(Alliance News) - Troy Income & Growth Trust PLC on Monday said it will engage with its shareholders after a proposal at its annual general meeting faced "significant" opposition.
The resolution was related to the company allotting shares as part of its discount control mechanism, a procedure the trust has in place to ensure its shares are not trading at too big a discount from its net asset value.
The proposal was passed, with 76% of the vote, though 24% voted against the motion.
Troy Income said: "The board notes the significant vote against Resolution 13.
"The discount control mechanism has been effective in maintaining the company's share price at close to net asset value in the ten years of its operation, has provided modest but meaningful enhancement to the net asset value per share and has assisted in a reduction in the ongoing charges ratio for the company. The board will continue to consult with shareholders on this matter."
All other resolutions were passed.
Shares in the company were 0.2% higher at 86.18 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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