Last checked at 19 Oct 2020 18:05
City of London Investment Group PLC
("City of London" or "the Company")
Result of AGM
City of London announces that, at the Annual General Meeting of the Company held today, all resolutions were duly passed.
A breakdown of the proxy votes lodged prior to the AGM in respect of the resolutions is summarised below:†
| In favour* | In favour % | Against | Against % | Abstain |
Resolution 1 | 18,291,892 | 100.00 | 0 | 0.00 | 9,011 |
Resolution 2 | 16,890,208 | 92.41 | 1,387,247 | 7.59 | 20,560 |
Resolution 3 | 18,291,892 | 100.00 | 0 | 0.00 | 9,011 |
Resolution 4 | 18,287,213 | 100.00 | 460 | 0.00 | 9,011 |
Resolution 5 | 18,287,213 | 100.00 | 460 | 0.00 | 12,386 |
Resolution 6 | 18,287,143 | 100.00 | 530 | 0.00 | 12,386 |
Resolution 7 | 15,514,651 | 97.17 | 451,298 | 2.83 | 1,869,913 |
Resolution 8 | 18,285,036 | 99.99 | 2,636 | 0.01 | 12,386 |
Resolution 9 | 17,662,959 | 96.58 | 624,713 | 3.42 | 12,386 |
Resolution 10 | 18,259,353 | 100.00 | 530 | 0.00 | 34,620 |
Resolution 11 | 18,263,605 | 100.00 | 0 | 0.00 | 31,642 |
Resolution 12 | 17,843,228 | 97.55 | 448,662 | 2.45 | 9,011 |
Resolution 13 | 18,250,002 | 99.78 | 40,687 | 0.22 | 9,973 |
Resolution 14 | 18,279,876 | 99.95 | 9,999 | 0.05 | 10,624 |
Resolution 15 | 17,563,274 | 96.10 | 713,111 | 3.90 | 21,417 |
Resolution 16 | 18,277,353 | 99.92 | 14,539 | 0.08 | 9,011 |
Resolution 17 | 18,275,916 | 99.98 | 3,905 | 0.02 | 18,668 |
Resolution 18 | 18,267,199 | 99.98 | 3,905 | 0.02 | 25,642 |
*Includes discretionary votes.
† Following the completion of the merger with Karpus Management, Inc. on 1 October 2020, the Company has a "Controlling Shareholder Group" which has agreed to limit their voting rights to the lower of: (i) the number of shares held by them; and (ii) 24.99 per cent. of the votes cast on any resolution by all shareholders. The Controlling Shareholder Group cast votes in excess of 24.99 per cent. of the votes cast on the resolutions by all shareholders and, accordingly, the number of votes stated above as being cast "in favour", "against" and for which there were abstentions has been reduced accordingly.
†† Resolutions 4, 8 and 9 related to the re-election of the Independent Directors. Under the Listing Rules, because the Controlling Shareholder Group together control in concert more than 30 per cent. of the voting rights of the Company (even though they have agreed to limit their voting rights as stated above), the re-election of an Independent Director by shareholders must be approved by a majority of both: (i) the shareholders of the Company; and (ii) the independent shareholders of the Company (that is, the shareholders of the Company entitled to vote on the election of Independent Directors who are not part of the Controlling Shareholder Group). The Company has separately counted the number of votes cast by the independent shareholders in favour of resolutions 4, 8 and 9 and has determined that, in each case, the second threshold referred to in (ii) above has also been met.
In accordance with Listing Rule 9.6.3 (1), copies of the resolutions (other than those resolutions comprising ordinary business) have been made available for inspection on the National Storage Mechanism at www.morningstar.co.uk/uk/NSM.
For further information, please visit www.citlon.co.uk or contact:
Tom Griffith (CEO)
City of London Investment Group PLC
Tel: 001 610 380 0435
Martin Green
Zeus Capital Limited
Financial Adviser & Broker
Tel: +44 (0)20 3829 5000