IBIS Media VCT 1 plc Result of AGM (3424L)

TIDMIBSA

RNS Number : 3424L

IBIS Media VCT 1 plc

03 July 2014

IBIS Media VCT 1 plc (the "Company")

Results of Annual General Meeting

At the Annual General Meeting of the Company held on Wednesday 2 July 2014 at 5.00pm, the following resolutions were duly passed.

Ordinary Business

1. To receive the Directors' and the Independent Auditor's Reports and the Company's financial statements for the year ended 31 January 2014.

   2.         To approve the Directors' Remuneration Policy. 
   3.         To approve the Directors' Remuneration Report for the year ended 31 January 2014. 
   4.         To re-elect Robin Miller as a director of the Company. 
   5.         To re-elect Peter English as a director of the Company. 
   6.         To re-elect Peter Williams as a director of the Company. 
   7.         To re-elect David Forster as a director of the Company. 
   8.         To re-elect Charles McIntyre as a director of the Company. 

9. To re-appoint Scott-Moncrieff as auditors of the Company to hold office until the conclusion of the next general meeting at which accounts are laid before the Company.

   10.        To authorise the Directors to fix the remuneration of the auditors. 

11.

(i) That the Directors be and are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the "Act") to exercise all the powers of the Company to allot shares in the Company up to an aggregate nominal amount of GBP21,061 during the period commencing on the passing of this resolution and expiring on the earlier of the date of the annual general meeting of the Company to be held in 2015 and the date which is 15 months after the date on which this resolution is passed (unless the authority is previously revoked, varied or extended by the Company in general meeting) but so that this authority shall allow the Company to make before the expiry of this authority offers or agreements which would or might require shares to be allotted after such expiry; and

(ii) That all previous authorities given to the Directors in accordance with section 551 of the Act be and they are hereby revoked, provided that such revocation shall not have retrospective effect.

Special Resolutions

12. The Directors be and are hereby empowered pursuant to Sections 570 and 573 of the Act to allot or make offers or agreements to allot equity securities as defined in Section 560 of the Act for cash pursuant to the authority given pursuant to Resolution 10 set out in this notice of Annual General Meeting as if section 561(1) of the Act did not apply to such allotment provided that this power shall expire on the date falling 15 months after the date of the passing of this resolution and provided further that this power shall be limited to:

(i) the allotment of equity securities from time to time with an aggregate nominal value of up to but not exceeding 10% of the issued ordinary share capital as at the date of this resolution where the proceeds of the allotment are to be used in whole or in part to purchase the Company's ordinary shares, and in addition to but without prejudice to

(ii) the allotment of equity securities from time to time with an aggregate nominal value of up to but not exceeding 10% of the issued ordinary share capital of the Company as at the date of this resolution.

13. That the Company be and is hereby generally and unconditionally authorised within the meaning of Section 693(4) of the Act to make market purchases of ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") provided that:

(i) The maximum aggregate number of Ordinary Shares hereby authorised to be purchased is an amount equal to 14.99% of the issued ordinary share capital of the Company at the date of this resolution;

(ii) The minimum price (excluding expenses) which may be paid for an Ordinary Share is 1p per share, the nominal amount thereof;

(iii) The maximum price (excluding expenses) which may be paid for an Ordinary Share is the higher of (a) an amount equal to 105% of the average of the market value of an Ordinary Share for the five business days immediately preceding the day on which that Ordinary Share is purchased, and (b) the value of an Ordinary Share calculated on the basis of the higher of the price quoted for: (1) the last independent trade of; and (2) the highest current independent bid for, any number of the Company's Ordinary Shares on the trading venue where the purchase is carried out.

(iv) The authority hereby conferred shall (unless previously renewed or revoked) expire on the earlier of the date of the annual general meeting of the Company to be held in 2015 and the date which is 15 months after the date on which this resolution is passed; and

(v) The Company may make a contract or contracts to purchase its own Ordinary Shares under this authority before the expiry of the authority which will or may be executed wholly or partly after the expiry of the authority, and may make a purchase of its own Ordinary Shares in pursuance of any such contract or contracts as if the authority conferred hereby had not expired.

There were no proxy votes received in respect of resolutions passed at the Annual General Meeting.

3 July 2014

For further information, please contact:

   --     Charles McIntyre or David Forster, IBIS Capital Limited, Investment Adviser 020 7070 7080 
   --     Robin Smeaton, City Partnership, Company Secretary  0131 243 7210 

This information is provided by RNS

The company news service from the London Stock Exchange

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