Picton Prop Inc Ltd Result of AGM

 
TIDMPCTN 
 
Picton Property Income Limited (the" Company" and "Picton") 
 
                       Result of Annual General Meeting 
                               30 November 2016 
 
At the Annual General Meeting ("AGM") held on 30 November 2016, all Resolutions 
set out in the AGM Notice sent to shareholders on 31 October 2016, were duly 
passed.  A copy of the full voting totals will be published on the Company's 
website at: www.picton.co.uk 
 
The following Special Business resolutions were also passed: 
 
MARKET           IT WAS RESOLVED TO renew the authority of the Company, in 
ACQUISITIONS:    accordance with Section 315 of The Companies (Guernsey) Law, 
                 2008 (as amended) ("the Law"), to make market acquisitions 
                 (within the meaning of Section 316 of the Law) of the 
                 Ordinary Shares of No Par Value in the share capital of the 
                 Company ("the Ordinary Shares") provided that:- 
 
                 (1)  the maximum number of Ordinary Shares hereby authorised 
                 to be acquired shall be 14.99 per cent of the issued Ordinary 
                 Shares on the date on which this resolution is passed; 
 
                 (2)  the minimum price which may be paid for an Ordinary 
                 Share shall be 1p; 
 
                 (3)  the maximum price (exclusive of expenses) which may be 
                 paid for an Ordinary Share shall be an amount equal to the 
                 higher of 105 per cent of the average of the middle market 
                 quotations (as derived from the Daily Official List) for the 
                 Ordinary Shares for the five business days immediately 
                 preceding the date of purchase or the higher of such price of 
                 the last independent trade and the highest current 
                 independent bid at the time of purchase; and 
 
                 (4)  unless previously varied, revoked or renewed, the 
                 authority hereby conferred shall expire at the conclusion of 
                 the Annual General Meeting of the Company to be held in 2017, 
                 save that the Company may, prior to such expiry, enter into a 
                 contract to purchase Ordinary Shares under such authority and 
                 may make a purchase of Ordinary Shares pursuant to any such 
                 contract. 
 
 
 
EXTRA-ORDINARY   IT WAS RESOLVED TO empower the Directors of the Company to 
RESOLUTION -     disapply the right of shareholders to receive a pre-emptive 
PRE-EMPTION      offer of new Ordinary Shares pursuant to Article 4.17 of the 
RIGHTS:          Articles of Incorporation provided that this power shall be 
                 limited to the issue of up to 54,005,366 Ordinary Shares 
                 (being equal to 10 per cent of the Ordinary Shares in issue 
                 as at the date of this Notice) and shall expire (unless 
                 previously renewed, varied or revoked by the Company in a 
                 general meeting) at the end of the Annual General Meeting of 
                 the Company held in 2017, or, if earlier, the date falling 15 
                 months after the date of this Resolution, but during this 
                 period the Company may make offers, and enter into 
                 agreements, which would, or might, require Ordinary Shares to 
                 be issued (and treasury shares to be sold) after the power 
                 given to the Board pursuant to this Resolution ends and the 
                 Board may issue Ordinary Shares (and sell treasury shares) 
                 under any such offer or agreement as if the power had not 
                 ended. 
 
SPECIAL          IT WAS RESOLVED to approve the amendments (the "Proposed 
RESOLUTION -     Amendments") to the articles of incorporation of the Company 
ALTER ARTICLES:  (the "New Articles") pursuant to changes to The Companies 
                 (Guernsey) Law, 2008 and the coming into force of The 
                 Companies (Guernsey) Law, 2008 (Amendment) Ordinance, 2015, 
                 on 3 September 2015 as set out in Appendix 2. 
 
For further information: 
 
Tony Sharpe 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
 
Tel:      [phone] 
Fax:     [phone] 
 
Note to Editors 
 
Picton is an income focused, property investment company listed on the London 
Stock Exchange. Picton can invest both directly and indirectly in commercial 
property across the United Kingdom. 
 
With Net Assets of GBP423.9 million at 30 September 2016, the Company's objective 
is to provide shareholders with an attractive level of income, together with 
the potential for capital growth by investing in the principal commercial 
property sectors. 
 
 
 
END 
 

(END) Dow Jones Newswires

November 30, 2016 09:56 ET (14:56 GMT)