REG - Rights and Issues IT - 2024 AGM Voting Results Update Statement

Rights and Issues Investment TrustAnnouncement

21/06/2024 07:00

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RNS Number : 3240T  Rights and Issues Inv. Trust PLC  21 June 2024

Rights and Issues Investment Trust plc

(the "Company")

 

LEI:  2138002AWAM93Z6BP574

 

2024 AGM Voting Results Update Statement

In accordance with Provision 4 of the UK Corporate Governance Code, the
Company today provides an update in respect of the results of its Annual
General Meeting (AGM) held on 27 March 2024, where resolution 2 (to approve
the Directors' Remuneration Report) and resolution 5 (to re-elect Mr Simon
Knott as a Director) were passed with the necessary majority but with more
than 20% of votes cast against the resolutions by shareholders.

The Board has liaised with the significant shareholder who voted against both
resolutions and understands that the reasons for the vote against the
Directors' Remuneration Policy was because of the ex-gratia payment to Dr
David Bramwell, the former Chairman. This payment was to fund a gift in
recognition of Dr Bramwell's long service to the Company and his contribution
as Chair. The shareholder acknowledged that the sum of the payment was
insignificant and the Board confirms that this payment was not intended to set
a precedent for any such payments in the future and does not envisage making
such a payment again.

Regarding the decision to vote against the re-election of Mr Simon Knott, the
Board understands that the shareholder's reasons related to their view that Mr
Knott was non-independent, having formerly been the CEO of the Company prior
to the appointment of Jupiter Unit Trust Managers Limited ('JUTM') as
investment manager in October 2022, when it was a self-managed investment
trust. The Board has clarified with the shareholder that Mr Knott has no
current or former association with JUTM other than as a non-executive director
of the Company and, despite his tenure as Investment Director,  the Board
considers him to be independent. With his extensive investment knowledge and
in-depth understanding of the companies within the portfolio, Mr Knott's
contribution to the Board and its committees is invaluable.

 

Contacts:

 The Board (via Apex Group)

 cosec-uk@apexgroup.com

 Cavendish Capital Markets Limited

 Tunga Chigovanyika

 tchigovanyika@cavendish.com

 Jupiter Asset Management

 Nick Black

 investmentcompanies@jupiteram.com

 

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