TIDMGV1O
RNS Number : 0842T
Gresham House Renewable EnergyVCT1
22 March 2021
22 March 2021
GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC
(the "Company")
Result of 2021 Annual General Meeting
Gresham House Renewable Energy VCT 1 plc, announces that at the
Company's 2021 Annual General Meeting held today, all resolutions
were passed by way of a poll and the results of the poll, including
the proxy votes received, are set out below.
Resolutions 1 to 5 (inclusive) were proposed as ordinary
resolutions and resolutions 6 and 7 were proposed as special
resolutions.
In accordance with Listing Rule 9.6.2 copies of all the
resolutions passed, other than ordinary business, will be submitted
to the National Storage Mechanism and will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Resolution Votes For* % Votes Against % Total votes Total votes Vote Withheld
validly cast cast as % of **
issued share
capital
Receive and
adopt the
Directors'
Report and
1 Accounts. 7,031,854,457 100 0 0 7,031,854,457 27.08 0
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
2 Approve the 6,818,956,772 97 212,897,685 3 7,031,854,457 27.08 0
Directors'
Remuneration
Report.
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
3 Re-appoint BDO 7,031,854,457 100 0 0 7,031,854,457 27.08 0
LLP as the
Company's
auditor.
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
4 Authorise the 6,908,992,718 98 0 0 6,908,992,718 27.04 122,861,739
Directors to
determine the
auditor's
remuneration.
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
5 Approve the 3,559,549,936 51 3,472,304,521 49 7,031,854,457 27.08 0
continuation
of the Company
as a venture
capital trust,
for a further
five year
period, be
approved.
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
6 Authorise the 6,771,540,403 96 260,314,054 4 7,031,854,457 27.08 0
Company to
make market
purchases of
its shares.
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
7 Authorise the 6,229,196,601 89 802,657,856 11 7,031,854,457 27.08 0
Directors to
call a general
meeting, other
than an annual
general
meeting, on
not less than
14 clear days'
notice.
---------------- -------------- ---- -------------- --- ---------------- ---------------- ----------------
* Includes discretionary votes
** A vote withheld is not a vote in law and is not counted in
the calculation of the votes for or against a resolution.
Resolution 5, which related to the continuation of the Company
as a venture capital trust for a period of five years, received
opposition from shareholders. In the light of the number of votes
against this resolution, the Company will undertake a detailed
review of the feedback received on this matter to ensure it fully
understands shareholders' concerns. The Board takes seriously its
responsibilities to uphold the highest standards of corporate
governance and is open to constructive dialogue with shareholders
and shareholder bodies.
Although Resolution 5 has formally passed, the equivalent vote
for Gresham House Renewable Energy VCT 2 plc ("VCT 2") did not
achieve the required majority to pass. As the two VCTs work closely
together, this will require the Company to also draw up proposals
for voluntary liquidation, reconstruction or other re-organisation
of the Company for consideration by the members in a General
Meeting to be held within four months of the AGM. The Directors
will work over the next four months to devise the best possible
proposals to put to shareholders, seeking to maximise the return to
shareholders whilst preserving the tax position of those who
invested in 2018.
END
For further information, please contact:
Gresham House Asset Management renewablevcts@greshamhouse.com
Investor Relations Tel: 020 3875 9860
JTC (UK) Limited GreshamVCTs@jtcgroup.com
Company Secretary Tel: 020 3846 9774
LEI: 213800IVQHJXUQBAAC06
Notes:
As at close of business on 18 March 2021, the Company's issued
share capital comprised 25,515,242 Ordinary Shares and 38,512,032
'A' Shares, excluding shares held in treasury, and the total number
of voting rights in the Company were 25,553,754,032, being
25,515,242,000 votes attributable to Ordinary Shares and 38,512,032
rights attributable to "A" Shares.
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END
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