20 Jan 2020 12:25
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