party Transaction (as defined, and details of which are set out, in the circular to shareholders dated 17 April 2013) with Albion Ventures LLP be and hereby is approved.

24 May 2013

For further information please contact:
Albion Ventures LLP
Tel: [phone]

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Source: Kings Arms Yard VCT PLC via Thomson Reuters ONE

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