River & Mercantile UK Micro Cap Inv Result of AGM (3123R)
February 27 2019 - 10:00AM
UK Regulatory
TIDMRMMC
RNS Number : 3123R
River & Mercantile UK Micro Cap Inv
27 February 2019
27 February 2019
River and Mercantile UK Micro Cap Investment Company Limited
("Company")
Result of Annual General Meeting
The Board of the Company announces that all of the resolutions
proposed at the Annual General Meeting convened today were duly
passed. Further information on the votes cast on each resolution
will be available on the Company's website shortly.
The Board has noted the votes against Resolutions 1 and 6. The
Board believes that the votes against Resolution 1 relate to the
fact that, on 11 February 2019, a shareholder advisory group
published a recommendation to vote against Resolution 1 stating
that the disclosure of the investment manager's contract in the
annual report of the Company for the period to 30 September 2018
did not meet the advisory group's requirements. Following
representations by the Company, the advisory group agreed that the
required information was indeed included in the annual report and,
on 13 February 2019, they informed the Company that they had
amended their advice on Resolution 1 to a recommendation to vote in
favour. The Board will be in touch with shareholders who voted
against Resolution 1 to discuss and understand their views.
The Board believes that the votes against Resolution 6 relate to
the fact that, as disclosed in the annual report, Mark Hodgson is
not considered an independent director because he is a director of
Carne Global AIFM Solutions (C.I.) Limited ("Carne"). Carne is the
Alternative Investment Fund Manager of the Company but is unrelated
to River & Mercantile Asset Management. The opinion of the
other Directors is that Mark provides considerable and
complementary expertise to the Board, particularly in the area of
risk management, in which Carne has a significant operation. In
accordance with the recommendations of the Association of
Investment Companies in relation to non-independent directors, Mark
is subject to annual re-election; and indeed the independent
directors also put themselves forward for annual re-election. The
Board will be in touch with shareholders who voted against
Resolution 6 to understand their views.
- ENDS -
Enquiries:
Jasper Cross
BNP Paribas Securities Services S.C.A., Guernsey Branch
Tel: 01481 750859
Robert Peel
Cantor Fitzgerald Europe
Tel: 020 7894 7719
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END
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