Result of AGM

Value and Indexed Prop Inc Tst PLC

11 July 2024

 

VALUE AND INDEXED PROPERTY INCOME TRUST PLC

Result of Annual General Meeting

The Board announces that at the Annual General Meeting of Value and Indexed Property Income Trust PLC, held at 12.30pm today, Thursday, 11 July 2024, at the offices of Shepherd & Wedderburn LLP, 9 Haymarket Square, Edinburgh EH3 8FY, Ordinary Resolutions numbered 1 to 11, inclusive, and Special Resolutions numbered 12 to 14, inclusive, as set out in the Notice of Annual General Meeting within the 2024 Annual Report, were passed on a show of hands.

At the record date for the Annual General Meeting, being 9 July 2024, the total number of voting rights in the Company stood at 42,448,847 and the total number of shares in issue was 42,448,847 (excluding 3,101,128 shares held in treasury). The Company advises that for the Annual General Meeting, 92 valid proxy appointments were made in respect of up to 14,262,596 shares.

In relation to Resolution 13 (authority to make market purchases of Ordinary Shares either for cancellation or for holding in treasury), 14.99% of the Company's issued Ordinary Share capital equated to 6,367,174 Ordinary Shares as at the date of the Notice of the Annual General Meeting.

The numbers of proxy votes cast in respect of each Resolution were as follows:

	For and Chairman's Discretion		Against		Votes	Total Votes
Resolution	No. of	% of	No. of	% of	Withheld	(excluding Votes Withheld)
Number	Votes	Votes Cast	Votes	Votes Cast
1	14,260,696	99.99	1,900	0.01	0	14,262,596
2	14,074,805	99.01	140,023	0.99	47,768	14,214,828
3	14,260,696	99.99	1,900	0.01	0	14,262,596
4	13,169,418	92.79	1,023,954	7.21	69,224	14,193,372
5	14,004,851	98.24	250,358	1.76	7,387	14,255,209
6	13,297,193	93.28	958,016	6.72	7,387	14,255,209
7	14,004,547	98.24	250,662	1.76	7,387	14,255,209
8	14,020,698	98.38	230,662	1.62	11,236	14,251,360
9	14,226,566	99.78	30,709	0.22	5,321	14,257,275
10	14,232,383	99.93	9,636	0.07	20,577	14,242,019
11	14,201,567	99.57	61,029	0.43	0	14,262,596
12	13,904,707	97.49	357,889	2.51	0	14,262,596
13	14,220,049	99.70	42,547	0.30	0	14,262,596
14	14,045,187	98.56	204,706	1.44	12,703	14,249,893

At the AGM held today, the Chairman announced an increase of £15 million on an existing loan at a net effective interest rate of 6.4% through to its maturity to 31 March 2033. 95% of the loan is at a fixed rate of 6.37% throughout the term with 5% at a floating rate.

This brings the average interest rate on VIP's total borrowing of £65 million to 4.5% (95% fixed), with an average maturity of 7.1 years (from 6.9 years). The loan to value ratio is 41% (from 35%).

Copies of Resolutions 11, 12, 13 and 14, all of which were passed at the AGM, have been submitted to the National Storage Mechanism ("NSM") and will shortly be available for inspection at:

                     https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism*

A copy of the Investment Manager's AGM presentation will be available shortly to download from the website of the Company's Investment Manager, OLIM Property Limited, at:

https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html*

*Neither the website of the Company's Investment Manager, nor the NSM website, nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

Enquiries:

Miranda Kelly

Maven Capital Partners UK LLP

Company Secretary

Tel: [phone]

11 July 2024

 

END