Albion EnterpriseVCT Agm Statement

 
TIDMAAEV 
 
 
   At an Annual General Meeting of Albion Enterprise VCT PLC, duly convened 
and held at the City of London Club, 19 Old Broad Street, London on 21 
August 2018 the following resolutions were passed: 
 
   Ordinary resolutions numbers 1 to 9 were passed. The following items of 
Special Business were passed of which resolutions 10 and 11 were passed 
as ordinary resolutions and 12 to 14 were passed as special resolutions. 
 
   Special Business 
 
   10.       Change in investment policy 
 
   That the Company's investment policy be amended by replacing the wording 
under the heading "Investment policy" in the current policy with the 
following wording: 
 
   "The Company will invest in a broad portfolio of higher growth 
businesses across a variety of sectors of the UK economy including 
higher risk technology companies. Allocation of assets will be 
determined by the investment opportunities which become available but 
efforts will be made to ensure that the portfolio is diversified both in 
terms of sector and stage of maturity of company. 
 
   VCT qualifying and non-VCT qualifying investments 
 
   Application of the investment policy is designed to ensure that the 
Company continues to qualify and is approved as a VCT by HM Revenue and 
Customs ("VCT regulations"). The maximum amount invested in any one 
company is limited to any HMRC annual investment limits. It is intended 
that normally at least 80 per cent. of the Company's funds will be 
invested in VCT qualifying investments. The VCT regulations also have an 
impact on the type of investments and qualifying sectors in which the 
Company can make investment. 
 
   Funds held prior to investing in VCT qualifying assets or for liquidity 
purposes will be held as cash on deposit, invested in floating rate 
notes or similar instruments with banks or other financial institutions 
with high credit ratings or invested in liquid openended equity funds 
providing income and capital equity exposure (where it is considered 
economic to do so). Investment in such open-ended equity funds will not 
exceed 10 per cent. of the Company's assets at the time of investment." 
 
   11.       Authority to allot shares 
 
   That the Directors be generally and unconditionally authorised in 
accordance with section 551 of the Companies Act 2006 (the "Act") to 
allot Ordinary shares of 1 penny each in the capital of the Company 
("Ordinary shares") up to an aggregate nominal amount of GBP129,153 
(which comprises approximately 20 per cent. of the Company's issued 
Ordinary shares as at the date of this Notice) provided that this 
authority shall expire 15 months from the date that this resolution is 
passed, or, if earlier, at the conclusion of the next Annual General 
Meeting of the Company, but so that the Company may, before such expiry, 
make an offer or agreement which would or might require shares to be 
allotted or rights to subscribe for or convert securities into shares to 
be granted after such expiry and the Directors may allot shares or grant 
rights to subscribe for or convert securities into shares pursuant to 
such an offer or agreement as if this authority had not expired. 
 
   12.       Authority for the disapplication of pre-emption rights 
 
   That the Directors be empowered, pursuant to section 570 of the Act, to 
allot equity securities (within the meaning of section 560 of the Act) 
for cash pursuant to the authority conferred by resolution number 11 
and/or sell Ordinary shares held by the Company as treasury shares for 
cash as if section 561(1) of the Act did not apply to any such allotment 
or sale. 
 
   Under this power the Directors may impose any limits or restrictions and 
make any arrangements which they deem necessary or expedient to deal 
with any treasury shares, fractional entitlements, record dates, legal, 
regulatory or practical problems in, or laws of, any territory or other 
matter, arising under the laws of, or the requirements of any recognised 
regulatory body or any stock exchange in, any territory or any other 
matter. 
 
   This power shall expire 15 months from the date that this resolution is 
passed or, if earlier, the conclusion of the next Annual General Meeting 
of the Company, save that the Company may, before such expiry, make an 
offer or agreement which would or might require equity securities to be 
allotted after such expiry and the Directors may allot equity securities 
in pursuance of any such offer or agreement as if this power had not 
expired. 
 
   13.       Authority to purchase own shares 
 
   That, the Company be generally and unconditionally authorised to make 
market purchases (within the meaning of section 693(4) of the Act) of 
Ordinary shares, on such terms as the Directors think fit, provided 
always that: 
 
   (a)        the maximum aggregate number of shares hereby authorised to 
be purchased is 9,680,015 Ordinary shares representing 14.99 per cent. 
of the issued Ordinary share capital of the Company as at the date of 
this Notice; 
 
   (b)        the minimum price which may be paid for an Ordinary share 
shall be 1 penny (exclusive of expenses); 
 
   (c)        the maximum price (exclusive of expenses) which may be paid 
for an Ordinary share shall be an amount being not more than the higher 
of (i) 105 per cent. of the average of the middle market quotations (as 
derived from the Daily Official List of the London Stock Exchange) for 
the Ordinary shares for the five business days immediately preceding the 
date of purchase and (ii) the higher of the price of the last 
independent trade and the highest current independent bid relating to an 
Ordinary share on the trading venue where the purchase is carried out; 
and 
 
   (d)        unless previously varied, revoked or renewed, the authority 
hereby conferred shall expire 15 months from the date that this 
resolution is passed or, if earlier, at the conclusion of the next 
Annual General Meeting of the Company, save that the Company may, at any 
time prior to such expiry, enter into a contract or contracts to 
purchase shares under such authority which would or might be completed 
or executed wholly or partly after the expiration of such authority and 
may make a purchase of shares pursuant to any such contract or contracts 
as if the authority conferred hereby had not expired. 
 
   14.       Authority to sell treasury shares 
 
   That the Directors be empowered to sell treasury shares at the higher of 
the prevailing current share price and the price at which they were 
bought in at. 
 
   21 August 2018 
 
   For further information please contact: 
 
   Albion Capital Group LLP 
 
   Company Secretary 
 
   Tel: 0207 601 1850 
 
   LEI Code 213800OVSRDHRJBMO720
(END) Dow Jones Newswires
August 21, 2018 09:26 ET (13:26 GMT)
Albion Enterprise Vct (LSE:AAEV)
Historical Stock Chart
From Jun 2024 to Jul 2024