Result of AGM

RNS Number : 3449A

Troy Income & Growth Trust Plc

20 January 2020

 

Troy Income & Growth Trust plc

To:                   RNS

From:              Troy Income & Growth Trust plc

LEI:                  213800HLNMQ1R6VBLU75

Date:               20 January 2020

Result of Annual General Meeting

Troy Income & Growth Trust plc (the "Company") announces that, at the Annual General Meeting held on 20 January 2020, all resolutions were duly passed.

A summary of the proxy votes received on each resolution passed at the Meeting are noted below and will shortly be available on the Company's website at: www.tigt.co.uk

Resolution:	For and Discretionary	Against	Abstain
1.   Receive Report and Accounts	97,660,202	1,664	31,298
2.   Approve Directors' Remuneration Policy	97,147,975	361,792	143,427
3.   Approve Directors' Remuneration Report	97,174,443	349,119	169,601
4.   Approve Dividend Policy	97,678,214	1,664	13,286
5.   Re-elect Mr D Warnock	97,617,497	33,075	42,591
6.   Re-elect Ms J Brown	97,649,161	12,705	31,298
7.   Re-elect Mr R White	97,660,202	1,664	31,298
8.   Re-elect Mr D Garman	97,484,571	177,295	31,298
9.   Re-appoint PWC LLP as auditors	97,182,658	351,855	160,315
10. Authorise Directors to determine remuneration of auditors	97,439,082	40,537	213,545
11. Authorise Directors to allot shares	97,493,654	61,323	138,187
12. Approve disapplication of pre-emption rights (10%)	105,103,394	357,279	318,790
13. Approve disapplication of pre-emption rights (additional 10%)	80,070,968	25,389,704	318,790
14. Authorise Company to purchase own shares	97,436,679	243,199	13,286
15. Allow short notice of general meetings	95,917,948	1,807,723	40,318

The Board notes the significant vote against Resolution 13. As explained fully in the Annual Report, Resolution 13 relates to the further disapplication of pre-emption rights solely in connection with Company's Discount Control Mechanism ("DCM"). While the Board understands that the aggregate authority approved in Resolutions 12 and 13 is higher than recommended by corporate governance guidelines, it strongly believes that, in the circumstances of the DCM's operation, the 20% overall authority is in the best interests of shareholders. The DCM has been effective in maintaining the Company's share price at close to net asset value in the ten years of its operation, has provided modest but meaningful enhancement to the net asset value per share and has assisted in a reduction in the ongoing charges ratio for the Company. The Board will continue to consult with shareholders on this matter.

The full text of the resolutions can be found in the Notice of Annual General Meeting set out in the Annual Report and Accounts for the year ended 30 September 2019, copies of which have been submitted to the National Storage Mechanism facility and are available for inspection at: http://www.morningstar.co.uk/uk/NSM.

In accordance with Listing Rule 9.6.2, copies of the special resolutions passed at the Annual General Meeting will shortly be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/NSM.

Enquiries:

PATAC Limited, Company Secretary

0131 538 1400

 

END

 

 

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