Result of AGM

RNS Number : 9119Q

River & Mercantile UK Micro Cap Inv

02 March 2021

 

2 March 2021

River and Mercantile UK Micro Cap Investment Company Limited

("Company")

Result of Annual General Meeting

The Board of the Company announces that all of the resolutions proposed at the Annual General Meeting convened today were duly passed.

Further information on the votes cast on each resolution will be available on the Company's website shortly.

The Board has noted the votes against Resolutions 1 and 7. The Board believes that the votes against Resolution 1 relate to a shareholder advisory group taking issue with a lack of a vote on dividends and dividends policy. As disclosed in the report and accounts of the Company, the policy is to pay no dividends and the portfolio is not managed with an objective of income production. The Board will, in future years, seek shareholder approval of the policy not to pay a dividend.

The Board believes that the votes against Resolution 7 relate to the fact that, as disclosed in the annual report, Mark Hodgson is not considered an independent director because he is a director of Carne Global AIFM Solutions (C.I.) Limited ("Carne"). Carne is the Alternative Investment Fund Manager of the Company but is totally unrelated to River & Mercantile Asset Management. The opinion of the other Directors is that Mark provides considerable and complementary expertise to the Board, particularly in the area of risk management, in which Carne has a significant operation. In accordance with the recommendations of the Association of Investment Companies in relation to non-independent directors, Mark is subject to annual re-election; and indeed the independent directors also put themselves forward for annual re-election. The Board is aware of one shareholder advisory group recommending against Mark's re-election and one recommending in favour.

While the Board considers the reasoning behind the advice to oppose Resolutions 1 and 7 to be incorrect, it will contact those shareholders who voted against the resolutions, to better understand their views, and it remains available to speak with shareholders.

- ENDS -

Enquiries:

Jasper Cross

BNP Paribas Securities Services S.C.A., Guernsey Branch

Tel: [phone]

Robert Peel

Cantor Fitzgerald Europe

Tel: [phone]

Rebecca Noonan

Camarco

Tel: [phone]

 

END

 

 

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