abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI):
2138004MK7VPTZ99EV13
27
March 2024
Result of Annual General Meeting & Investment Manager
Update
Result of
AGM
At the Annual General Meeting of
abrdn Private Equity Opportunities Trust plc (the "Company" or "APEO") held on Wednesday, 27 March
2024, all the Resolutions as set out in full in the Notice of
Meeting included within the Company's Annual Report for the year
ended 30 September 2023, available on the Company's website
www.abrdnpeot.com*, were duly passed.
Proxy votes
The proxy votes received in respect
of the AGM resolutions proposed at the meeting are shown in the
table below:
|
|
For and
Discretionary
|
Against
|
Votes
|
Total Votes
|
|
Resolution
Number
|
No.
of
Votes
|
%
of
Votes Cast
|
No.
of
Votes
|
%
of
Votes Cast
|
Withheld
|
(excluding Votes Withheld)
|
|
1. Receive the
Annual Report and Financial Statements
|
109,836,666
|
100.00
|
3,722
|
0.00
|
11,691
|
109,840,388
|
|
2. Approve the
Directors' Remuneration Report
|
109,660,172
|
99.86
|
155,541
|
0.14
|
36,366
|
109,815,713
|
|
3. Approve the Dividend
Policy
|
109,838,935
|
100.00
|
3,722
|
0.00
|
9,422
|
109,842,657
|
|
4. Re-elect Mr
Agble
|
109,783,542
|
99.98
|
20,309
|
0.02
|
48,228
|
109,803,851
|
|
5. Re-elect Mr
Devine
|
109,748,143
|
99.95
|
51,436
|
0.05
|
52,500
|
109,799,579
|
|
6. Re-elect Ms
Seymour-Williams
|
109,778,477
|
99.99
|
15,957
|
0.01
|
57,645
|
109,794,434
|
|
7. Re-elect Ms
Stillhart
|
109,788,129
|
99.99
|
15,722
|
0.01
|
48,228
|
109,803,851
|
|
8. Re-elect Mr
Thomson
|
109,779,716
|
99.98
|
24,135
|
0.02
|
48,228
|
109,803,851
|
|
9. Re-appoint BDO LLP
as Auditor
|
109,787,683
|
99.96
|
47,269
|
0.04
|
17,127
|
109,834,952
|
|
10. Remuneration of the
Auditor
|
109,823,435
|
99.99
|
15,573
|
0.01
|
13,071
|
109,839,008
|
|
11. Allotment of new
equity
|
109,814,610
|
99.98
|
27,015
|
0.02
|
10,454
|
109,841,625
|
|
12. Disapply pre-emption
rights
|
109,174,155
|
99.41
|
653,166
|
0.59
|
24,758
|
109,827,321
|
|
13. Authorise market purchases of
ordinary shares
|
107,895,091
|
98.23
|
1,941,487
|
1.77
|
15,501
|
109,836,578
|
|
14. Approve holding meetings on less
than 14 days' notice
|
109,722,870
|
99.90
|
111,598
|
0.10
|
17,611
|
109,834,468
|
|
15. Adoption of new Articles of
Association
|
109,738,298
|
99.92
|
83,135
|
0.08
|
30,646
|
109,821,433
|
Copies of the resolutions passed
under special business will shortly be submitted to the National
Storage Mechanism and will be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism*.
*Neither the NSM website nor
the Company's 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.
Investment Manager
Update
At the AGM, Mr Devine, the APEO
Chair, also provided an update, further to the Company's
announcement on 16 October 2023, on the status of sale by abrdn plc
("abrdn") of its
European-headquartered Private Equity business, including the
Company's investment manager, abrdn Capital Partners LLP, to an
indirect subsidiary of Patria Investments Limited ("Patria")(the "Transaction").
Mr Devine said:
"In
October 2023, abrdn announced the conditional sale of its
European-headquartered Private Equity business, which includes
APEO's investment manager, abrdn Capital Partners LLP,
to an indirect subsidiary of
Patria Investments Limited, a
global alternative asset manager established in Latin
America.
As I
mentioned in our Annual Report, the Board has been undertaking
extensive diligence on the proposed Transaction with abrdn, our
investment management team, and with Patria, to fully understand
the impact of the sale, and what it means for APEO and its
shareholders.
I am
pleased to confirm that the Board has completed its due diligence
exercise and has agreed to consent to the Transaction by waiving
the "Manager Change of Control" provisions set out in our
Investment Management Agreement.
During our diligence, we received various assurances, including
that there will be: (i) no change to the management and
administration services which are provided to APEO; (ii) no change
to APEO's investment management process; and (iii) no change to the
personnel managing APEO. Importantly, we also received comfort that
the Transaction will be cost neutral for the Company - there are
not expected to be any additional costs to the Company (and so
shareholders) as a result of it.
The
Transaction remains subject to regulatory approval and, upon
receipt of that approval, the Board is excited to continue to work
with APEO's management team, and the wider team at
Patria."
For abrdn Private Equity
Opportunities Trust plc
abrdn Holdings Limited
Company Secretary
27 March 2024