Ground Rents Income Fund PLC Result of Extraordinary General Meeting (2729X)

TIDMGRIO

RNS Number : 2729X

Ground Rents Income Fund PLC

24 April 2023

Ground Rents Income Fund Plc

("the Company")

Results of Extraordinary General Meeting

On 24 April 2023 the Company held an Extraordinary General Meeting ('EGM') to seek shareholders' approval for proposals relating to the forthcoming Continuation Vote, amendments to the Company's investment policy, and changes to Directors remuneration. The background and rationale for the proposals were set out in a shareholder circular that can be viewed on the Company's website www.groundrentsincomefund.com .

Following strong support for these proposals at the EGM, Barry Gilbertson, the Company's Chair, said:

"The EGM proposals followed an extensive shareholder consultation where the Board and Manager set out how we are committed to protecting shareholder investments and leaseholder interests, set against the backdrop of a challenging regulatory environment. The strong support for our proposals means we are now well positioned to execute the strategy of improving the liquidity of the underlying portfolio, continuing to support our leaseholders by delivering best-in-class residential asset management, and ultimately optimising value for our shareholders."

______________________________________________________________________________________________________________________________

Ground Rents Income Fund plc (the "Company") announces that a poll was held on each of the resolutions proposed at the EGM on Monday, 24 April 2023. All the resolutions passed. The results of the poll are:

 
     Resolution                     For          %        Against   %       Withheld   Total 
                                                                                        % of Voting 
                                                                                        Capital 
                                                                                        voted 
                                                                                        (excluding 
                                                                                        Withheld) 
     To amend the Company's 
      Articles of Association 
      to replace Article 
      135 as set out in 
      the Notice of Extraordinary 
      General Meeting (special 
 1    resolution)                   69,322,005   99.98%   16,553    0.02%    21,809       72.48 
    -----------------------------  -----------  -------  --------  ------  ---------  ------------- 
     To amend the investment 
      policy as set out 
      in Appendix 1 to the 
      Notice of Extraordinary 
      General Meeting (ordinary 
 2    resolution)                   69,322,005   99.98%   16,553    0.02%    21,809       72.48 
    -----------------------------  -----------  -------  --------  ------  ---------  ------------- 
     That the aggregate 
      amount of fees that 
      can be paid by 
      the Company to the 
      Directors for their 
      services as Directors 
      be increased to an 
      amount not exceeding 
      GBP200,000 per annum 
 3    (ordinary resolution)         69,248,368   99.94%   39,593    0.06%    72,406       72.43 
    -----------------------------  -----------  -------  --------  ------  ---------  ------------- 
 

Copies of these resolutions will be filed at Companies House.

Shareholders were entitled to one vote per share. Votes withheld are not a vote in law and were therefore not counted in the calculation of the percentages of the votes cast for and against a resolution. Where shareholders appointed the Chairman as their proxy with discretion as to voting, their votes were cast in favour of the resolutions, and their shares have been included in the "votes for" column.

The total number of ordinary shares of 50p each in issue is 95,667,627. The total number of voting rights is: 95,667,627 .

A copy of the resolutions passed at the EGM will be available for inspection on the Company's website at http://www.groundrentsincomefund.com

As noted in previous announcements made by the Company, the publication of the year end accounts to 30 September 2022 has been delayed, with approval obtained from Companies House and The International Stock Exchange ("TISE") to extend the filing and publication date from 31 March 2023 to 30 June 2023. A further EGM is therefore likely to be held prior to 30 June 2023 to approve the accounts.

Furthermore, approval has also been received from TISE to extend the filing date for the unaudited interim accounts for the six months ended 31 March 2023 from 31 July 2023 to 31 October 2023, with these accounts being made available earlier if possible.

Enquiries:

Matthew Riley

Schroder Investment Management Limited

020 7658 6596

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April 24, 2023 12:30 ET (16:30 GMT)