Source - RNS
RNS Number : 6980J
Aberdeen Private Equity Fund Ltd
13 September 2016
 

13 September 2016

 

Aberdeen Private Equity Fund Limited

Results of Annual General Meeting

 

At the Annual General Meeting held today, 13 September, the Board of Aberdeen Private Equity Fund Limited announced the following:

 

·      Going forward, in the absence of unforeseen circumstances, the Company expects to pay minimum total dividends of 4p per share per annum (2016 - 2.2p), commencing with 2 dividends of 2p per share relating to the financial year to 31 March 2017

·      An annual continuation resolution to be put to each AGM, commencing with the AGM in 2017

·      A substantially reduced, and simplified, management fee*

 

The Board also noted that the good NAV performance referred to in the Report and Accounts, had continued since the year end, with a further rise of 7.5% in NAV per share to 29 July 2016 (143.32p per share).  The Board continues to remain optimistic on the investment portfolio's ability to deliver long term investment performance, and believes that, when  combined with the increased focus on co-investments, the changes announced above should enhance the appeal of the Company to all Shareholders, both current and prospective.

 

The Company also announces that all resolutions put to the meeting were approved by Shareholders on a show of hands.

 

Details of the proxy votes lodged are set out below:

 

Ordinary Resolutions

For**

Against

Withheld***

1. To receive and adopt the Financial Statements of the Company for the year ended 31 March 2016

86,763,401

20,000

1,079

2. To receive and adopt the Directors' Remuneration Report

86,760,488

22,913

1,079

3.  To approve the payment of a dividend of 2.2 pence per share

86,746,188

37,213

1,079

4. To re-elect Mr H Myles as a Director

86,761,488

21,913

1,079

5.  To re-elect Mr P Hebson as a Director

86,761,488

21,913

1,079

6.  To appoint PricewaterhouseCoopers CI LLP as Auditors to the Company

68,057,765

25,560

18,701,155

7.  To approve that the Company continue its business as a closed-ended investment company

64,968,101

315,300

21,501,079

Special Resolutions




6. To authorise the Directors to allot shares in the Company

86,509,401

270,000

5,079

7. To authorise the Company to make market purchases of its own shares

86,741,188

42,213

1,079

 

The full text of the resolutions may be found in the Notice of Annual General Meeting contained in the Report and Accounts for the year ended 31 March 2016, copies of which are available on both the Company's website www.aberdeenprivateequity.co.uk and on the National Storage Mechanism www.morningstar.co.uk/uk/NSM****


A copy of the Special Resolutions passed at the Annual General Meeting has been submitted to the National Storage Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM****

 

 

* Under the new management arrangement the Company will pay a monthly fee equal to one twelfth of 0.9% of the NAV of the Company.  The performance fee will remain unchanged.

** Includes discretionary votes received

*** A vote withheld is not a vote in law and is not counted in the proportion of votes 'for' or 'against' a resolution

**** Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement

 

Enquiries:

Company Secretary and Administrator

Ipes (Guernsey) Limited

Nicholas Robilliard

01481 713843

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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