National Storage Mechanism | Additional information
RNS Number : 8578X
Aberdeen New Dawn Invest Trust PLC
02 September 2020
 

 

ABERDEEN NEW DAWN INVESTMENT TRUST PLC

RESULTS OF THE ANNUAL GENERAL MEETING

Legal Entity Identifier:  5493002K00AHWEME3J36

 

At the Annual General Meeting of Aberdeen New Dawn Investment Trust PLC held on 2 September 2020, all resolutions were passed by shareholders. The total number of proxy votes lodged was as follows:

 

Resolution

No of Votes 
For (incl discretionary)

% of Votes For (incl discretionary)

No of Votes  Against

%
of Votes Against

No of Votes Witheld

Total

Votes Cast (Incl Withheld)

1.   Receive Annual Report and Accounts

76,852,182

100.00%

1,603

0.00%

10,774

76,864,559

2.   Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy)

76,599,443

99.77%

179,513

0.23%

85,602

76,864,558

3.   Approve Directors' Remuneration Policy

76,551,962

99.74%

195,715

0.26%

116,871

76,864,548

4.   Approve final dividend

76,825,259

99.98%

12,941

0.02%

26,360

76,864,560

5.   Elect Stephen Souchon

76,709,657

99.87%

102,764

0.13%

52,138

76,864,559

6.   Re-elect Donald Workman

76,151,110

99.18%

628,309

0.82%

85,140

76,864,559

7.   Re-elect Susie Rippingall

76,173,544

99.13%

664,744

0.87%

26,271

76,864,559

8.   Re-elect Hugh Young

51,109,656

66.77%

25,430,754

33.23%

324,148

76,864,558

9.   Re-elect Marion Sears

76,190,427

99.17%

638,835

0.83%

35,297

76,864,559

10.  Re-appoint Ernst & Young LLP as Auditor

76,640,873

99.87%

96,703

0.13%

126,983

76,864,559

11.  Authorise the Directors to Determine Auditor's Remuneration

76,816,234

99.98%

14,422

0.02%

33,903

76,864,559

12.  Authorise the Directors to Allot Shares

76,746,606

99.90%

75,665

0.10%

42,288

76,864,559

13.  Approve Disapplication of Pre Emption Rights

76,637,004

99.83%

127,053

0.17%

100,492

76,864,549

14.  Authorise the Company to Purchase its Own Shares

76,780,560

99.92%

59,899

0.08%

24,100

76,864,559

 

The Board has noted that shareholder proxies representing 33.23% of the issued capital voted against the annual re-election of Mr Hugh Young. The vast majority of these shares were voted by one shareholder who is not in favour of a representative of the Manager sitting on the Board.

 

The Board supports the democratic process which saw substantial support from shareholders with proxies representing 66.77% voting in favour of Mr Young's  re-election to the Board.  The Board notes that management representation on the Board is seen by some shareholders as negative due to concerns over conflicts of interest.  However, the Directors value Mr Young's contribution and the perspective that he brings to the Board. The Board has a rigorous procedure in place to ensure that only independent Directors are permitted to be present when any matters relating to the Manager are discussed and this process is enforced strictly.

 

The full text of the resolutions can be found in the Notice of the Meeting set out in the Annual Report and Accounts for the year ended 30 April 2020, copies of which are available on the Company's website, www.newdawn-trust.co.uk*. The Annual Report has been submitted to the National Storage Mechanism and is available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism*

 

 

Enquiries:

Gordon Hay Smith

Aberdeen Asset Management PLC

Secretary

Tel. 0131 372 2200

 

*Neither the Company's website nor the NSM website nor the content of any website accessible from hyperlinks on those websites (or any other websites) are (or are deemed to be) incorporated into, or form (or are deemed to form) part of this announcement.

 

 

 

 

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