Source - LSE Regulatory
RNS Number : 0946W
Value and Indexed Prop Inc Tst PLC
11 July 2024
 

VALUE AND INDEXED PROPERTY INCOME TRUST PLC

 

Result of Annual General Meeting

 

The Board announces that at the Annual General Meeting of Value and Indexed Property Income Trust PLC, held at 12.30pm today, Thursday, 11 July 2024, at the offices of Shepherd & Wedderburn LLP, 9 Haymarket Square, Edinburgh EH3 8FY, Ordinary Resolutions numbered 1 to 11, inclusive, and Special Resolutions numbered 12 to 14, inclusive, as set out in the Notice of Annual General Meeting within the 2024 Annual Report, were passed on a show of hands.

At the record date for the Annual General Meeting, being 9 July 2024, the total number of voting rights in the Company stood at 42,448,847 and the total number of shares in issue was 42,448,847 (excluding 3,101,128 shares held in treasury). The Company advises that for the Annual General Meeting, 92 valid proxy appointments were made in respect of up to 14,262,596 shares.

In relation to Resolution 13 (authority to make market purchases of Ordinary Shares either for cancellation or for holding in treasury), 14.99% of the Company's issued Ordinary Share capital equated to 6,367,174 Ordinary Shares as at the date of the Notice of the Annual General Meeting.

 

The numbers of proxy votes cast in respect of each Resolution were as follows:

 

 

For and Chairman's Discretion

Against

Votes

Total Votes

Resolution

No. of

% of

No. of

% of

Withheld

(excluding Votes Withheld)

Number

Votes

Votes Cast

Votes

Votes Cast

 

1

14,260,696

99.99

1,900

0.01

0

14,262,596

2

14,074,805

99.01

140,023

0.99

47,768

14,214,828

3

14,260,696

99.99

1,900

0.01

0

14,262,596

4

13,169,418

92.79

1,023,954

7.21

69,224

14,193,372

5

14,004,851

98.24

250,358

1.76

7,387

14,255,209

6

13,297,193

93.28

958,016

6.72

7,387

14,255,209

7

14,004,547

98.24

250,662

1.76

7,387

14,255,209

8

14,020,698

98.38

230,662

1.62

11,236

14,251,360

9

14,226,566

99.78

30,709

0.22

5,321

14,257,275

10

14,232,383

99.93

9,636

0.07

20,577

14,242,019

11

14,201,567

99.57

61,029

0.43

0

14,262,596

12

13,904,707

97.49

357,889

2.51

0

14,262,596

13

14,220,049

99.70

42,547

0.30

0

14,262,596

14

14,045,187

98.56

204,706

1.44

12,703

14,249,893

 

At the AGM held today, the Chairman announced an increase of £15 million on an existing loan at a net effective interest rate of 6.4% through to its maturity to 31 March 2033. 95% of the loan is at a fixed rate of 6.37% throughout the term with 5% at a floating rate.

 

This brings the average interest rate on VIP's total borrowing of £65 million to 4.5% (95% fixed), with an average maturity of 7.1 years (from 6.9 years). The loan to value ratio is 41% (from 35%).

 

Copies of Resolutions 11, 12, 13 and 14, all of which were passed at the AGM, have been submitted to the National Storage Mechanism ("NSM") and will shortly be available for inspection at:

                     https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism*

 

A copy of the Investment Manager's AGM presentation will be available shortly to download from the website of the Company's Investment Manager, OLIM Property Limited, at:

https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html*

 

*Neither the website of the Company's Investment Manager, nor the NSM 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:

 

Miranda Kelly

Maven Capital Partners UK LLP

Company Secretary

Tel: 0141 306 7400

 

11 July 2024

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