Scottish Mortgage Inv Tst PLC AGM Statement (2731R)
June 26 2020 - 10:00AM
UK Regulatory
TIDMSMT
RNS Number : 2731R
Scottish Mortgage Inv Tst PLC
26 June 2020
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
Legal Entity Identifier: 213800G37DCS3Q9IJM38
Annual General Meeting, 25 June 2020
At the Annual General Meeting ('AGM') held on 25 June 2020 all
resolutions were passed, including those detailed below. A report
of the AGM and a film of the Managers' presentations is available
at www.scottishmortgageit.com.
-- Shareholders approved an ordinary resolution granting the
Directors' general authority to issue shares up to an aggregate
nominal amount of GBP7,274,299, representing approximately 10% of
the total issued share capital (excluding treasury shares) of the
Company as at 12 May 2020. This authority will expire on 25
September 2021 or, if earlier, at the conclusion of the AGM of the
Company to be held in 2021 (unless previously varied, revoked or
renewed).
-- Shareholders approved a special resolution granting the
Company authority to allot equity securities or sell treasury
shares for cash on a non pre-emptive basis up to GBP7,274,299,
being approximately 10% of the issued share capital (excluding
treasury shares) of the Company as at 12 May 2020. The Directors do
not intend to use these powers to issue shares or sell treasury
shares at a discount to net asset value on the basis of debt valued
at fair value. This authority will expire on 25 September 2021 or,
if earlier, at the conclusion of the AGM to be held in 2021 (unless
previously varied, revoked or renewed).
-- Shareholders approved under Special Business an ordinary
resolution authorising the Directors for the purposes of LR15.4.11
of the Listing Rules of the UK Listing Authority of the Financial
Conduct Authority to issue shares or sell treasury shares (as
defined in section 724 of the Companies Act 2006) for cash at a
price below the net asset value per share of those shares without
first offering those shares pro rata to existing Shareholders.
-- Shareholders approved a special resolution renewing the
Company's authority to make market purchases of up to 14.99% of the
Company's issued share capital (excluding treasury shares), being
218,083,485 ordinary shares of 5 pence. The Company's authority
permits it to hold shares bought back "in treasury". Such treasury
shares may subsequently be either sold for cash or cancelled. This
authority will expire at the conclusion of the AGM to be held in
2021 (unless previously varied, revoked or renewed).
-- Shareholders approved under Special Business an ordinary
resolution to amend the published Investment Policy solely by
increasing the maximum amount which may be invested in companies
not listed on a public market by 5 per cent. from 25 per cent. to
30 percent. of the total assets of the Company, measured at the
time of purchase.
The full text of all the resolutions can be found in the Notice
of Annual General Meeting which is available for viewing at the
National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Baillie Gifford & Co Limited
Company Secretaries
26 June 2020
Regulated Information Classification: Additional regulated
information required to be disclosed under applicable laws and
regulation.
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END
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