Statement re shareholder engagement

RNS Number : 7364J

North Atlantic Smlr Co Inv Tst PLC

23 December 2020

 

North Atlantic Smaller Companies Investment Trust PLC (the "Company")

In June this year,  immediately following the Company's Annual General Meeting, the Company announced that over 20% of shareholders voting on resolution 15 concerning the waiver of Rule 9 had voted against the resolution.  Under the FRC's UK Corporate Governance Code, companies receiving such a vote against a resolution should publish, no later than six months after the shareholder meeting, an update on the views received from shareholders and actions taken by the Company. 

The shares in question are held in nominee accounts and we have engaged with certain of the institutions responsible for voting their clients' shares against resolution 15.  Their principal objection was one of principle. Because of the difficulty of engaging with institutions whose employees are not working in their offices, we have been unable to elicit responses from all the institutions and will continue to attempt to engage with shareholders about this issue.  In the meantime, the directors believe that it is overwhelmingly in the best interest of all shareholders that the buyback programme continues.

Contact:

Jane Muir

For Derringtons Limited

Company Secretary

020 8819 6486

 

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