THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
For immediate
release
Baillie Gifford US Growth Trust
plc ("USA" or the
"Company")
Legal
Entity Identifier: 213800UM1OUWXZPKE539
Result of Requisitioned General
Meeting
3 February
2025
The Board of USA announces that, at the Requisitioned
General Meeting held earlier today, Shareholders decisively voted
AGAINST all the Requisitioned Resolutions. Total votes cast
represented approximately 78.4% of the Company's total voting
rights.
Excluding the shares voted by Saba, approximately 98.5% of
the votes cast were against the Requisitioned Resolutions. Of the
total votes cast, 65.6% were voted against all the Requisitioned
Resolutions and represented a majority of the Company's total
voting rights.
Tom Burnet, Chair of the
Company commented:
"Faced with the threat
to their investment posed by Saba's self-serving and destructive
proposals, shareholders have mobilised and acted decisively to
protect their investment. The result is unambiguous and
conclusive.
We would like to thank
shareholders for their support at this important moment for the
Company. We are delighted, in particular, by the number of retail
shareholders who have voted and played a key role in this positive
outcome and encourage them to continue to make their voices
heard.
Thanks to our patient
strategy of investing in exceptional US growth companies, public
and private, the Company has achieved its objective of delivering
above average long-term returns for our shareholders. Since IPO in
March 2018, the Company has been one of the best-performing funds
globally when measured against all US equity open-ended funds and
ETFs.
Following the decisive
result at the Requisitioned General Meeting, we look forward to
executing our strategy in a supportive macro environment and
continuing to engage with all our shareholders."
All of the Requisitioned Resolutions were voted on by way
of a poll and the results are shown in the table below. The Board
appointed Civica Election Services as independent assessor to
report on the poll in respect of each of the Requisitioned
Resolutions.
|
Ordinary
Resolutions
|
VOTES
FOR
|
VOTES AGAINST
(including votes at the discretion of the Chair)
|
VOTES
WITHHELD
|
TOTAL VOTING
RIGHTS EXERCISED
|
|
Number
|
%
|
Number
|
%
|
Number
|
%
|
|
1. To reduce
the minimum number of directors (disregarding alternate directors),
pursuant to article 106 of the articles of association of the
Company, to be not less than two.
|
76,711,583
|
34.4%
|
146,350,406
|
65.6%
|
108,407
|
78.4%
|
|
2. To remove
Tom Burnet as a director of the Company.
|
76,720,143
|
34.4%
|
146,304,522
|
65.6%
|
145,731
|
78.4%
|
|
3. To remove
Sue Inglis as a director of the Company.
|
76,733,312
|
34.4%
|
146,291,353
|
65.6%
|
145,731
|
78.4%
|
|
4. To remove
Graham Paterson as a director of the Company.
|
76,734,556
|
34.4%
|
146,290,109
|
65.6%
|
145,731
|
78.4%
|
|
5. To remove
Rachael Palmer as a director of the Company.
|
76,699,298
|
34.4%
|
146,329,207
|
65.6%
|
142,891
|
78.4%
|
|
6. To remove
Chris van der Kuyl as a director of the Company.
|
76,710,659
|
34.4%
|
146,317,174
|
65.6%
|
142,563
|
78.4%
|
|
7. To
appoint Boaz Weinstein as a director of the Company with effect
from the end of the meeting.
|
76,587,150
|
34.4%
|
146,271,225
|
65.6%
|
312,021
|
78.4%
|
|
8. To
appoint Miriam Khasidy as a director of the Company with effect
from the end of the meeting.
|
76,636,586
|
34.4%
|
146,284,600
|
65.6%
|
249,210
|
78.4%
|
Shareholders are entitled to one vote per share. Votes
withheld are not a vote in law and, therefore, are not counted in
the calculation of the percentages of the votes cast for and
against a resolution. Where shareholders appointed the Chair as
their proxy with discretion as to voting, their votes were cast
against the Requisitioned Resolutions and their votes have been
included in the 'votes against' column.
The number of shares of 1p each in issue excluding the
total number of shares held in treasury at the voting record time
was 284,603,700. The total number of voting rights at that time
was, therefore, 284,603,700.
Unless the context provides otherwise, capitalised terms
used in this announcement shall have the same meanings given to
them in the circular posted to Shareholders on 6 January 2025 (the
"Circular").
The full text of all the Requisitioned Resolutions can be
found in the Notice of Requisitioned General Meeting contained in
the Circular which is available for viewing at the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and on the Company's webpage https://bgusgrowthtrust.com.
The person responsible for arranging for the release of
this announcement on behalf of the Company is Baillie Gifford &
Co Limited, the Company Secretary.
Enquiries:
Company
Tom Burnet
c/o Burson Buchanan
USA@buchanancomms.co.uk
+44 (0)20 7466 5000
Panmure Liberum Limited
Alex Collins / Michael
Janes
info@panmureliberum.com
+44 (0)20 3100 2000
Burson Buchanan
Henry Wilson / Helen
Tarbet
USA@buchanancomms.co.uk
+44 (0)20 7466 5000
Company Secretary
Baillie Gifford & Co Limited,
Company Secretary
trustenquiries@bailliegifford.com
+44 (0)800 917 2113
Regulated Information Classification:
Additional regulated information required to be disclosed under
applicable laws and regulations.
