17 Sep 2012 15:32
City of London Group plc ("COLG" or "the Company")
Results of Annual General Meeting
The Company announces that all the resolutions proposed at the Annual General Meeting held earlier today were passed. A summary of the proxy votes received in advance of the meeting is as follows. Resolution 15 was passed on a poll and the figures below for that resolution represent the votes cast on the poll.
Resolution | Votes For | % of total votes cast | Votes Against | % of total votes cast | Votes Withheld | |
1 | Receive report and accounts | 9,867,135 | 100.00% | 0 | 0.00% | 0 |
2 | Approve remuneration report | 8,776,575 | 88.95% | 1,090,060 | 11.05% | 500 |
3 | Declare a final dividend of 0.5p per share | 9,895,915 | 100.00% | 0 | 0.00% | 0 |
4 | Elect Tony Brierley as a director | 9,895,168 | 99.99% | 747 | 0.01% | 0 |
5 | Elect Howard Goodbourn as a director | 9,895,415 | 99.99% | 500 | 0.01% | 0 |
6 | Elect John Williams as a director | 9,895,915 | 100.00% | 0 | 0.00% | 0 |
7 | Re-elect Eric Anstee as a director | 9,895,168 | 99.99% | 747 | 0.01% | 0 |
8 | Re-elect John Greenhalgh as a director | 9,895,415 | 99.99% | 500 | 0.01% | 0 |
9 | Re-elect John Kent as a director | 9,895,168 | 99.99% | 747 | 0.01% | 0 |
10 | Re-elect Henry Lafferty as a director | 9,866,635 | 99.99% | 500 | 0.01% | 0 |
11 | Re-appoint Rees Pollock as auditors | 9,867,135 | 100.00% | 0 | 0.00% | 0 |
12 | Authorise allotment of shares | 9,865,828 | 99.99% | 1,307 | 0.01% | 0 |
13 | Disapply pre-emption rights on share allotments | 9,141,714 | 92.65% | 725,421 | 7.35% | 0 |
14 | Disapply pre-emption rights for sale of treasury shares | 8,780,268 | 88.98% | 1,086,867 | 11.02% | 0 |
15 | Authorise issue of shares or sale of treasury shares at a discount to NAV | 7,340,076 | 75.93% | 2,327,286 | 24.07% | 0 |
16 | Authorise market purchase of own shares | 9,268,816 | 93.94% | 598,319 | 6.06% | 0 |
17 | Adopt new articles of association | 9,269,623 | 93.95% | 597,012 | 6.05% | 500 |
18 | Authorise convening of general meetings on 14 days' notice | 9,867,135 | 100.00% | 0 | 0.00% | 0 |
19 | Amend investment policy | 9,866,388 | 100.00% | 247 | 0.00% | 500 |
Notes:
1. The 'For' vote includes those giving the Chairman discretion.
2. 'Votes Withheld' are not counted when deciding whether or not a resolution is carried.
3. The total number of Ordinary Shares in issue as at the date of the AGM notice was 18,369,657.
In accordance with LR 9.6.2R the full text of resolutions 13 - 19 will be submitted to the National Storage Mechanism and will soon be available for inspection at www.Hemscott.com/nsm.do.
17 September 2012
Enquiries:
City of London Group plc Eric Anstee / John Kent | Tel: +44 (0)20 7628 5518 |
Singer Capital Markets Limited Jonny Franklin-Adams / Matt Thomas | Tel: +44 (0)20 3205 7500 |
College Hill (Financial PR and Communications) Tony Friend / Antonia Coad | Tel: +44 (0)20 7457 2020 |
Notes to Editors:
City of London Group plc (COLG) is an investment company, with a wide range of national and international investments. A public company since 1986, COLG has had a full London Stock Exchange listing since August 1996 (LSE symbol CIN).
The Company's strategy is to build a quality Financial Services Group centred on Specialist Financing and Alternative Fund Management. The Company believes there are particular opportunities in the SME and professional services sectors as major national and foreign banks limit new lending to these borrowers. It therefore seeks to identify and exploit product niches and business models in these sectors where they are supported by strong day to day management teams, providing initial equity, working capital and seed funding for those teams.
The Group seeks above-average performance in growth and income via a prudent mix of low, medium and higher-risk investments. It holds a legacy portfolio of income stocks, offering a high degree of security, which are balanced by a higher risk portfolio, which is primarily focused on the minerals and resources sector, where the Board has particular experience.
Since the final quarter of 2009, COLG has developed four specialist financing funds, pledging significant seed funds to Therium Capital Management Limited, a third party Litigation Funder, Credit Asset Management Limited and Professions Funding Limited, which provides asset backed finance and working capital loans to professional practice firms and finally Trade Finance Partners Limited, a trade finance provider to the SME market.
CIN.L (CIN)