Source - RNS
RNS Number : 2668L
Miton UK MicroCap Trust plc
29 September 2016
 

 

Miton UK MicroCap Trust plc (the "Company")
Result of Annual General Meeting

 

The Company announces that at its Annual General Meeting held on 29 September 2016 all resolutions were passed on a show of hands.

 

The proxy votes received in relation to these resolutions were as follows:

 

Resolutions

Votes For Including Chairman's Discretion

%

Votes Against

%

Votes Withheld

Resolution 1

43,032,742

100.00

0

0.00

6,000,000

Resolution 2

43,024,890

99.99

3,926

0.01

6,003,926

Resolution 3

43,024,890

99.99

3,926

0.01

6,003,926

Resolution 4

43,032,742

100.00

0

0.00

6,000,000

Resolution 5

43,032,742

100.00

0

0.00

6,000,000

Resolution 6

43,032,742

100.00

0

0.00

6,000,000

Resolution 7

43,032,742

100.00

0

0.00

6,000,000

Resolution 8

34,187,966

79.45

8,840,850

20.55

6,003,926

Resolution 9

43,027,004

99.99

3,926

0.01

6,000,000

Resolution 10

43,032,742

100.00

0

0.00

6,000,000

Resolution 11

43,028,816

99.99

3,926

0.01

6,000,000

Resolution 12

43,020,801

99.97

11,941

0.03

6,000,000

Resolution 13

43,028,816

100.00

0

0.00

6,003,926

Resolution 14

43,028,816

99.99

3,926

0.01

6,000,000

 

The Directors note the substantial number of proxy votes cast against resolution 8 regarding the appointment of Ernst & Young LLP as the Company's auditor. The Directors would like to take this opportunity to set in context Ernst & Young LLP's fees for the period and continued appointment. The non-audit fees paid to Ernst & Young LLP during the period amounted to 256.5% of the audit fee, being £59,000 of non-audit costs compared to an audit fee of £23,000. These non-audit costs related to the Company's IPO listing and C share issue, raising gross proceeds of £50m and £28m respectively and therefore represent non-recurring costs. The engagement of Ernst & Young LLP for these services was considered to be the most appropriate and cost effective for the Company and did not, in the Board's view, in any way compromise the Auditor's independence. Investors will be given the opportunity to raise this or any other concerns as part of the Company's ongoing engagement with shareholders.

 

Notes:

 

1.   Votes "For" and "Against" are expressed as a percentage of votes received.

 

2.   A vote "withheld" is not a vote in law and is not counted in the calculation of the % of shares shown as voted "For" or "Against".

 

3.   Total number of shares in issue at 6pm on 27 September 2016 was 164,767,917 Ordinary shares. Up to 26.12% of voting capital was instructed (excluding votes withheld).

 

4.   In accordance with Listing Rule 9.6.2R, A copy of the full text of Resolutions 11 to 14 will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

 

5.   These proxy results will be available shortly on the Company's website at www.mitongroup.com/micro

 

6.   The presentation by Gervais Williams of Miton Asset Management Limited is available on the Company's website at www.mitongroup.com/micro


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