Result of AGM
16 Dicembre 2009 - 3:24PM
UK Regulatory
TIDMADU
Advance UK Trust PLC
Result of AGM
At the Annual General Meeting held today all resolutions were passed with the
exception of resolution 9, which asked that the Company be continued as an
investment trust for a further three year period, and resolution 12, which
sought to authorise the directors to allot shares free from pre-emption rights.
In accordance with the Company?s Articles of Association, the Directors have
three months to convene a general meeting of the Company at which a special
resolution will be put to wind up the Company voluntarily.
Philip Rowen, Chairman of Advance UK Trust PLC, read out the following statement
at the meeting.
We are disappointed that the continuation vote has not passed, especially
because;
* the fund has established an enviable record of wealth creation from
constructive corporate activism; delivering a 74% capital return since
launch against a 13% increase in the FTSE All-Share Index.
* after a period of negative returns last year, the fund has had a remarkable
2009. Indeed it is the best performing global fund of funds and has achieved
twice the return on the FTSE All-Share Index over the calendar year to date.
* and moreover, as I said in my statement in the Annual Report, current market
conditions are ideally suited to our remit and with the underlying portfolio
on an average discount of 23%, we had every expectation of delivering
positive future performance.
The continuation vote was supported by the majority of shareholders by number.
However the result of the vote was determined by the votes cast by a small
number of large institutional shareholders.
The Directors may choose to put alternative proposals to shareholders in advance
of the general meeting. When considering suitable proposals the Directors will
be mindful that any proposal should treat all shareholders equally.
End
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