AGM Statement

RNS Number : 2270J

JPMorgan Smaller Cos IT PLC

28 November 2008

 



STOCK EXCHANGE ANNOUNCEMENT

RESULT OF AGM

JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC

28TH NOVEMBER 2008

Following the Annual General Meeting of the Company, which was held today, the Board is pleased to announce that all of the Ordinary Resolutions put to shareholders were passed. In addition, the following six items of special business were passed which:

i)                   will allow the Company to make market purchases of up to 3,001,795 ordinary shares, representing 14.99% of the Company’s issued share capital;

ii)                 will allow the Company to increase the maximum aggregate Directors fees from £125,000 to £150,000;

iii)              will allow the Company to continue as an Investment Trust for a further three year period;

iv)               will allow the Company to allot new shares;

v)                 will allow the Company to disapply pre-emption rights on allotment of new shares; and

vi)               will allow the Company to adopt new Articles of Association.

Further to the comments made in the 2008 Annual Report and Accounts regarding VAT, Strone Macpherson, Chairman commented:

'We expect to reach agreement shortly with JPMorgan over the majority of the claims for reimbursement of previous VAT charged on management fees. Upon finalisation of the agreement, the Board intends to pay a special one-off interim dividend of a minimum of 2.5 pence per share as soon as practical.' 

28th November 2008

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Asset Management (UK) Limited - Company Secretary

020 7742 6000

 

END

 

 

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