Gulf Regulatory News (GIF)

Legal Entity Identifier: 2138009DIENFWKC3PW84

20 November 2020

Gulf Investment Fund plc

(the "Company")

2020 Adjourned Annual General Meeting Results

The Board of Gulf Investment Fund plc (GIF.L) announces that at the Adjourned Annual General Meeting ("AGM") held today at 11.00 a.m. Resolution 5, "the re-appointment of Mr Paul Macdonald as a director of the Company", with the consent of the meeting, was not proposed as Mr Macdonald had advised the Company in writing that he did not wish to be considered for re-election as a director.

All other resolutions were duly passed on a poll. The results are shown below.

ORDINARY BUSINESS

Resolution 1

The Report of the Investment Manager and Investment Adviser, Report of the Directors, Directors' Remuneration Report, Auditors' Report and the Audited Financial Statements of the Company for the year ended 30 June 2020 be approved with 83,761,523 votes cast in favour, no votes cast against and no abstentions.

Resolution 2

The final dividend of USD 3.0 cents per ordinary share for the year ended 30 June 2020 was approved with 83,761,523 votes cast in favour, no votes cast against and no abstentions.

Resolution 3

KPMG Audit LLC Isle of Man was re-appointed as auditors of the Company for the year ending 30 June 2021 with 83,751,251 votes cast in favour, no votes cast against and 10,272 abstentions.

Resolution 4

Mr David Humbles who retires in accordance with the Articles of Association be re-elected a director of the Company with 83,761,523 votes cast in favour, no votes cast against and no abstentions.

Resolution 5

As noted above the resolution was not put to a poll, Mr Macdonald therefore retires in accordance with the Articles of Association with effect from the conclusion of the meeting.

Resolution 6

Mr Nicholas Wilson who retires in accordance with the Articles of Association be re-elected a director of the Company with 81,279,895 votes cast in favour, 2,481,628 votes cast against and no abstentions.

Resolution 7

Mr Neil Benedict who retires in accordance with the Articles of Association be re-elected a director of the Company with 83,761,523 votes cast in favour, no votes cast against and no abstentions.

SPECIAL BUSINESS

Resolution 8

That the Company generally and unconditionally be authorised to make market purchases of ordinary shares of US$0.01 each provided that: (a) the maximum aggregate number of ordinary shares that may be purchased is 13,859,940 (being the equivalent of 14.99% of the Company's issued share capital as at 25 September 2020); (b) the minimum price (excluding expenses) which may be paid for each ordinary share is US$0.01 being the nominal value per ordinary share; (c) the maximum price (excluding expenses) which may be paid for each ordinary share is the higher of: (i) 105 per cent of the average market value of an ordinary share in the Company for the five business days prior to the day the purchase is made; and (ii) the value of an ordinary share calculated on the basis of the higher of the price quoted for (I) the last independent trade of and (II) the highest current independent bid for, any number of the Company's ordinary shares on the trading venue where the purchase is carried out; and (d) the authority conferred by this resolution shall expire on 12 November 2021 or, if earlier, at the conclusion of the Company's next annual general meeting save that the Company may, before the expiry of the authority granted by this resolution, enter into a contract to purchase ordinary shares which will or may be executed wholly or partly after the expiry of such authority. All Shares purchased pursuant to the above authority shall be either: (i) held, sold, transferred or otherwise dealt with as treasury shares; or (ii) cancelled immediately upon completion of the purchase, with 83,761,523 votes cast in favour, no votes cast against and no abstentions.

Resolution 9

That the rights of holders of equity securities in the Company to receive a pre-emptive offer of equity securities pursuant to Article 5A.2 of the Company Articles of Association shall be and is hereby excluded in respect of 9,246,124 Ordinary shares, this exclusion to expire immediately prior to the annual general meeting of the Company to be held in 2021, was approved with 76,539,457 votes cast in favour, 7,222,066 votes cast against and no abstentions.

A copy of resolutions 8 and 9 will be submitted to the National Storage Mechanism and will be available for inspection at: www.morningstar.co.uk/uk/NSM 

The total number of votes cast was 83,761,523 which represents 90.59% of the Company's total voting rights.

For further information:

Gulf Investment Fund Plc +44 (0) 7624 494389

Nick Wilson

Panmure Gordon +44 (0) 20 7886 2500

Alex Collins / Atholl Tweedie

Maitland +44 (0) 20 7379 5151

William Clutterbuck

Mainstream Fund Services (IOM) Limited +44 (0) 1624 692 600

Ian Dungate