Aberdeen Private Equity Fund Ltd Result of AGM (6980J)

TIDMAPEF

RNS Number : 6980J

Aberdeen Private Equity Fund Ltd

13 September 2016

13 September 2016

Aberdeen Private Equity Fund Limited

Results of Annual General Meeting

At the Annual General Meeting held today, 13 September, the Board of Aberdeen Private Equity Fund Limited announced the following:

-- Going forward, in the absence of unforeseen circumstances, the Company expects to pay minimum total dividends of 4p per share per annum (2016 - 2.2p), commencing with 2 dividends of 2p per share relating to the financial year to 31 March 2017

   --      An annual continuation resolution to be put to each AGM, commencing with the AGM in 2017 
   --      A substantially reduced, and simplified, management fee* 

The Board also noted that the good NAV performance referred to in the Report and Accounts, had continued since the year end, with a further rise of 7.5% in NAV per share to 29 July 2016 (143.32p per share). The Board continues to remain optimistic on the investment portfolio's ability to deliver long term investment performance, and believes that, when combined with the increased focus on co-investments, the changes announced above should enhance the appeal of the Company to all Shareholders, both current and prospective.

The Company also announces that all resolutions put to the meeting were approved by Shareholders on a show of hands.

Details of the proxy votes lodged are set out below:

 
         Ordinary Resolutions              For**      Against   Withheld*** 
--------------------------------------  -----------  --------  ------------ 
 1. To receive and adopt the 
  Financial Statements of the 
  Company for the year ended 
  31 March 2016                          86,763,401   20,000       1,079 
--------------------------------------  -----------  --------  ------------ 
 2. To receive and adopt the 
  Directors' Remuneration Report         86,760,488   22,913       1,079 
--------------------------------------  -----------  --------  ------------ 
 3. To approve the payment of 
  a dividend of 2.2 pence per 
  share                                  86,746,188   37,213       1,079 
--------------------------------------  -----------  --------  ------------ 
 4. To re-elect Mr H Myles as 
  a Director                             86,761,488   21,913       1,079 
--------------------------------------  -----------  --------  ------------ 
 5. To re-elect Mr P Hebson 
  as a Director                          86,761,488   21,913       1,079 
--------------------------------------  -----------  --------  ------------ 
 6. To appoint PricewaterhouseCoopers 
  CI LLP as Auditors to the Company      68,057,765   25,560    18,701,155 
--------------------------------------  -----------  --------  ------------ 
 7. To approve that the Company 
  continue its business as a 
  closed-ended investment company        64,968,101   315,300   21,501,079 
--------------------------------------  -----------  --------  ------------ 
          Special Resolutions 
--------------------------------------  -----------  --------  ------------ 
 6. To authorise the Directors 
  to allot shares in the Company         86,509,401   270,000      5,079 
--------------------------------------  -----------  --------  ------------ 
 7. To authorise the Company 
  to make market purchases of 
  its own shares                         86,741,188   42,213       1,079 
--------------------------------------  -----------  --------  ------------ 
 

The full text of the resolutions may be found in the Notice of Annual General Meeting contained in the Report and Accounts for the year ended 31 March 2016, copies of which are available on both the Company's website www.aberdeenprivateequity.co.uk and on the National Storage Mechanism www.morningstar.co.uk/uk/NSM****

A copy of the Special Resolutions passed at the Annual General Meeting has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM****

* Under the new management arrangement the Company will pay a monthly fee equal to one twelfth of 0.9% of the NAV of the Company. The performance fee will remain unchanged.

** Includes discretionary votes received

*** A vote withheld is not a vote in law and is not counted in the proportion of votes 'for' or 'against' a resolution

**** Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement

Enquiries:

Company Secretary and Administrator

Ipes (Guernsey) Limited

Nicholas Robilliard

01481 713843

This information is provided by RNS

The company news service from the London Stock Exchange

END

RAGSFFFSDFMSEIU

(END) Dow Jones Newswires

September 13, 2016 06:52 ET (10:52 GMT)