Scottish American Investment Co PLC Annual General Meeting - Arrangements (2655H)
March 23 2020 - 11:20AM
UK Regulatory
TIDMSAIN
RNS Number : 2655H
Scottish American Investment Co PLC
23 March 2020
THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.
Legal Entity Identifier: 549300NF03XVC5IFB447
Coronavirus (Covid-19) - Announcement of revised arrangements
for the Annual General Meeting (AGM) and investment update
The Board of The Scottish American Investment Company P.L.C.
(SAINTS) recognises the increasing public health risk arising from
public gatherings, and notes the government's policy that such
gatherings, travel and attendance at workplaces should be
discouraged.
At the same time, the Board is conscious of the legal
requirement for SAINTS to hold its AGM before the end of June, and
the possibility that public health concerns will not have abated
before then.
It is therefore the Board's current intention that the AGM
should take place as scheduled on Thursday 2 April 2020, but that
this should be limited to the formal business set out in the formal
notice of meeting contained in the Annual Report.
A separate shareholder presentation by the Managers, at which
some or all Board members will also be present and at which there
will be an opportunity for Q&A, will be held later in the year
should this be practicable.
As a consequence, the Board:
-- strongly advises shareholders, but most particularly those in
higher risk groups, against attending the AGM in person; and
-- encourages all shareholders to submit proxy voting forms as
soon as possible and, in any event, by no later than 11am on 31
March.
Any shareholders who do still seek to attend the AGM on 2 April
2020 in person should be aware that on the day they will be
required to fill in a questionnaire relating to their personal
health and travel history and they may not be admitted to the AGM
for the health and safety of the other attendees or because of the
then current restrictions on public gatherings.
Please note also that the situation will be kept under review,
and it is possible that the meeting will be postponed at short
notice. We would encourage shareholders to monitor the Company's
website at: www.saints-it.com
In relation to the current investment environment, the Board and
the Managers recognise the significant disruption to the global
economy being caused by the coronavirus (Covid-19). In this
environment the Manager's emphasis on operational resilience and
dependability in selecting stocks should be helpful. Similarly, the
property manager's emphasis on long leases and strong covenants
should provide a degree of protection. Nonetheless, while asset
prices and the dividends from some of SAINTS' investments will no
doubt be affected, the Company's own dividend is supported by a
healthy stream of dividend and other income and is underpinned by
SAINTS' significant reserves. We remain confident in the long-term
prospects of the Company, and its ability to pay a reliable
dividend to its shareholders.
Should shareholders have questions for the Board or the
Managers, they are welcome as always to submit them by email to:
crtallenquiries@bailliegifford.com
Baillie Gifford & Co Limited
Company Secretaries
23 March 2020
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END
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