Result of AGM and GM

RNS Number : 2623E

Investment Company PLC

04 November 2020

 

LEI: 2138004PBWN5WM2XST62

The Investment Company PLC

(the "Company")

Results of the Annual and General Meetings

Appointment of New Directors

The Company is pleased to announce that at its Annual General Meeting ("AGM") and General Meeting ("GM") held earlier today, all resolutions, including that the Company continue in existence and the proposed change to its investment objective and policy, were duly passed.  Over 99% of the proxy votes received in relation to the proposed change of investment objective and policy and proposed change to the articles of association, were cast in favour.

The Company is a closed-ended investment company which, following the passing of the resolutions at the GM, has a new investment objective whereby it aims to protect the purchasing power of shareholders' capital in real terms, and to participate in enduring economic activities which lend themselves to genuine capital accumulation and wealth creation.

Results of the AGM

The Company is pleased to announce that all of the ordinary resolutions put to shareholders at the AGM were voted on by a show of hands and were passed.  In addition, the following special resolutions were also voted on by a show of hands and passed:

· to allow the disapplication of pre-emption rights on the allotment of new ordinary shares up to an aggregate nominal amount of £477,204;

· to allow the Company to make market purchases of up to 715,330 ordinary shares, representing 14.99% of the Company's issued share capital; and

· to allow the Directors to call a General Meeting, other than an Annual General Meeting on not less than 14 days' notice.

The full text of all the resolutions can be found in the Notice of AGM contained in the Company's Annual Report and Accounts which is available for viewing on the FCA's National Storage Mechanism at data.fca.org.uk/#/nsm/nationalstoragemechanism as well as from the Company's website at : https://www.maitlandgroup.com/investment-trusts/the-investment-company-plc/

A summary of proxy votes received will be available shortly on the Company's website at: https://www.maitlandgroup.com/investment-trusts/the-investment-company-plc/ .

Results of the GM

The Company is pleased to announce that all of the resolutions put to shareholders at the GM were passed by a show of hands.  The full text of all the resolutions can be found in the Circular to Shareholders dated 7 October 2020 which is available for viewing on the FCA's National Storage Mechanism at data.fca.org.uk/#/nsm/nationalstoragemechanism as well as from the Company's website at: https://www.maitlandgroup.com/investment-trusts/the-investment-company-plc/

A summary of proxy votes received will shortly be available on the Company's website at: https://www.maitlandgroup.com/investment-trusts/the-investment-company-plc/

Appointment of New Directors

Following the passing of the resolutions at the GM, the Company is pleased to announce the appointment of Tom Cleverly and Michael Weeks as additional non-executive directors of the Company with immediate effect.

Tom Cleverly spent the 10 years to 2011 in the audit profession, working for Grant Thornton in the UK and subsequently as a senior audit manager with Mazars in Bermuda. He served on the board of Edelweiss Holdings plc between November 2011 and September 2015, and has since held directorships in Edelweiss group companies, and currently serves as the company's treasurer and member of its executive committee. He is a director of Kayson Green Limited, a family-controlled distributor of abrasive products, based in the UK. Mr Cleverly holds a degree in accounting and finance from the University of Plymouth and is a Fellow Member of the Institute of Chartered Accountants in England and Wales. He is a British citizen and resident of the UK. Mr Cleverly holds 61 shares in the Company.

Michael Weeks joined the investment team of Edelweiss Holdings plc in 2011, where he has since served as an analyst, head of research and, since 2014, as director in different Edelweiss group companies. He is a CFA charterholder and holds degrees in chemical engineering and philosophy from Rice University. He is a US citizen and resident in Switzerland.

There is no further information to be disclosed under Listing Rule 9.6.13R for Mr Cleverly or Mr Weeks.

Ian Digh é, Chairman of The Investment Company plc, said:

"I am pleased to report that we have received overwhelming shareholder support for the proposals. Following the changes implemented today we intend to focus on an investment framework that values business judgment over formulas and where the directors and shareholders share a common purpose of preserving and growing their savings over the long term. I look forward to keeping shareholders regularly updated as we implement our new investment objective and policy."

Enquiries

The Investment Company Ian Dighé	[phone] [e-mail]
Shore Capital (Financial Adviser and Broker)
Robert Finlay	[phone]
Rose Ramsden
Maitland Administration Services
Faith Pengelly	[phone]

 

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