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 5 September 2018, 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 |
67,034,592 |
100.00% |
249 |
0.00% |
26,031 |
67,060,872 |
2. Receive and Adopt Directors' Remuneration Report (excl Directors' Remuneration Policy) |
66,685,161 |
99.59% |
274,517 |
0.41% |
101,194 |
67,060,872 |
3. Approve Directors' Remuneration Policy |
67,050,772 |
100.00% |
249 |
0.00% |
9,851 |
67,060,872 |
4. Re-elect Susie Rippingall |
53,735,878 |
99.89% |
60,041 |
0.11% |
13,264,954 |
67,060,873 |
5. Re-elect John Lorimer |
53,766,688 |
99.88% |
64,338 |
0.12% |
13,229,847 |
67,060,873 |
6. Re-elect Hugh Young |
52,286,092 |
78.03% |
14,719,553 |
21.97% |
55,226 |
67,060,871 |
7. Re-elect Marion Sears |
52,941,522 |
98.42% |
849,651 |
1.58% |
13,269,700 |
67,060,873 |
8. Re-elect David Shearer |
51,246,613 |
95.37% |
2,485,504 |
4.63% |
13,328,754 |
67,060,871 |
9. Appoint Ernst & Young LLP as Auditor |
66,925,516 |
99.96% |
28,261 |
0.04% |
107,095 |
67,060,872 |
10. Authorise the Directors to Determine Auditor's Remuneration |
66,951,831 |
99.92% |
51,064 |
0.08% |
57,978 |
67,060,873 |
11. Authorise the Directors to Allot Shares |
66,903,483 |
99.86% |
95,116 |
0.14% |
62,273 |
67,060,872 |
12. Approve Disapplication of Pre Emption Rights |
66,851,816 |
99.85% |
97,709 |
0.15% |
111,348 |
67,060,873 |
13. Authorise the Company to Purchase its Own Shares |
66,879,450 |
99.82% |
119,040 |
0.18% |
62,383 |
67,060,873 |
The Board has noted that shareholder proxies representing 21.97% 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 communicated with the Board prior to the AGM and 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 78.03% 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 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 2018, copies of which are available on the Company's website, http://www.newdawn-trust.co.uk*. The Annual Report has been submitted to the National Storage Mechanism and is available for inspection at: www.morningstar.co.uk/uk/nsm*
Enquiries:
Aberdeen Asset Management PLC
Secretary
Tel. 0131 528 4000
*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.