Fundsmith Emerging Equities Tst PLC Result of AGM (1602G)

TIDMFEET

RNS Number : 1602G

Fundsmith Emerging Equities Tst PLC

24 May 2017

FUNDSMITH EMERGING EQUITIES TRUST plc

Results of the Annual General Meeting Held on 24 May 2017

The Board is pleased to announce that at the Annual General Meeting (AGM) held on Wednesday, 24 May 2017, all resolutions as detailed below were duly passed by shareholders on a show of hands. The proxy voting figures are shown below:

 
 Resolutions (Ordinary unless                       Votes       %      Votes Against     %     Total Votes     Votes 
  stated otherwise)                                  For                                           Cast       Withheld 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
 Ordinary Business 
-----------------------------------------------  --------------------------------------------------------------------- 
      1. To receive and accept the 
       Audited Financial Statements 
       and the Report of the Directors 
       for the year ended 31 December 
       2016                                       5,534,571   99.998        88         0.001    5,534,659        0 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
      2. To re-elect Martin Bralsford 
       as a Director of the Company               5,512,221   99.59       22,438       0.41     5,534,659        0 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
      3. To re-elect David Potter as 
       a Director of the Company                  5,534,071   99.99         588        0.01     5,534,659        0 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            4. To re-elect John Spencer as 
             a Director of the Company            5,534,071   99.99         588        0.01     5,534,659        0 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            5. To approve the Directors' 
             Remuneration Report for the year 
             ended 31 December 2016               5,532,450   99.97        1,509       0.03     5,533,959       700 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
      6. To re-appoint Deloitte LLP 
       as Auditor to the Company and 
       to authorise the Audit Committee 
       to determine their remuneration            5,527,792   99.88        6,767       0.12     5,534,559       100 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
 Special Business 
-----------------------------------------------  --------------------------------------------------------------------- 
            7. To authorise the Directors 
             to allot securities in the Company 
             up to an amount representing 
             10% of the issued share capital      5,523,671   99.85        8,488       0.15     5,532,159      2,500 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            8. To authorise the Directors 
             to allot securities in the Company 
             up to an amount representing 
             a further 15% of the issued share 
             capital                              5,521,777   99.83        9,182       0.17     5,530,959      3,700 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            9. #To disapply the pre-emption 
             rights in relation to the 
             allotment 
             of shares up to an amount 
             representing 
             10% of the issued share capital      5,518,271   99.82        9,688       0.18     5,527,959      6,700 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            10. #To dis-apply the pre-emption 
             rights in relation to the 
             allotment 
             of shares up to an amount 
             representing 
             a further 15% of the issued share 
             capital                              4,633,706   83.79       896,753      16.21    5,530,459      4,200 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            11. #To authorise the Directors 
             to sell Treasury Shares on a 
             non-pre-emptive basis and at 
             a narrower discount to the net 
             asset value per share at which 
             they are bought in.                  5,488,709   99.17       45,850       0.83     5,534,559       100 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
            12. #To authorise the Company 
             to make market purchases of 
             Ordinary 
             shares in the Company                5,527,138   99.86        7,521       0.14     5,534,659        0 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
      13. #That the Directors be authorised 
       to call general meetings (other 
       than annual general meetings) 
       on not less than 14 clear days' 
       notice                                     5,503,636   99.46       29,923       0.54     5,533,559      1,100 
-----------------------------------------------  ----------  -------  --------------  ------  ------------  ---------- 
 

# - Special Resolution

The Board notes that 16.21% of the proxy votes submitted in respect of resolution 10 were voted against the resolution. This authority grants the Board the authority to dis-apply pre-emption rights on the issue of a number of shares representing 15% of the issued share capital of the Company and is in addition to the authority conferred by resolution 9 which grants the same authority in respect of shares representing 10% of the issued share capital. This additional authority has facilitated the smooth running of the Company's share issuance programme, allowing the Company to continue issuing shares without the need to hold additional general meetings during the year, which can be costly to shareholders. Accordingly, the Board will continue to offer shareholders the opportunity to vote regarding the granting of this additional authority in order to facilitate the continued efficient and cost-effective administration of the share issuance programme. The Board is pleased to note that the majority with which the resolution was passed has increased from the prior year.

Any proxy votes which are at the discretion of the Chairman have been included in the "for" total. A vote withheld is not a vote in law and is not counted in the calculations of votes cast by proxy. At the date of the AGM the total number of Ordinary shares of 1p each in issue and the total number of voting rights was 23,937,556.

The proxy voting figures will shortly also be available on the Company's website at www.feetplc.co.uk

In accordance with Listing Rule 9.6.2, the full text of the special business resolutions passed has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/nsm. The special business resolutions will additionally be filed at Companies House.

24 May 2017

For further information please contact:

   Katherine Manson              Frostrow Capital LLP - Company Secretary    0203 709 8734 

This information is provided by RNS

The company news service from the London Stock Exchange

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May 24, 2017 12:17 ET (16:17 GMT)