River & Mercantile UK Micro Cap Inv Result of AGM (3699D)
March 02 2022 - 6:03AM
UK Regulatory
TIDMRMMC
RNS Number : 3699D
River & Mercantile UK Micro Cap Inv
02 March 2022
2 March 2022
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.
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 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 further note the votes received against Resolution 7
relating to the re-election of the Auditors, PricewaterhouseCoopers
CI LLP, being 24.36%. The Board will contact those shareholders who
voted against the resolution to better understand their views. The
Board, through the Chair, the Investment Manager and the Company's
corporate broker, seeks to maintain an ongoing dialogue with major
shareholders, including dissenting shareholders, and will continue
to engage with shareholders.
Further to the provision 1.D.4 of the 2018 UK Code of Corporate
Governance and principle 5.2.4. of the 2019 AIC Code of Corporate
Governance, a further announcement will be made in due course.
Further information on the votes cast on each resolution will be
available on the Company's website shortly.
- ENDS -
For further information please contact:
Singer Capital Markets
Alan Ray / James Moat, Investment Banking
Tel: +44 (0)20 7496 3000
Camarco
Jake Thomas
Tel: +44 (0) 20 3781 8337
BNP Paribas Securities Services S.C.A., Guernsey Branch -
Company Secretary
Jasper Cross
Tel: +44 (0) 1481 750859
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END
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