Result of AGM

RNS Number : 4293K

Aberdeen New Dawn Invest Trust PLC

01 September 2021

 

ABERDEEN NEW DAWN INVESTMENT TRUST PLC

RESULTS OF THE ANNUAL GENERAL MEETING

Legal Entity Identifier:  5493002K00AHWEME3J36

At the Annual General Meeting of Aberdeen New Dawn Investment Trust PLC held on 1 September 2021, all resolutions were passed by shareholders. The total number of proxy votes lodged was as follows:

Resolution	No of Votes  For (incl discretionary)	% of Votes For (incl discretionary)	No of Votes  Against	% of Votes Against	No of Votes Witheld	Total Votes Cast (Incl Withheld)
1.  Receive Annual Report and Accounts	76,551,200	100.00%	463	0.00%	34,319	76,585,982
2.  Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy)	76,341,928	99.84%	125,055	0.16%	118,999	76,585,982
3.  Approve final dividend	76,515,586	100.00%	463	0.00%	69,934	76,585,983
4.  Elect Nicole Yuen	76,450,182	99.91%	70,011	0.09%	65,790	76,585,983
5.  Re-elect Stephen Souchon	76,458,978	99.90%	78,237	0.10%	48,767	76,585,982
6.  Re-elect Donald Workman	73,665,005	96.29%	2,840,355	3.71%	80,622	76,585,982
7.  Re-elect Hugh Young	50,353,629	65.78%	26,193,733	34.22%	38,620	76,585,982
8.  Re-elect Marion Sears	76,501,771	99.95%	37,241	0.05%	46,970	76,585,982
9.  Appoint Johnston Carmichael LLP as Auditor	76,398,421	99.91%	66,474	0.09%	121,088	76,585,983
10.  Authorise the Directors to Determine Auditor's Remuneration	76,429,760	99.92%	62,951	0.08%	93,271	76,585,982
11.  Authorise the Directors to Allot Shares	76,423,195	99.92%	58,767	0.08%	104,020	76,585,982
12.  Approve Disapplication of Pre Emption Rights	76,308,944	99.85%	117,671	0.15%	159,367	76,585,982
13.  Authorise the Company to Purchase its Own Shares	76,454,680	99.89%	81,569	0.11%	49,734	76,585,983

The Board has noted that shareholder proxies representing 34.22% of the issued capital voted against the annual re-election of Mr Hugh Young. The vast majority of these shares were voted by one shareholder who is not in favour of a representative of the Manager sitting on the Board.

The Board supports the democratic process which saw substantial support from shareholders with proxies representing 65.78% voting in favour of Mr Young's  re-election to the Board. The Board notes that management representation on the Board is seen by some shareholders as negative due to concerns over conflicts of interest.  However, the Directors value Mr Young's contribution and the perspective that he brings to the Board. The Board has a rigorous procedure in place to ensure that only independent Directors are permitted to be present when any matters relating to the Manager are discussed and this process is enforced strictly.

The full text of the resolutions can be found in the Notice of the Meeting set out in the Annual Report and Accounts for the year ended 30 April 2021, copies of which are available on the Company's website, www.newdawn-trust.co.uk* . The Annual Report has been submitted to the National Storage Mechanism and is available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism *

Enquiries:

Gordon Hay Smith

Aberdeen Asset Management PLC

Secretary

Tel. [phone]

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

 

 

END

 

 

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