GM Statement
Albion Venture Capital Trust PLC
LEI Code 213800JKELS32V2OK421
Results of General Meeting
The General Meeting (the “Meeting”) of Albion Venture Capital Trust PLC (the “Company”) was duly convened and held on Wednesday 21 August 2019 at The Charterhouse, Charterhouse Square, London, EC1M 6AN, following the AGM.
The Board proposed an ordinary resolution, as set out in a circular sent to the Company’s shareholders dated 1 July 2019, to approve the changes to the Company’s Management Agreement, including a new performance incentive and a reduction in the total expenses cap. The resolution was duly passed on a show of hands at the Meeting.
The table below sets out the proxy votes which were cast in advance of the Meeting for the ordinary resolution passed on a show of hands.
| Resolution 1 | For | Against | Withheld | ||||
| Votes | % Votes Cast | Votes | % Votes Cast | Votes | |||
| Approve the changes to the management agreement | 8,863,854 | 70.44% | 3,719,956 | 29.56% | 67,438 | ||
The Board note that 70.44% of the votes cast were in favour of the ordinary resolution. However, more than 20% of shareholders voted against the resolution. In accordance with UK Corporate Governance, the Board will reflect carefully on feedback from shareholders to understand more fully the reasons for the opposition to this resolution.
An update on the review process will be made in accordance with the UK Corporate Governance Code within six months of the Meeting.
30 August 2019
For further information please contact:
Albion Capital Group LLP
Company Secretary
Tel: 020 7601 1850
