River & Mercantile UK Micro Cap Inv Result of AGM (9119Q)
March 02 2021 - 11:03AM
UK Regulatory
TIDMRMMC
RNS Number : 9119Q
River & Mercantile UK Micro Cap Inv
02 March 2021
2 March 2021
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 7. The
Board believes that the votes against Resolution 1 relate to a
shareholder advisory group taking issue with a lack of a vote on
dividends and dividends policy. As disclosed in the report and
accounts of the Company, the policy is to pay no dividends and the
portfolio is not managed with an objective of income production.
The Board will, in future years, seek shareholder approval of the
policy not to pay a dividend.
The Board believes that the votes against Resolution 7 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 totally
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 is aware of one shareholder advisory group recommending
against Mark's re-election and one recommending in favour.
While the Board considers the reasoning behind the advice to
oppose Resolutions 1 and 7 to be incorrect, it will contact those
shareholders who voted against the resolutions, to better
understand their views, and it remains available to speak with
shareholders.
- 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
Rebecca Noonan
Camarco
Tel: 020 3757 4981
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END
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