Albion Dev VCT Agm Statement

 
TIDMAADV 
 
 
   Albion Development VCT PLC 
 
   LEI code 213800FDDMBD9QLHLB38 
 
   At an Annual General Meeting of Albion Development VCT PLC, duly 
convened and held at the City of London Club, 19 Old Broad Street, 
London on 29 May 2018 the following resolutions were passed: 
 
   Ordinary resolutions numbers 1 to 7 were passed. 
 
   The following items of Special Business were passed of which resolution 
8 and 9 were passed as ordinary resolutions and 10 to 13 were passed as 
special resolutions. 
 
   Special Business 
 
   8. Change to the general investment policy 
 
   That the Company's investment policy be amended by replacing the wording 
under the heading "Investment policy" in the current policy with the 
following: 
 
   "The Company will invest in a broad portfolio of higher growth 
businesses with a stronger focus on technology companies across a 
variety of sectors of the UK economy; efforts will be made to ensure 
that the portfolio is diversified in terms of sector and stage of 
maturity of company." 
 
   9. Change to the investment policy - non-VCT qualifying investments 
 
   That the Company's investment policy be amended by the insertion of the 
following paragraph: 
 
   Non-VCT qualifying investments 
 
   Funds held pending investment or for liquidity purposes will be held as 
cash on deposit or up to 8 per cent. of its assets, at the time of 
investment, in liquid open-ended equity funds providing income and 
capital equity exposure (where it is considered economic to do so). 
 
   10. Authority to allot shares 
 
   That the Directors be generally and unconditionally authorised in 
accordance with section 551 of the Companies Act 2006 (the "Act") to 
allot shares in the Company up to an aggregate nominal amount of 
GBP164,078 for Ordinary shares provided that this authority shall expire 
15 months from the date that this resolution is passed, or, if earlier, 
the conclusion of the next Annual General Meeting of the Company but so 
that the Company may, before such expiry, make an offer or agreement 
which would 
 
   or might require shares to be allotted or rights to subscribe for or 
convert securities into shares to be granted after such expiry and the 
Directors may allot shares or grant rights to subscribe for or convert 
securities into shares pursuant to such an offer or agreement as if this 
authority had not expired. 
 
   11. Authority for the disapplication of pre-emptive rights 
 
   That the Directors be empowered, pursuant to section 570 of the Act, to 
allot equity securities (within the meaning of section 560 of the Act) 
for cash pursuant to the authority conferred by resolution number 10 
and/or sell Ordinary shares held by the Company as treasury shares for 
cash as if section 561(1) of the Act did not apply to any such allotment 
or sale. 
 
   Under this power the Directors may impose any limits or restrictions and 
make any arrangements which they deem necessary or expedient to deal 
with any treasury shares, fractional entitlements, record dates, legal, 
regulatory or practical problems in, or laws of, any territory or other 
matter, arising under the laws of, or the requirements of any recognised 
regulatory body or any stock exchange in, any territory or any other 
matter. 
 
   This power shall expire 15 months from the date that this resolution is 
passed or, if earlier, the conclusion of the next Annual General Meeting 
of the Company, save that the Company may, before such expiry, make an 
offer or agreement which would or might require equity securities to be 
allotted after such expiry and the Directors may allot equity securities 
in pursuance of any such offer or agreement as if this power had not 
expired. 
 
   12. Authority to purchase own shares 
 
   That, the Company be generally and unconditionally authorised to make 
market purchases (within the meaning of Section 693(4) of the Act) of 
Ordinary shares of 1 penny each in the capital of the Company, on such 
terms as the Directors think fit, provided always that: 
 
   (a) the maximum number of shares hereby authorised to be purchased is 
12,012,320 representing 14.99 per cent. of the issued Ordinary share 
capital of the Company as at the date of this Notice; 
 
   (b) the minimum price, exclusive of any expenses, which may be paid for 
an Ordinary share is 1 penny; 
 
   (c) the maximum price, exclusive of any expenses, which may be paid for 
each Ordinary share is an amount equal to the higher of (a) 105 per 
cent. of the average of the middle market quotations for an Ordinary 
share, as derived from the London Stock Exchange Daily Official List, 
for the five business days immediately preceding the day on which the 
Ordinary share is purchased; and (b) the amount stipulated by Article 
5(1) of the Buy-back and Stabilisation Regulation 2003; 
 
   (d) the authority hereby conferred shall, unless previously revoked, 
varied or renewed, expire 15 months from the date that this resolution 
is passed or, if earlier, at the conclusion of the next Annual General 
Meeting; and 
 
   (e) the Company may make a contract or contracts to purchase 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 shares in pursuance of any such 
contract or contracts as if the authority conferred hereby had not 
expired. 
 
   13. Authority to sell treasury shares 
 
   That the Directors be empowered to sell treasury shares at the higher of 
the prevailing current share price and the price bought in at. 
 
   29 May 2018 
 
   For further information please contact: 
 
   Albion Capital Group LLP 
 
   Tel: [phone] 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Albion Development VCT PLC - Ordinary Shares via Globenewswire 
 
 
  http://www.closeventures.co.uk 
 

(END) Dow Jones Newswires

May 29, 2018 09:24 ET (13:24 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.