AGM Statement

RNS Number : 9772C

Scottish Mortgage Inv Tst PLC

01 July 2016

 

SCOTTISH MORTGAGE INVESTMENT TRUST PLC

Annual General Meeting, 30 June 2016 

At the Annual General Meeting ('AGM') held on 30 June 2016 all resolutions were passed, including those detailed below:

·    Shareholders approved an ordinary resolution granting the Directors' general authority to issue shares up to an aggregate nominal amount of £6,577,622.40, representing approximately 10% of the total issued share capital (excluding treasury shares) of the Company as at 23 May 2016. This authority will expire on 30 September 2017 or, if earlier, at the conclusion of the AGM of the Company to be held in 2017 (unless previously varied, revoked or renewed).

·    Shareholders approved a special resolution granting the Company authority to allot equity securities or sell treasury shares for cash on a non pre-emptive basis up to £6,577,622.40 being approximately 10% of the issued share capital (excluding treasury shares) of the Company as at 23 May 2016. The Directors do not intend to use these powers to issue shares or sell treasury shares at a discount to net asset value on the basis of debt valued at fair value. This authority will expire on 30 September 2017 or, if earlier, at the conclusion of the AGM to be held in 2017 (unless previously varied, revoked or renewed).

·    Shareholders approved under Special Business an ordinary resolution authorising the Directors for the purposes of LR15.4.11 of the Listing Rules of the UK Listing Authority of the Financial Conduct Authority to issue shares or sell treasury shares (as defined in section 724 of the Companies Act 2006) for cash at a price below the net asset value per share of those shares without first offering those shares pro rata to existing Shareholders.

·    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 (excluding treasury shares), being 197,197,120 ordinary shares of 5 pence. 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 on 30 September 2017 or, if earlier, at the conclusion of the AGM to be held in 2017 (unless previously varied, revoked or renewed).

·    Shareholders approved under Special Business an ordinary resolution to amend the Company's investment policy to stipulate that the maximum amount which may be invested in companies not listed on a public market shall not exceed 25 per cent of the total assets of the Company, measured at the time of purchase and to make certain other amendments.

The full text of all the resolutions can be found in the Notice of Annual General Meeting which is available for viewing at the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM

Baillie Gifford & Co Limited

Company Secretary

1 July 2016

 

END

 

 

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