VALUE AND INDEXED PROPERTY INCOME TRUST PLC
Result of Annual General Meeting
The Board announces that at the
Annual General Meeting of Value and Indexed Property Income Trust
PLC, held at 12.30pm today, Thursday, 11 July 2024, at the offices
of Shepherd & Wedderburn LLP, 9 Haymarket Square, Edinburgh EH3
8FY, Ordinary Resolutions numbered 1 to 11, inclusive, and Special
Resolutions numbered 12 to 14, inclusive, as set out in the Notice
of Annual General Meeting within the 2024 Annual Report, were
passed on a show of hands.
At the record date for the Annual
General Meeting, being 9 July 2024, the total number of voting
rights in the Company stood at 42,448,847 and the total number of
shares in issue was 42,448,847 (excluding 3,101,128 shares held in
treasury). The Company advises that for the Annual General Meeting,
92 valid proxy appointments were made in respect of up to
14,262,596 shares.
In relation to Resolution 13
(authority to make market purchases of Ordinary Shares either for
cancellation or for holding in treasury), 14.99% of the Company's
issued Ordinary Share capital equated to 6,367,174 Ordinary Shares
as at the date of the Notice of the Annual General
Meeting.
The numbers of proxy votes cast in
respect of each Resolution were as follows:
|
|
For and Chairman's
Discretion
|
Against
|
Votes
|
Total Votes
|
|
Resolution
|
No. of
|
% of
|
No. of
|
% of
|
Withheld
|
(excluding Votes
Withheld)
|
|
Number
|
Votes
|
Votes Cast
|
Votes
|
Votes Cast
|
|
|
1
|
14,260,696
|
99.99
|
1,900
|
0.01
|
0
|
14,262,596
|
|
2
|
14,074,805
|
99.01
|
140,023
|
0.99
|
47,768
|
14,214,828
|
|
3
|
14,260,696
|
99.99
|
1,900
|
0.01
|
0
|
14,262,596
|
|
4
|
13,169,418
|
92.79
|
1,023,954
|
7.21
|
69,224
|
14,193,372
|
|
5
|
14,004,851
|
98.24
|
250,358
|
1.76
|
7,387
|
14,255,209
|
|
6
|
13,297,193
|
93.28
|
958,016
|
6.72
|
7,387
|
14,255,209
|
|
7
|
14,004,547
|
98.24
|
250,662
|
1.76
|
7,387
|
14,255,209
|
|
8
|
14,020,698
|
98.38
|
230,662
|
1.62
|
11,236
|
14,251,360
|
|
9
|
14,226,566
|
99.78
|
30,709
|
0.22
|
5,321
|
14,257,275
|
|
10
|
14,232,383
|
99.93
|
9,636
|
0.07
|
20,577
|
14,242,019
|
|
11
|
14,201,567
|
99.57
|
61,029
|
0.43
|
0
|
14,262,596
|
|
12
|
13,904,707
|
97.49
|
357,889
|
2.51
|
0
|
14,262,596
|
|
13
|
14,220,049
|
99.70
|
42,547
|
0.30
|
0
|
14,262,596
|
|
14
|
14,045,187
|
98.56
|
204,706
|
1.44
|
12,703
|
14,249,893
|
At the AGM held today, the Chairman
announced an increase of £15 million on an existing loan at a net
effective interest rate of 6.4% through to its maturity to 31 March
2033. 95% of the loan is at a fixed rate of 6.37% throughout the
term with 5% at a floating rate.
This brings the average interest
rate on VIP's total borrowing of £65 million to 4.5% (95% fixed),
with an average maturity of 7.1 years (from 6.9 years). The loan to
value ratio is 41% (from 35%).
Copies of Resolutions 11, 12, 13 and
14, all of which were passed at the AGM, have been submitted to the
National Storage Mechanism ("NSM") and will shortly be available
for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism*
A copy of the Investment Manager's
AGM presentation will be available shortly to download from the
website of the Company's Investment Manager, OLIM Property Limited,
at:
https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html*
*Neither the website of the
Company's Investment Manager, nor the NSM website, nor the content
of any website accessible from hyperlinks on those websites (or any
other website) is (or is deemed to be) incorporated into, or forms
(or is deemed to form) part of this announcement.
Enquiries:
Miranda Kelly
Maven Capital Partners UK
LLP
Company Secretary
Tel: 0141 306 7400
11 July 2024
