AGM Statement

RNS Number : 6335X

Scottish Mortgage Inv Tst PLC

26 June 2008

 



SCOTTISH MORTGAGE INVESTMENT TRUST PLC

Annual General Meeting, 26 June 2008 

At the AGM held on 26 June 2008 all resolutions were passed, including those detailed below:

·                    Shareholders approved 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 40,921,185 ordinary shares of 25p. The Company’s authority permits it to hold shares bought back “in treasury”. Such treasury shares may subsequently be either sold for cash or cancelled. This authority will expire at the conclusion of the AGM to be held in 2009 unless previously varied, revoked or renewed.

·                    Shareholders approved a special resolution granting the Company authority to allot authorised but unissued shares on a non pre-emptive basis up to £6,849,747, being 10% of the issued share capital of the Company as at 13 May 2008. This authority permits the sale of shares out of treasury. The Directors do not intend to use these powers to re-issue shares at a discount to net asset value. This authority will expire at the conclusion of the AGM to be held in 2009.

·                    Shareholders approved a special resolution to amend the Company’s Articles of Association. The Articles have been amended in the light of, amongst other things, certain of the provisions of the Companies Act 2006. The principal changes are to: (i) remove the provision regarding an age limit for Directors, (ii) empower Directors to authorise conflicts or potential conflicts of interest under section 175 of the Companies Act 2006, (iii) enable the Company to communicate with members by electronic and/or website communication under the Companies Act 2006, and (iv) extend the indemnity in favour of Directors (and former Directors) currently permitted under the Company's Articles in light of the Companies Act 2006. All of the amendments will take effect from 26 June 2008 other than the amendment summarised at (ii) above which will take effect from 1 October 2008 or such other date on which section 175 of the Companies Act 2006 comes into force. 

The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Accounts, copies of which are available for viewing at the UK Listing Authority’s Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

Tel. no. (0)20 7676 1000

Baillie Gifford & Co

Managers and Secretaries

26 June 2008

 

END

 

 

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