AGM Statement

RNS Number : 5278E

Scottish American Investment Co PLC

07 April 2011

 

THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

Annual General Meeting held on 7 April 2011

At the AGM held on 7 April 2011 all resolutions were passed, including those detailed below:

·     A resolution renewing the Directors' general authority to issue shares up to an aggregate nominal amount of £11,040,495 (representing approximately 33.33% of the total issued share capital of the Company). This authority will expire at the conclusion of the next AGM of the Company or on 6 July 2012, whichever is the earlier (unless previously varied, revoked or renewed).

·     A special resolution renewing the Directors' authority to issue shares and sell treasury shares on a non-pre-emptive basis up to an aggregate nominal amount of £3,312,148 (representing 10% of the total issued share capital of the Company). This authority will expire at the conclusion of the next AGM of the Company or on 6 July 2012, whichever is the earlier (unless previously varied, revoked or renewed). This authority will only be used to issue shares or re-sell shares from treasury at a premium to net asset value and only when the Directors believe it would be in the best interests of shareholders to do so.

·     A special resolution renewing the Company's authority to make market purchases of up to 14.99% of the Company's issued share capital, being 19,859,642 ordinary shares of 25p. This authority will expire at the conclusion of the AGM to be held in 2012, unless previously varied, revoked or renewed.

Special Business

·    Shareholders approved a special resolution to adopt new Articles of Association.

The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Financial Statements which is available for viewing at the National Storage Mechanism at http://www.hemscott.com/nsm.do.

Baillie Gifford & Co

Managers and Secretaries

7 April 2011

 

END

 

 

AGMUBSSRAKASRAR