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10 Sep 2021 16:00
10 September 2021
CIP MERCHANT CAPITAL LIMITED
("CIP Merchant Capital" or the "Company")
Result of AGM
CIP Merchant Capital announces the results of its Annual General Meeting ("AGM") held at 11.00 a.m. today. Resolutions 1 to 7, and 10, were duly passed by way of a poll.
As per the announcement on 2 September 2021, Resolutions 8 and 9 did not form part of the business of the AGM. As a result of this, any votes received on Resolutions 8 and 9 were disregarded. The Company confirms that Messrs Fumagalli and Sgarbi have therefore retired from the Board of Directors of the Company with effect from today's date.
As Resolution 11 was not passed, the Company will not be able to buy back any of its own ordinary shares in the market until such a resolution is passed at a future general meeting of the Company. Whilst the Board had no present intention to exercise such general authority to buy back shares had it been approved, the Board believes it would have provided them with greater flexibility when considering how best to address any imbalance between the supply of and demand for its ordinary shares. Accordingly, the Board will engage with the relevant shareholders in regard to Resolution 11.
The results of the AGM are as follows:
ORDINARY RESOLUTIONS | FOR | AGAINST | TOTAL VOTES | % OF ISSUED SHARE CAPITALVOTED | VOTES WITHHELD* | ||
Votes | % | Votes | % | ||||
1. To receive Company's Annual Report and Audited Financial Statements for the period ended 31 December 2020. | 23,075,357 | 99.94 | 15,000 | 0.06 | 23,090,357 | 41.98 | 9,803 |
2. To re-appoint BDO Limited as auditor to the Company. | 23,075,357 | 99.94 | 15,000 | 0.06 | 23,090,357 | 41.98 | 9,803 |
3. To authorise the Directors of the Company to determine the remuneration of the auditor. | 23,075,357 | 99.94 | 15,000 | 0.06 | 23,090,357 | 41.98 | 9,803 |
4. To authorise the Directors of the Company to determine the renumeration of the Directors. | 22,971,357 | 99.55 | 104,000 | 0.45 | 23,075,357 | 41.96 | 24,803 |
5. To re-elect Mr Adrian Collins as a Director of the Company. | 22,990,357 | 99.63 | 85,000 | 0.37 | 23,075,357 | 41.96 | 24,803 |
6. To re-elect Mr Robert King as a Director of the Company. | 22,989,357 | 99.63 | 85,000 | 0.37 | 23,074,357 | 41.95 | 25,803 |
7. To re-elect Mr John Falla as a Director of the Company. | 22,989,357 | 99.63 | 85,000 | 0.37 | 23,074,357 | 41.95 | 25,803 |
8. Void | N/A | ||||||
9. Void | N/A | ||||||
10. To elect Mr Piero Sansalone as a Director of the Company. | 18,527,830 | 80.29 | 4,547,527 | 19.71 | 23,075,357 | 41.96 | 24,803 |
11. To authorise the Company to make market acquisitions of its own Shares. | 7,839,843 | 33.94 | 15,259,317 | 66.06 | 23,099,160 | 42.00 | 1,000 |
*A 'vote withheld' is not a vote in law and is not counted towards the proportion of votes 'for' and 'against' a resolution.
As at the date of the AGM, the number of ordinary shares in issue, and therefore the total number of voting rights was 55,000,000.
For further information:
CIP Merchant Capital Independent Non-Executive Directors and Company Secretary c/o Maitland Administration (Guernsey) Limited
| + 44 1481 749 360 |
Merchant Capital Manager Limited (Investment Manager) Wikus Van Schalkwyk
| +44 20 7409 3494 |
Strand Hanson Limited (Nominated Adviser and Broker) James Bellman / Matthew Chandler / Ritchie Balmer | +44 20 7409 3494 |
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