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REG - Schiehallion Fund Schiehallion - MNTN - Result of AGM

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RNS Number : 1675O  Schiehallion Fund Limited (The)  13 May 2024

The Schiehallion Fund Limited

Legal Entity Identifier: 213800NQOLJA1JCWXQ56

 

Annual General Meeting 10 May 2024

At the AGM held on 10 May 2024 all resolutions proposed to the meeting were
passed, including those detailed below:

·    Shareholders approved an ordinary resolution to increase the limit
for Directors' fees to £430,000 in aggregate per annum in accordance with
Article 116(1) of the Company's Articles of Incorporation.

·    Shareholders approved a special resolution renewing the Directors'
authority to allot shares and sell treasury shares on a non-pre-emptive basis
up to 102,882,390 shares (representing approximately 10% of the total issued
share capital of the Company). This authority will expire at the conclusion of
the AGM of the Company to be held in 2029 or on 10 May 2029, whichever is the
earlier (unless previously varied, revoked or renewed). This authority will
only be used to issue shares or re-sell shares from treasury at a premium to
net asset value and only when the Directors believe it would be in the best
interests of the Company to do so.

·    Shareholders approved a special resolution authorising the Company to
renew its authority to make market purchases of up to 14.99 per cent of the
Company's issued ordinary share capital, being 154,220,703 ordinary shares.
The authority will expire at the conclusion of the 2025 AGM of the Company,
unless previously varied, revoked or renewed.

·    Shareholders approved a special resolution to adopt the amended
Articles of Incorporation, in substitution for and to the exclusion of the
existing Articles of Incorporation, with effect from the conclusion of the
meeting.

 

Further to the stock exchange announcement on 23 April 2024 that Dr Chiswell
has resigned due to ongoing health issues, Resolution 6, which proposed his
re-election, was withdrawn from the meeting.

The full text of all the resolutions can be found in the Notice of Annual
General Meeting contained in the Annual Report and Financial Statements which
is available for viewing at the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)

The Board notes the significant number of votes against Resolution 3. As
explained in the Annual Report, Resolution 3 sought approval to re-elect Dr
Linda Yueh as a Director of the Company. In accordance with the principles of
the AIC Code of Corporate Governance, all Directors offer themselves for
re-election annually. The Company will continue to engage with relevant
shareholders and expects to make a further announcement in due course.

Baillie Gifford & Co Limited

13 May 2024

For further information please contact:

Alex Blake, Baillie Gifford & Co

Tel: 0131 275 2859

 

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