Invesco Select Trust Plc Result of AGM
October 05 2022 - 6:17AM
UK Regulatory
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Invesco Select Trust plc
LEI: 549300JZQ39WJPD7U596
Result of AGM
Result of the Annual General Meeting of Invesco Select Trust plc held on 4
October 2022:
All of the Annual General Meeting resolutions were decided by poll and were
passed.
The poll results were as follows:
Resolutions applicable to all share classes, with voting rights based on the
net asset values of the respective share classes at close of business on 30
September 2022:
Resolution Votes For % Votes Against % Votes
(including Withheld
votes at
the
discretion of
the Chairman)
Ordinary
Resolutions
1. 22,387,733 99.9 23,436 0.1 7,048
2. 22,119,577 99.2 183,530 0.8 115,110
3. 22,123,731 99.2 169,331 0.8 125,155
4. 21,657,762 97.1 673,213 2.9 87,242
5. 21,656,000 97.1 671,906 2.9 90,311
6. 21,633,713 97.0 694,795 3.0 89,709
7. 21,656,680 97.1 674,295 2.9 87,242
8. 21,650,517 97.4 631,855 2.6 98,538
9. 22,275,083 99.3 134,565 0.7 8,569
10. 22,322,020 99.6 88,547 0.4 7,650
13. 16,714,256 73.5 5,686,541 26.5 17,420
Special
Resolutions
14. 22,077,956 98.6 313,709 1.4 26,552
15. 22,295,493 99.6 98,629 0.4 24,095
16. 22,164,421 98.9 240,319 1.1 13,477
17. 22,321,489 99.8 61,985 0.2 34,743
Total Voting Rights applicable to the above resolutions were 184,705,257.
Resolution 11, an Ordinary Resolution, was applicable only to the UK Equity
Share class, with voting rights being one vote per share:
Resolution Votes For % Votes Against % Votes
(including Withheld
votes at
the
discretion of
the Chairman)
Resolution 11 17,518,065 100 0 0 10,819
Total Voting Rights applicable for this resolution were 71,478,782.
Resolution 12, an Ordinary Resolution, was applicable only to the Global Equity
Income Share class, with voting rights being one vote per share:
Resolution Votes For % Votes Against % Votes
(including Withheld
votes at
the
discretion of
the Chairman)
Resolution 12 4,631,496 99.9 6,516 0.1 0
Total Voting Rights applicable for this resolution were 24,851,044.
The Board notes the significant vote against resolution 13, the authority to
allot shares, and will consult with the relevant shareholders as appropriate to
understand their concerns. The Board will provide a further update within six
months of the AGM.
The full text of the resolutions passed is as follows:
The following Ordinary Resolutions were passed at the Annual General Meeting
held on 4 October 2022:
Ordinary Resolutions applicable to all share classes:
1. To receive the Annual Financial Report for the year ended 31 May 2022.
2. To approve the Directors' Remuneration Policy.
3. To approve the Annual Statement and Report on Remuneration.
4. To re-elect Craig Cleland as a Director of the Company.
5. To re-elect Davina Curling as a Director of the Company.
6. To re-elect Mark Dampier as a Director of the Company.
7. To re-elect Victoria Muir as a Director of the Company.
8. To re-elect Tim Woodhead as a Director of the Company.
9. To re-appoint Grant Thornton UK LLP as Auditor to the Company
10. To authorise the Audit Committee to determine the Auditor's remuneration.
Ordinary Resolution applicable only to the UK Equity Share Class:
11. To approve the UK Equity Share Class Portfolio dividend payment policy as
set out on page 41 of the 2022 Annual Financial Report.
Ordinary Resolution applicable only to the Global Equity Income Share Class:
12. To approve the Global Equity Income Share Class Portfolio dividend
payment policy as set out on page 41 of the 2022 Annual Financial Report.
Ordinary Resolution applicable to all share classes:
13. That: the Directors be and they are hereby generally and unconditionally
authorised, for the purpose of section 551 of the Companies Act 2006 as amended
from time to time prior to the date of passing this resolution ('2006 Act') to
exercise all the powers of the Company to allot relevant securities (as defined
in sections 551(3) and (6) of the 2006 Act) up to an aggregate nominal amount
equal to £1,000,000 of UK Equity Shares, £1,000,000 of Global Equity Income
Shares, £1,000,000 of Balanced Risk Allocation Shares and £1,000,000 of Managed
Liquidity Shares, provided that this authority shall expire at the conclusion
of the next AGM of the Company or the date falling 15 months after the passing
of this resolution, whichever is the earlier, but so that such authority shall
allow the Company to make offers or agreements before the expiry of this
authority which would or might require relevant securities to be allotted after
such expiry and the Directors may allot relevant securities in pursuance of
such offers or agreements as if the power conferred hereby had not expired.
