Result of AGM

RNS Number : 5623O

Fair Oaks Income Fund Limited

28 May 2015

 

Fair Oaks Income Fund Limited

28 May 2015

FAIR OAKS INCOME FUND LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

RESULTS OF AGM

The Board of the Company is pleased to announce that, at the first Annual General Meeting of the Company held earlier today, all of the proposed resolutions were approved by shareholders on a poll.

The number of Shares voted in person or by proxy on the resolutions, each of which was proposed as an ordinary resolution, was as follows.

1.             THAT the Financial Statements of the Company for the year ended 31 December 2014 with the Report of the Directors and Auditors thereon be received and adopted.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

2.             THAT Claudio Albanese be re-elected as a Director of the Company.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

3.             THAT Jonathan Bridel be re-elected as a Director of the Company.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

4.             THAT Nigel Ward be re-elected as a Director of the Company.

96,444,038 were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

5.             THAT KPMG Channel Islands Limited be re-appointed as Auditors of the Company for the year ended 31 December 2015.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

6.             THAT the Directors be authorised to fix the remuneration of the Auditors for their next period of office.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

Each of the following was proposed as a special resolution:

7.             THAT the Company be and is hereby generally authorised, for the purposes of the Companies (Guernsey) Law, 2008, as amended (the "Law") to make market purchases (as identified in the Law) of its Ordinary Shares in issue.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

8.             THAT the New Articles of the Company be adopted in substitution for the existing Articles of the Company.

96,444,038 votes were in favour of the resolution (100.00% of votes cast) and no votes were against. No votes were withheld.

Each of the following was proposed as an extraordinary resolution:

9.             THAT the Directors of the Company be and are hereby empowered to issue Ordinary Shares in the                                 Company, or rights to subscribe for, or to convert securities into, Ordinary Shares for cash.

                75,500,263 votes were in favour of resolution (78.28% of votes cast). 20,943,775 votes were against 
                the resolution (21.72% of votes cast). No votes were withheld.

10.          THAT the Directors of the Company be and are hereby empowered to issue C Shares in the Company, or rights                 to subscribe for C Shares for cash.

                75,500,263 votes were in favour of resolution (78.28% of votes cast). 20,943,775 votes were against the                  resolution (21.72% of votes cast). No votes were withheld.

Enquiries:

Fair Oaks Income Fund Limited

Email: [e-mail]

Web: www.fairoaksincomefund.com

Fair Oaks Capital Limited

Miguel Ramos Fuentenebro

DDI: [phone]

Email: [e-mail]

Praxis Fund Services Limited

Ben Le Prevost

DDI: [phone]

Email: [e-mail]

Camarco

Edward Gascoigne-Pees

Hazel Stevenson

DDI: [phone]

Email:  [e-mail] / [e-mail]

Numis Securities Limited

Nathan Brown, Corporate Broking

DDI: [phone]

Email: [e-mail] 

Fair Oaks Income Fund Limited

Fair Oaks Income Fund Limited is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange on 12 June 2014. The Company's ordinary shares have the TIDM: FAIR and ISIN: GG00BMBN1D14.

The investment policy of the Company is to seek exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing. The Company will implement its investment policy by investing in Fair Oaks Income Fund LP (the "Master Fund").

The investment objective of the Company is to generate attractive, risk-adjusted returns, principally through income distributions. On the basis of market conditions as at the date of its prospectus, and based on the $1 per share issue price, the Company is targeting a net total return of between 12 and 14 per cent. per annum over the planned life of the Master Fund.

Notes

*This is a target only and not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions at all. This target return should not be taken as an indication of the Company's expected or actual current or future results. The Company's actual return will depend upon a number of factors. Shareholders and potential investors should decide for themselves whether or not the return is reasonable and achievable.

 

END

 

 

RAGSEUFIAFISEII