Last checked at 1 Sep 2020 16:34
THE MONKS INVESTMENT TRUST PLC
Legal Entity Identifier: 213800MRI1JTUKG5AF64
Annual General Meeting, 1 September 2020
At the Annual General Meeting ('AGM') held on 1 September 2020 all resolutions were passed, including those detailed below. The Managers' presentation will be available shortly on the Company's website at: www.monksinvestmenttrust.co.uk
· Shareholders approved an ordinary resolution renewing the Directors' general authority to allot shares up to an aggregate nominal value of £1,119,394.25, representing approximately 10% of the total issued share capital of the Company as at 12 June 2020. This authority will expire at the conclusion of the next AGM of the Company or on the expiry of 15 months from the passing of the resolution, whichever is the earlier, unless previously revoked, varied or extended.
· Shareholders approved a special resolution granting the Company authority to allot equity securities and to sell treasury shares for cash on a non pre-emptive basis up to an aggregate nominal value of £1,119,394.25, representing approximately 10% of the total issued share capital of the Company as at 12 June 2020. This authority will expire at the conclusion of the next AGM of the Company or on the expiry of 15 months from the passing of the resolution, whichever is the earlier, unless previously extended.
· Shareholders approved a special resolution renewing the Company's authority to make market purchases of the Company's fully paid ordinary shares of 5p each up to a maximum aggregate number of 33,559,440 shares, representing 14.99% of the Company's issued share capital as at 12 June 2020. This authority will expire at the conclusion of the AGM to be held in respect of the year ending 30 April 2020, unless previously varied, revoked or renewed.
The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Financial Statements which is available for viewing at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Karl Sternberg, the Company's Chairman, said:
"Today's AGM is James Ferguson's last day as a non-executive Director and Chairman of Monks. He joined the board in 2002; he has served as Chairman since 2005. His period of office has been marked by the aftermath of the burst technology bubble; the enormous disruption of the financial crisis of 2007-2009; the switch to the Global Alpha Team at Baillie Gifford; and most recently, the effects of the Covid pandemic. Monks has weathered all the economic storms: when James joined in 2002, Monks' share price was 191.5p; at the latest financial year-end it was 914.0p. Total returns have comfortably exceeded the global benchmark by +191 percentage points (or +2.4% pa) over this period.
On behalf of all of my colleagues, present and past, I would like to thank James for his contribution to this success. His chairmanship has been exemplary. We have all benefited from his good humour, his calmness, his encouragement of robust debate, and his conciseness.
It will not have escaped shareholders' attention that James's tenure as Chairman has exceeded the increasingly rigid governance guidelines by a considerable margin. Sometimes explaining is better for shareholders than automatically enforcing.
We all thank him for his leadership, and wish him the best for his future endeavours."
Baillie Gifford & Co Limited
Company Secretaries
1 September 2020
Regulated Information Classification: Additional regulated information required to be disclosed under applicable laws