Advance Developing Markets Fund Ltd Result of AGM and Change of Name (2621V)

TIDMADMF

RNS Number : 2621V

Advance Developing Markets Fund Ltd

14 April 2016

Aberdeen Emerging Markets Investment Company Limited (formerly Advance Developing Markets Fund Limited) (the "Company")

Result of AGM and Change of Name

The Board of the Company announces that at the Company's Annual General Meeting held earlier today all the resolutions were passed.

A summary of the resolutions and the proxy voting figures received in advance of the meeting are shown below:

 
                                     For          Discretionary        Against       Withheld 
----------------------------  -----------------  ---------------  -----------------  --------- 
Resolution                         Votes      %     Votes      %       Votes      % 
----------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To receive and 
     adopt the financial 
     statements for 
     the year ended 
     31 October 2015, 
     with the reports 
     of the directors 
1    and auditors thereon.    43,126,353  95.97         0      0   1,811,981   4.03          0 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To approve the 
     Directors' Remuneration 
     Report for the 
     year ended 31 
2    October 2015.            42,341,937  94.26         0      0   2,578,097   5.74     18,300 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To re-elect William 
     Collins as a director 
3    of the Company.          44,923,908  99.97     6,279   0.01       8,147   0.02          0 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To re-elect Mark 
     Hadsley-Chaplin 
     as a director 
4    of the Company.          36,243,248  80.79     6,279   0.01   8,614,153   19.2     74,654 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To re-elect John 
     Hawkins as a director 
5    of the Company.          33,665,151  75.04         0      0  11,198,529  24.96     74,654 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To re-elect Terence 
     Mahony as a director 
6    of the Company.          26,723,800  59.47         0      0  18,214,534  40.53          0 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To re-appoint 
     KPMG Channel Islands 
     Limited as auditor 
7    to the Company.          43,126,353    100         0      0           0      0  1,811,981 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To authorise the 
     directors to determine 
     KPMG Channel Islands 
     Limited's remuneration 
     as auditor of 
8    the Company.             44,938,334    100         0      0           0      0          0 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To give the Company 
     authority to purchase 
9    its own shares.          44,938,334    100         0      0           0      0          0 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
    To approve that 
     the Company's 
     name be changed 
     to Aberdeen Emerging 
     Markets Investment 
10   Company Limited.         44,938,334    100         0      0           0      0          0 
    ------------------------  ----------  -----  --------  -----  ----------  -----  --------- 
 

At the time of the above meeting the Company's share capital consisted of 51,926,229 ordinary shares with voting rights and a further 2,692,278 ordinary shares held in treasury.

The Board is pleased that shareholders have approved all resolutions proposed at the AGM. While it notes the number of votes against the re-election of certain Directors, the Board is aware that these votes arose principally due to independence issues arising as a result of the acquisition of Advance Emerging Capital Limited by Aberdeen Asset Management PLC ("Aberdeen") in December 2015. The Board is currently conducting a review of its composition and will notify shareholders of the results of that review in due course.

The Board also announces that Mr John Hawkins remains as a Director of the Company but has stepped down from his position as Deputy Chairman with immediate effect.

Change of Name

It is expected that the change of name to Aberdeen Emerging Markets Investment Company Limited will be made effective by the Guernsey Registry by Friday 15 April 2016 and that the Company's TIDM ("ticker") will change to AEMC with effect from 8.00am on Monday 18 April 2016. The ISIN and SEDOL numbers will not change. Existing share certificates remain valid and certificates in the new name will only be issued as required.

Enquiries:

Aberdeen Emerging Capital Limited (Investment Manager to Aberdeen Emerging Markets Investment Company Limited)

   Andrew Lister / Bernard Moody   Tel: [phone] 

Lisa Garnham

Tel: [phone]

Orangefield Legis Fund Services Limited

Company Secretary to Aberdeen Emerging Markets Investment Company Limited

14 April 2016

END

This information is provided by RNS

The company news service from the London Stock Exchange

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April 14, 2016 11:00 ET (15:00 GMT)