Special Resolutions:
The following Special Resolutions were passed at the Annual General Meeting
held on 4 October 2022:
14. That: the Directors be and they are hereby empowered, in accordance with
sections 570 and 573 of the Companies Act 2006 as amended from time to time
prior to the date of the passing of this resolution ('2006 Act') to allot
Shares in each class (UK Equity, Global Equity Income, Balanced Risk Allocation
and Managed Liquidity) for cash, either pursuant to the authority given by
resolution 13 or (if such allotment constitutes the sale of relevant Shares
which, immediately before the sale, were held by the Company as treasury
shares) otherwise, as if section 561 of the 2006 Act did not apply to any such
allotment, provided that this power shall be limited:
(a) to the allotment of Shares in connection with a rights issue in favour of
all holders of a class of Share where the Shares attributable respectively to
the interests of all holders of Shares of such class are either proportionate
(as nearly as may be) to the respective numbers of relevant Shares held by them
or are otherwise allotted in accordance with the rights attaching to such
Shares (subject in either case to such exclusions or other arrangements as the
Directors may deem necessary or expedient in relation to fractional
entitlements or legal or practical problems under the laws of, or the
requirements of, any regulatory body or any stock exchange in any territory or
otherwise);
(b) to the allotment (otherwise than pursuant to a rights issue) of equity
securities up to an aggregate nominal amount of £72,923 of UK Equity Shares, £
24,946 of Global Equity Income Shares, £4,215 of Balanced Risk Allocation
Shares and £1,257 of Managed Liquidity Shares; and
(c) to the allotment of equity securities at a price of not less than the net
asset value per Share as close as practicable to the allotment or sale
and this power shall expire at the conclusion of the next AGM of the Company or
the date 15 months after the passing of this resolution, whichever is the
earlier, but so that this power shall allow the Company to make offers or
agreements before the expiry of this power which would or might require equity
securities to be allotted after such expiry as if the power conferred by this
resolution had not expired; and so that words and expressions defined in or for
the purposes of Part 17 of the 2006 Act shall bear the same meanings in this
resolution.
15. That: the Company be generally and subject as hereinafter appears
unconditionally authorised in accordance with section 701 of the Companies Act
2006 as amended from time to time prior to the date of passing this resolution
('2006 Act') to make market purchases (within the meaning of section 693(4) of
the 2006 Act) of its issued Shares in each Share class (UK Equity, Global
Equity Income, Balanced Risk Allocation and Managed Liquidity).
PROVIDED ALWAYS THAT:
(i) the maximum number of Shares hereby authorised to be purchased shall be
14.99% of each class of the Company's share capital as at the date of the AGM;
(ii) the minimum price which may be paid for a Share shall be 1p;
(iii) the maximum price which may be paid for a Share in each Share class must
not be more than the higher of:
(a) 5% above the average of the mid-market values of the Shares for the five
business days before the purchase is made; and
(b) the higher of the price of the last independent trade in the Shares and the
highest then current independent bid for the Shares on the London Stock
Exchange;
(iv) any purchase of Shares will be made in the market for cash at prices below
the prevailing net asset value per Share (as determined by the Directors);
(v) the authority hereby conferred shall expire at the conclusion of the next
AGM of the Company or, if earlier, on the expiry of 15 months from the passing
of this resolution unless the authority is renewed at any other general meeting
prior to such time; and
(vi) the Company may make a contract to purchase Shares under the authority
hereby conferred prior to the expiry of such authority which will be executed
wholly or partly after the expiration of such authority and may make a purchase
of Shares pursuant to any such contract.
16. That: the period of notice required for general meetings of the Company
(other than Annual General Meetings) shall be not less than 14 days.
17. That: the share premium accounts of each of: (i) the class of UK Equity
shares of 1 penny each in the capital of the Company; and (ii) the class of
Balanced Risk Allocation shares of 1 penny each in the capital of the Company,
be cancelled and the amount of the share premium of each share class so
cancelled be credited to a reserve in respect of each the respective share
classes.
Invesco Asset Management Limited
Corporate Company Secretary
Contact:
James Poole 0207 543 3559
5 October 2022
END
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