3 December 2021

RUFFER INVESTMENT COMPANY LIMITED

(a closed-ended investment company incorporated in Guernsey with registration number 41996)

(the "Company")

Result of Annual General Meeting

The Board of the Company is pleased to announce that each of the resolutions proposed at the annual general meeting of the Company held earlier today were approved by shareholders on a poll. 

Details of the number of shares voted in person or by proxy, which should be read alongside the notice of annual general meeting as circulated to shareholders on 11 October 2021, are set out below:

Note - A vote withheld is not a vote in law and has not been counted in the votes for and against a resolution. 

The full wording of the special resolutions is set out below:-

Special Resolution 1 (Resolution 12)

To consider and approve that the Company, be and is hereby generally and unconditionally authorised in accordance with section 315 of The Companies (Guernsey) Law, 2008, as amended, (the 'Law') to make market acquisitions as defined in the Law of its Unclassified Shares of 0.01p each (the 'Shares'), provided that

i       the maximum number of Shares hereby authorised to be acquired by the Company be 14.99% of the Shares in issue at the date of this resolution

ii     the minimum price (exclusive of expenses) which may be paid for a Share is 0.01p, being the nominal value per share

iii    the maximum price (exclusive of expenses) which may be paid for a Share shall be not more than the higher of (i) 5% above the average market value of a Share for the five business days prior to the day the purchase is made and (ii) the value of a Share calculated on the basis of the higher of the price quoted for the last independent trade and the highest independent bid for any number of the Shares on the trading venue where the purchase is carried out)

iv    acquisitions may only be made pursuant to this authority if the Shares are (at the date of the proposed acquisition) trading on the London Stock Exchange at a discount to the lower of the undiluted or diluted Net Asset Value

v      the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company in 2022 or, if earlier, on the expiry of 15 months from the passing of this resolution, unless such authority is renewed prior to such time and

vi    the Company may make a contract to acquire Shares under the authority hereby conferred prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make an acquisition of Shares pursuant to any such contract.

Special Resolution 2 (Resolution 13)

That pursuant to 7(2)(g) of the Articles, the provisions of Article 7(2)(b) of the Articles shall not apply and shall be excluded in relation to the issue of up to an aggregate number of equity securities (as defined in the Articles) as represents 10% of the number of Shares admitted to trading on London Stock Exchange plc's main market for listed securities immediately following the passing of this resolution, provided that such disapplication and exclusion shall expire on the date which is 18 months from the date of the passing of this resolution or, if earlier, at the conclusion of the next annual general meeting of the Company following the date of the passing of this resolution (unless previously renewed, revoked or varied by the Company by special resolution) save that the Company may before such expiry make an offer or agreement which would or might require Shares to be allotted after such expiry and the Directors may allot Shares in pursuance of such an offer or agreement as if the disapplication and exclusion conferred hereby had not expired.

Special Resolution 3 (Resolution 14)

That the Articles be amended as follows

a      the following be inserted as a new Article 22.2(A) immediately  following Article 22.2 -

'The Directors may make whatever arrangements they consider appropriate to enable those attending a general meeting to exercise their rights to participate and vote at the meeting.'

b     Article 22.3 be amended by adding the words 'or the participating Member can read what is said or communicated.' to the end of such Article.

c      Article 22.4 be amended by adding the words 'or read what is said or communicated' immediately following the existing words 'hear and speak to each other'.

Enquiries:

Praxis Fund Services Limited

Company Secretary

Katrina Rowe

DDI: +44(0)1481 737673

Email: ric@praxisifm.com 

Investec Bank plc

Broker

David Yovichic

DDI: +44(0)20 7597 4952

Email: David.yovichic@investec.co.uk 

LEI 21380068AHZKY7MKNO47