Picton Prop Regulatory News (PCTN)

Picton Property Income Ltd - Result of AGM

PR Newswire

London, November 14

Picton Property Income Limited

(“Picton” or the “Company”)LEI Number: 213800RYE59K9CKR4497 -(The “Company”)

14 November 2019

RESULT OF ANNUAL GENERAL MEETING

At the Annual General Meeting of the Company held on 14 November 2019, all Ordinary Resolutions set out in the Annual General Meeting Notice sent to Shareholders dated 10 October 2019 were duly passed. A copy of the full voting totals will be published on the Company’s website at www.picton.co.uk

In accordance with Listing Rule 9.6.2 the following Special Business resolutions were also passed:

MARKET ACQUISITIONS

To renew the authority of the Company, in accordance with Section 315 of The Companies (Guernsey) Law, 2008 (as amended) (“the Law”), to make market acquisitions (within the meaning of Section 316 of the Law) of the Ordinary Shares of No Par Value in the share capital of the Company (“the Ordinary Shares”) provided that: -

a) the maximum number of Ordinary Shares hereby authorised to be acquired shall be 14.99 per cent of the issued Ordinary Shares on the date on which this resolution is passed;

b) the minimum price which may be paid for an Ordinary Share shall be 1p;

c) the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be an amount equal to the higher of 105 per cent of the average of the middle market quotations (as derived from the Daily Official List) for the Ordinary Shares for the five business days immediately preceding the date of purchase or the higher of such price of the last independent trade and the highest current independent bid at the time of purchase; and

d) unless previously varied, revoked or renewed, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2020, save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary Shares under such authority and may make a purchase of Ordinary Shares pursuant to any such contract.

DISAPPLICATION OF PRE-EMPTION RIGHTS

To empower the Directors of the Company to dis-apply the right of shareholders to receive a pre-emptive offer of new Ordinary Shares for cash pursuant to Article 5.11 of the Articles of Incorporation provided that this power shall be limited to the issue of up to 27,380,279 Ordinary Shares (being equal to 5 per cent of the Ordinary Shares in issue as at the date of this Notice) and shall expire (unless previously renewed, varied or revoked by the Company in a general meeting) at the end of the Annual General Meeting of the Company held in 2020, or, if earlier, the date falling 15 months after the date of this Resolution, but during this period the Company may make offers, and enter into agreements, which would, or might, require Ordinary Shares to be issued (and treasury shares to be sold) after the power given to the Board pursuant to this Resolution ends and the Board may issue Ordinary Shares (and sell treasury shares) under any such offer or agreement as if the power had not ended.

DISAPPLICATION OF PRE-EMPTION RIGHTS

That conditional and in addition to extraordinary resolution 12 above having been passed, to empower the Directors of the Company to dis-apply the right of shareholders to receive a pre-emptive offer of new Ordinary Shares for cash pursuant to Article 5.11 of the Articles of Incorporation provided that this power shall be: (i) limited to the issue of up to 27,380,279 Ordinary Shares (being equal to 5 per cent of the Ordinary Shares in issue as at the date of this Notice); and (ii) used only for the purposes of financing (or refinancing, if the authority is to be used within six months after the original transaction) a transaction which the Directors determine to be an acquisition or other capital investment of a kind contemplated by the Statement of Principles on Disapplying Pre-Emption Rights most recently published by the Pre-Emption Group prior to the date of this notice, and shall expire (unless previously renewed, varied or revoked by the Company in a general meeting) at the end of the Annual General Meeting of the Company held in 2020, or, if earlier, the date falling 15 months after the date of this Resolution, but during this period the Company may make offers, and enter into agreements, which would, or might, require Ordinary Shares to be issued (and treasury shares to be sold) after the power given to the Board pursuant to this Resolution ends and the Board may issue Ordinary Shares (and sell treasury shares) under any such offer or agreement as if the power had not ended.

Enquiries:Northern Trust International Fund Administration Services (Guernsey) LimitedThe Company SecretaryTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL 

Tel: 01481 745001

Note to Editors

Picton, established in 2005, is a UK REIT. It owns and actively manages a £693 million diversified UK commercial property portfolio, invested across 49 assets and with around 350 occupiers (as at 30 September 2019). Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the main market of the London Stock Exchange.

For more information please visit: www.picton.co.uk

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