AGM Statement

RNS Number : 1163U

Scottish American Investment Co PLC

04 April 2016

 

THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

Annual General Meeting held on 4 April 2016

At the AGM held on 4 April 2016 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 £11,096,745 (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 3 July 2017, 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 £3,329,023 (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 3 July 2017, 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 the Company to do so.

·     An ordinary resolution that the Directors be authorised for the purposes of LR15.4.11 of the Listing Rules of the UK Listing Authority to issue further ordinary shares (including selling treasury shares for cash at a price below the net asset value per share of those shares (with borrowings valued at book) without first offering those shares pro rata to existing Shareholders.

·     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 19,960,825 ordinary shares of 25p. This authority will expire at the conclusion of the AGM to be held in 2017, unless previously varied, revoked or renewed.

·     Under special business, an ordinary resolution that in accordance with Article 104 of the Company's Articles of Association, the fees per annum per Director (not including any additional remuneration for the Chairman of the Board), shall not exceed £30,000 per annum.

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

4 April 2016 

 

END

 

 

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