Result of AGM

RNS Number : 5335C

City of London Investment Group PLC

19 October 2020

 

City of London Investment Group PLC

("City of London" or "the Company")

Result of AGM

City of London announces that, at the Annual General Meeting of the Company held today, all resolutions were duly passed.

A breakdown of the proxy votes lodged prior to the AGM in respect of the resolutions is summarised below:†

	In favour*	In favour %	Against	Against %	Abstain
Resolution 1	18,291,892	100.00	0	0.00	9,011
Resolution 2	16,890,208	92.41	1,387,247	7.59	20,560
Resolution 3	18,291,892	100.00	0	0.00	9,011
Resolution 4	18,287,213	100.00	460	0.00	9,011
Resolution 5	18,287,213	100.00	460	0.00	12,386
Resolution 6	18,287,143	100.00	530	0.00	12,386
Resolution 7	15,514,651	97.17	451,298	2.83	1,869,913
Resolution 8	18,285,036	99.99	2,636	0.01	12,386
Resolution 9	17,662,959	96.58	624,713	3.42	12,386
Resolution 10	18,259,353	100.00	530	0.00	34,620
Resolution 11	18,263,605	100.00	0	0.00	31,642
Resolution 12	17,843,228	97.55	448,662	2.45	9,011
Resolution 13	18,250,002	99.78	40,687	0.22	9,973
Resolution 14	18,279,876	99.95	9,999	0.05	10,624
Resolution 15	17,563,274	96.10	713,111	3.90	21,417
Resolution 16	18,277,353	99.92	14,539	0.08	9,011
Resolution 17	18,275,916	99.98	3,905	0.02	18,668
Resolution 18	18,267,199	99.98	3,905	0.02	25,642

*Includes discretionary votes.

† Following the completion of the merger with Karpus Management, Inc. on 1 October 2020, the Company has a "Controlling Shareholder Group" which has agreed to limit their voting rights to the lower of: (i) the number of shares held by them; and (ii) 24.99 per cent. of the votes cast on any resolution by all shareholders. The Controlling Shareholder Group cast votes in excess of 24.99 per cent. of the votes cast on the resolutions by all shareholders and, accordingly, the number of votes stated above as being cast "in favour", "against" and for which there were abstentions has been reduced accordingly.

† Resolutions 4, 8 and 9 related to the re-election of the Independent Directors. Under the Listing Rules, because the Controlling Shareholder Group together control in concert more than 30 per cent. of the voting rights of the Company (even though they have agreed to limit their voting rights as stated above), the re-election of an Independent Director by shareholders must be approved by a majority of both: (i) the shareholders of the Company; and (ii) the independent shareholders of the Company (that is, the shareholders of the Company entitled to vote on the election of Independent Directors who are not part of the Controlling Shareholder Group). The Company has separately counted the number of votes cast by the independent shareholders in favour of resolutions 4, 8 and 9 and has determined that, in each case, the second threshold referred to in (ii) above has also been met.

In accordance with Listing Rule 9.6.3 (1), copies of the resolutions (other than those resolutions comprising ordinary business) have been made available for inspection on the National Storage Mechanism at www.morningstar.co.uk/uk/NSM.

For further information, please visit www.citlon.co.uk or contact:

Tom Griffith (CEO)

City of London Investment Group PLC

Tel: [phone]

Martin Green

Zeus Capital Limited

Financial Adviser & Broker

Tel: [phone]

 

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