MIGO Opportunities Trust plc - Result of AGM
(the "Company")
Results of the Annual General Meeting held on Wednesday,
The Board is pleased to announce that at the Annual General Meeting held today, all resolutions as detailed below were duly passed by shareholders on a show of hands. The proxy voting figures are shown below:
______________________________________________________________________________ | | | | | |Total Votes| | |Resolutions |Votes For|% |Votes |% |Cast (excl.|Votes | | | | |Against| |votes |Withheld| | | | | | |withheld) | | |___________________________|_________|_____|_______|_____|___________|________| |Ordinary Resolutions | | |___________________________|__________________________________________________| | 1. To receive the | | | | | | | | Strategic Report, | | | | | | | | Report of the | | | | | | | | Directors, Auditor's |2,293,769|99.72|6,500 |0.28 |2,300,269 |6,624 | | Report and the audited| | | | | | | | financial statements | | | | | | | | for the year ended 30 | | | | | | | |_____April_2024.___________|_________|_____|_______|_____|___________|________| | 1. To receive and approve| | | | | | | | the Directors' |2,260,837|98.48|34,966 |1.52 |2,295,803 |11,090 | | Remuneration Report | | | | | | | | for the year ended 30 | | | | | | | |_____April_2024.___________|_________|_____|_______|_____|___________|________| | 1. To approve a final |2,290,752|99.70|6,850 |0.30 |2,297,602 |9,291 | | dividend of 0.6p per | | | | | | | |_____share.________________|_________|_____|_______|_____|___________|________| | 1. To re-elect Richard |2,293,419|99.70|6,850 |0.30 |2,300,269 |6,624 | | Davidson as a Director| | | | | | | |_____of_the_Company._______|_________|_____|_______|_____|___________|________| | 1. To elect Caroline |2,274,527|98.88|25,742 |1.12 |2,300,269 |6,624 | | Gulliver as a Director| | | | | | | |_____of_the_Company._______|_________|_____|_______|_____|___________|________| | 1. To re-elect Lucy Costa|2,279,527|99.10|20,742 |0.90 |2,300,269 |6,624 | | Duarte as a Director | | | | | | | |_____of_the_Company._______|_________|_____|_______|_____|___________|________| | 1. To re- elect Ian | | | | | | | | Henderson as a |2,292,261|99.65|8,008 |0.35 |2,300,269 |6,624 | | Director of the | | | | | | | |_____Company.______________|_________|_____|_______|_____|___________|________| | 1. To re-appoint | | | | | | | | PricewaterhouseCoopers|2,283,282|99.52|11,060 |0.48 |2,294,342 |12,551 | | LLP as Auditor of the | | | | | | | |_____Company.______________|_________|_____|_______|_____|___________|________| | 1. To authorise the Audit| | | | | | | | Committee to determine|2,290,473|99.69|7,129 |0.31 |2,297,602 |9,291 | | the Auditor's | | | | | | | |_____remuneration._________|_________|_____|_______|_____|___________|________| |SPECIAL BUSINESS | | |___________________________|__________________________________________________| | 1. To authorise the |2,277,356|99.10|20,742 |0.90 |2,298,098 |8,795 | | Directors to allot | | | | | | | |_____shares._______________|_________|_____|_______|_____|___________|________| |Special Resolutions | | |___________________________|__________________________________________________| | 1. To authorise the |2,270,680|98.92|24,751 |1.08 |2,295,431 |11,462 | | Directors to dis-apply| | | | | | | |_____pre-emption_rights.___|_________|_____|_______|_____|___________|________| | 1. To authorise the |2,291,082|99.60|9,187 |0.40 |2,300,269 |6,624 | | Company to re-purchase| | | | | | | |_____shares_in_the_market._|_________|_____|_______|_____|___________|________| | 1. To authorise the | | | | | | | | Directors to call | | | | | | | | general meetings |2,293,419|99.70|6,850 |0.30 |2,300,269 |6,624 | | (other than the AGM) | | | | | | | | on not less than 14 | | | | | | | |_____clear_days'_notice.___|_________|_____|_______|_____|___________|________| | 1. To authorise the | | | | | | | | Company to re-purchase|1,779,061|77.50|516,370|22.50|2,295,431 |11,462 | | Elected shares in the | | | | | | | |_____market._______________|_________|_____|_______|_____|___________|________| | 1. To authorise the | | | | | | | | Company to re-purchase|1,780,953|77.42|519,316|22.58|2,300,269 |6,624 | | Realisation shares in | | | | | | | |_____the_market.___________|_________|_____|_______|_____|___________|________|
Any proxy votes which are at the discretion of the Chairman have been included in the "for" total. A vote withheld is not a vote in law and is not counted in the calculations of votes cast by proxy.
At the date of the Annual General Meeting, the total number of Ordinary shares of 1p each in issue and the total number of voting rights was 21,214,731.
The proxy voting figures will shortly also be available on the Company's website at www.migoplc.co.uk
In accordance with Listing Rule 9.6.2, the full text of the special business resolutions passed have been submitted to the National Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
. The special business resolutions will additionally be filed at
Resolutions 14 and 15:
The Board notes that a significant number of votes were cast against resolutions 14 and 15, and provides the following further explanation for shareholders, as recommended by the
These resolutions were carefully drafted to provide maximum flexibility for the Company to deal with any unplaced Elected shares and with Realisation shares, following the 2024 Realisation Opportunity. Fortunately, the recent Realisation Opportunity did not require the implementation of the mechanisms that resolutions 14 and 15 provided. Nonetheless, the Board understands the technical principles under which some shareholders have chosen to vote against these resolutions, particularly in the very unlikely event that they had needed to be fully utilised, and also notes that buybacks are subject to shareholder elections and market conditions, limiting arbitrary use.
The Board acknowledges the significant shareholder support for its approach to returning capital via a range of mechanisms (including from shareholders who voted against resolutions 14 and 15) as well as noting the limited election for the 2024 Realisation Opportunity, which totalled 5.3% of MIGO's issued share capital. This amount was bought back on 5 September necessitating no further action from the Company. Consequently, despite being passed, resolutions 14 and 15 need have no further application for the time being.
The Board takes the result of the recent Realisation Opportunity and broader feedback on its realisation approach as a strong endorsement for the Company's strategy, particularly given the opportunities that the Investment Mangers see. The Board continues to have an open dialogue with shareholders on the approach to offering mechanisms to exit investments, which can be seen as positive for liquidity.
For further information contact:
Company Secretary, 020 3709 8732
