Result of AGM

Sequoia Economic Infra Inc Fd Ld

02 August 2023

 

2 August 2023

Sequoia Economic Infrastructure Income Fund Limited

 (the "Company")

Result of Annual General Meeting and Retirement of Non-Executive Director

The Company is pleased to announce that at the Annual General Meeting (the "AGM") of the Company held at 10.00am today, 2 August 2023, each of the proposed resolutions were duly passed on a poll.

As previously announced Mrs Sarika Patel did not stand for re-election at the AGM and has retired as a non-executive director of the Company effective today. The Board wishes to express its sincere thanks to Mrs Patel for her invaluable contribution to the Board and as Chair of the Audit Committee. Mrs Fiona Le Poidevin will take the position of Chair of the Audit Committee going forward.

The number of shares voted in person or by proxy on the resolutions proposed at the AGM, of which resolutions
1 to 11 were proposed as ordinary resolutions and resolutions 12 and 13 were proposed as special resolutions, were as follows:

1.             To receive the Financial Statements and Directors' Report for the year ended 31 March 2023.

979,576,222 votes were in favour of the resolution (99.99% of votes cast) and 74,930 votes were against (0.01% of votes cast). 37,477,406 votes were withheld.

2.             To approve the Directors' Remuneration Report for the year ended 31 March 2023.

979,315,203 votes were in favour of the resolution (99.97% of votes cast) and 294,079 votes were against (0.03% of votes cast). 37,519,276 votes were withheld.

3.             THAT Robert Jennings be re-elected as a director of the Company.

1,009,529,381 votes were in favour of the resolution (99.26%of votes cast) and 7,546,978 votes were against (0.74% of votes cast). 52,199 votes were withheld.

4.             THAT Sandra Platts be re-elected as a director of the Company.

941,709,497 votes were in favour of the resolution (92.59% of votes cast) and 75,366,862 votes were against (7.41% of votes cast).52,199 votes were withheld.

5.             THAT Mr James Stewart be re-elected as a director of the Company.

1,009,544,781 votes were in favour of the resolution (99.26% of votes cast) and 7,531,578 votes were against (0.74% of votes cast). 52,199 votes were withheld.

6.             THAT Mr Timothy Drayson be re-elected as a director of the Company.

1,016,883,109 votes were in favour of the resolution (99.98% of votes cast) and 195,250 votes were against (0.02% of votes cast). 50,199 votes were withheld.

7.             THAT Mrs Fiona Le Poidevin be elected as a director of the Company.

864,587,764 votes were in favour of the resolution (85.01% of votes cast) and 152,488,595 votes were against (14.99% of votes cast). 52,199 votes were withheld.

8.             THAT Grant Thornton Limited, who have indicated their willingness to continue in office, be re-appointed as auditors of the Company to hold office from the conclusion of this annual general meeting until the conclusion of the next annual general meeting of the Company.

1,016,889,318 votes were in favour of the resolution (99.98% of votes cast) and 214,460 votes were against (0.02% of votes cast). 24,780 votes were withheld.

9.             THAT the Directors be authorised to determine the remuneration of the auditors for their next period of office.

1,016,952,889 votes were in favour of the resolution (99.99% of votes cast) and 137,495 votes were against (0.01% of votes cast). 38,174 votes were withheld.

10.          To approve the Company's dividend policy set out in the prospectus published by the Company on
10 February 2020.

1,017,028,848 votes were in favour of the resolution (99.99% of votes cast) and 54,979 votes were against (0.01% of votes cast). 44,731 votes were withheld.

11.          THAT in accordance with Article 31A of the Articles, the Directors be and are hereby authorised to offer to any holders of Ordinary Shares (excluding any member holding Ordinary Shares as treasury shares) the right to elect to receive Ordinary Shares credited as fully paid, instead of cash in respect of the whole (or some part to be determined by the Directors) of all or any dividends declared or paid during the period from the date hereof and ending prior to the date of the annual general meeting of the Company to be held in 2024, on such terms as the Directors may determine.

1,016,959,229 votes were in favour of the resolution (99.99% of votes cast) and 114,549 votes were against (0.01% of votes cast). 54,780 votes were withheld.

12.          THAT the Company be and is hereby generally and unconditionally authorised in accordance with Section 315 of The Companies (Guernsey) Law, 2008 (as amended) (the "Law") to make market acquisitions (as defined in the Law) of its Ordinary Shares, provided that:

a.     the maximum aggregate number of Ordinary Shares hereby authorised to be purchased is such number as represents 14.99% of the Ordinary Shares in issue immediately following the passing of this resolution;

b.     the minimum price (exclusive of expenses) which may be paid for an Ordinary Share is 1 pence;

c.     the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be not more than the higher of (i) 5% above the average market value of an Ordinary Share for the five business days prior to the day the purchase is made and (ii) the value of an Ordinary Share calculated on the basis of the higher of the price quoted for the last independent trade and the highest independent bid for any number of the Ordinary Shares on the trading venue where the purchase is carried out;

d.     the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the Company held in 2024 or 18 months from the date of this resolution, whichever is the earlier, unless such authority is varied, revoked or renewed prior to such time; and

e.     the Company may make a contract to purchase Ordinary Shares under the authority hereby conferred prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make an acquisition of Ordinary Shares pursuant to any such contract.

1,011,826,160 votes were in favour of the resolution (99.48% of votes cast) and 5,288,383 votes were against (0.52% of votes cast). 14,015 votes were withheld.

13.          THAT in substitution for all existing authorities to disapply pre-emption rights pursuant to the special resolution of the Company dated 4 August 2021 the Directors be and are hereby authorised to allot and issue (or sell from treasury) equity securities (within the meaning of the Articles) for cash, as if Article 5.1 of the Articles did not apply to any such allotment and issue, up to an aggregate amount not exceeding 10% of the Ordinary Shares in issue immediately following the passing of this resolution; provided that this authority shall expire at the conclusion of the next annual general meeting of the Company to be held in 2024 unless such authority is renewed, varied or revoked by the Company, save that the Company may prior to the expiry of such period make any offer or agreement which would or might require such shares to be issued (or sold from treasury) or rights to be granted after such expiry and the Directors may issue (or sell from treasury) such shares (or to grant rights to subscribe for or to convert any securities into shares) in pursuance of any such offer or agreement as if the authority conferred hereby had not expired.

939,057,944 votes were in favour of the resolution (95.86% of votes cast) and 40,575,038 votes were against (4.14% of votes cast). 37,495,576 votes were withheld.

Note - a vote withheld is not a vote in law and has not been counted in the votes for and against a resolution. 

For further information please contact:

Sequoia Investment Management Company Steve Cook Dolf Kohnhorst Randall Sandstrom Greg Taylor Anurag Gupta	[phone]
Jefferies International Limited (Corporate Broker & Financial Adviser) Gaudi Le Roux Stuart Klein	[phone]
Teneo (Financial PR) Martin Pengelley Elizabeth Snow	[phone]
Sanne Fund Services Limited (Company Secretary) Matt Falla Lisa Garnham	[phone]

About Sequoia Economic Infrastructure Income Fund Limited

The Company seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.

LEI: 2138006OW12FQHJ6PX91

 

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