TIDMUEM
RNS Number : 9423M
Utilico Emerging Markets Trust PLC
19 September 2023
19 September 2023
UTILICO EMERGING MARKETS TRUST PLC
(LEI Number: 2138005TJMCWR2394O39)
Result of Annual General Meeting
Utilico Emerging Markets Trust plc ("UEM" or the "Company") held
its 2023 Annual General Meeting of shareholders on 19 September
2023.
All resolutions proposed at the meeting were passed on a show of
hands. A copy of the Notice of Meeting is available at
www.uemtrust.co.uk .
The proxy voting figures received in advance of the meeting are
shown below.
Resolution Votes for/ % Votes % Total Votes
discretionary against votes cast withheld
Ordinary Resolutions
--------------------------------------- ------- ----------- ------ ------------ ----------
1. To receive
the Company's
Accounts and
the Reports
of the Directors
and Auditor 130,591,780 100.00 0 0.00 130,593,634 26,767
--------------- ------- ----------- ------ ------------ ----------
2. To approve
the Directors'
Remuneration
Report 130,412,862 99.94 79,139 0.06 130,493,855 126,546
--------------- ------- ----------- ------ ------------ ----------
3. To approve
the Company's
dividend policy 130,589,367 100.00 2,413 0.00 130,593,634 26,767
--------------- ------- ----------- ------ ------------ ----------
4. To re-elect
Mr Rennocks 129,425,168 99.16 1,097,137 0.84 130,524,159 96,242
--------------- ------- ----------- ------ ------------ ----------
5. To re-elect
Mr Bridgeman 129,594,224 99.29 928,081 0.71 130,524,159 96,242
--------------- ------- ----------- ------ ------------ ----------
6. To re-elect
Ms Liu 129,561,580 99.27 955,940 0.73 130,519,374 101,027
--------------- ------- ----------- ------ ------------ ----------
7. To re-elect
Mr Stobart 96,783,200 74.15 33,734,320 25.85 130,519,374 101,027
--------------- ------- ----------- ------ ------------ ----------
8. To re-appoint
KPMG LLP as
auditor of
the Company 130,361,092 99.88 157,087 0.12 130,520,033 100,368
--------------- ------- ----------- ------ ------------ ----------
9. To authorise
the Directors
to determine
the auditor's
remuneration 130,501,035 99.98 18,076 0.02 130,520,965 99,436
--------------- ------- ----------- ------ ------------ ----------
10. To authorise
the Directors
to allot securities 130,491,704 99.98 24,088 0.02 130,517,646 102,755
--------------- ------- ----------- ------ ------------ ----------
Special Resolutions
------ -------- ----- ------------
11. To authorise
the Directors
to disapply
pre-emption
rights 130,352,007 99.91 110,912 0.09 130,464,773 155,628
------------ ------ -------- ----- ------------ --------
12. To authorise
the Company
purchase its
own shares 130,338,483 99.85 189,571 0.15 130,529,908 90,493
------------ ------ -------- ----- ------------ --------
While a significant majority of shareholder proxies supported
Resolution 7 (re-election of Mr Eric Stobart), the Board is
disappointed that a notable number representing 25.85% of the
shares voted (17.01% of the issued share capital) were against the
annual re-election of Mr Eric Stobart. Over 97% of these shares
were voted by one shareholder, with whom the Company has previously
engaged and will continue to engage, and who has indicated its
opposition to the appointment of Mr Stobart.
Mr Stobart is an Independent Director pursuant to the UK
Corporate Governance Code and in accordance with the principles of
the Code, all Directors offer themselves for re-election annually.
The Board is firmly of the view that Mr Stobart is and remains
independent in character and judgement and that his appointment to
the Board is in the best interests of the Company and its
shareholders. In 2021 the Company announced the appointments of
Mark Bridgeman and Isabel Liu as new Independent Directors to the
Board of UEM and the Board continues to consider board
refreshment.
A copy of the full text of the resolutions (other than those
resolutions comprising ordinary business) will shortly be made
available for inspection on the National Storage Mechanism at
http://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Name of contact and telephone number for enquiries:
ICM Investment Management Limited +44(0)1372 271486
Charles Jillings / Alastair Moreton
Montfort Communications
Gay Collins, Pippa Bailey +44(0)20 3770 7913
utilico@montfort.london
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END
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(END) Dow Jones Newswires
September 19, 2023 07:02 ET (11:02 GMT)
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