Last checked at 23 Apr 2020 14:43
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN CLAVERHOUSE INVESTMENT TRUST PLC
RESULTS OF ANNUAL GENERAL MEETING
AND
REDUCTION IN DIRECTORS' FEES
23rd APRIL 2020
Legal Entity Identifier: 549300NFZYYFSCD52W53
Information disclosed in accordance with LR 9.6.18
Results of Annual General Meeting
Following the Annual General Meeting of the Company, which was held today, the Board is pleased to announce that all of the Ordinary Resolutions put to shareholders were voted on by Poll and passed. In addition, the following items of Special Business were also voted on by Poll and passed; which:
i) allow the Directors of the Company to exercise all powers of the Company to allot shares in the Company up to an aggregate nominal amount of £1,421,766, representing approximately 10% of the Company's issued ordinary share capital as at the date of the passing of the resolution;
ii) allow the disapplication of pre-emption rights on the allotment of new ordinary shares up to an aggregate nominal amount of £1,421,766;
iii) allow the Company to make market purchases of up to 8,524,910 ordinary shares, representing 14.99% of the Company's issued share capital;
iv) allow the Directors of the Company to sell shares from Treasury at a discount to NAV;
v) approve the Company's policy to pay quarterly interim dividends, and
vi) increase the maximum aggregate Directors' fees payable to £200,000.
In addition, Jane Tufnell and Humphrey van der Klugt retired as Directors of the Company.
The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Accounts which is available for viewing at FCA's Electronic Submission System and available for inspection at www.fca.org.uk as well as from the Company's website, www.jpmclaverhouse.co.uk
A summary of proxy votes received will shortly be available on the Company's website, www.jpmclaverhouse.co.uk
Reduction in Directors' Fees
As outlined in the Directors' Remuneration Report included in the Annual Report, Directors' fees were increased with effect from 1st January 2020. In light of the Coronavirus events and the recent fall in the assets of your Company the Directors have decided to reduce the level of their fees by 20% of the level in force at 1st January 2020. The reduction will take effect from 1st April 2020 and will continue until 30th June 2020 when the situation will be reviewed.
23rd April 2020
For further information, please contact:
Faith Pengelly
For and on behalf of
JPMorgan Funds Limited - Company Secretary
020 7742 4000