Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Gcp Infrastructure Investments Limited LSE:GCP London Ordinary Share JE00B6173J15 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.80 0.71% 114.00 113.60 114.00 114.80 113.40 114.80 1,351,364 16:29:56
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 73.4 8.6 13.2 1,001

GCP Infrastructure Investments Ltd Result of AGM and EGM

13/02/2020 1:23pm

UK Regulatory (RNS & others)


Gcp Infrastructure Inves... (LSE:GCP)
Historical Stock Chart


From Dec 2019 to Jun 2020

Click Here for more Gcp Infrastructure Inves... Charts.

TIDMGCP

RNS Number : 9490C

GCP Infrastructure Investments Ltd

13 February 2020

GCP Infrastructure Investments Limited

("GCP Infra" and/or the "Company")

LEI213800W64MNATSIV5Z47

Results of the Annual General Meeting and Extraordinary General Meeting

GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt, today announces the results of voting at both the annual general meeting and extraordinary general meeting of the Company held on Thursday 13 February 2020 at the Registered Office of the Company.

Each of the Ordinary Resolutions and Special Resolutions proposed in the notice and agenda of the AGM were duly passed by the shareholders on a poll. The results of the voting are noted as follows:

 
 Resolutions                              For         %      Against     %     Withheld 
 1. Ordinary Resolution: 
  THAT the Report of the 
  Directors and the audited 
  financial statements of 
  the Company for the year 
  ended 30 September 2019 
  be adopted.                         455,031,109    100        0        0      4,000 
                                     ------------  ------  ----------  -----  --------- 
 2. Ordinary Resolution: 
  THAT the Directors' remuneration 
  report for the year ended 
  30 September 2019 be approved.      454,695,381   99.93    321,616    0.07    18,112 
                                     ------------  ------  ----------  -----  --------- 
 3. Ordinary Resolution: 
  THAT Ian Reeves CBE be 
  re-elected as a director 
  of the Company.                     453,721,980   99.72   1,273,460   0.28    39,669 
                                     ------------  ------  ----------  -----  --------- 
 4. Ordinary Resolution: 
  THAT Paul De Gruchy be 
  re-elected as a director 
  of the Company.                     453,480,681   99.67   1,514,759   0.33    39,669 
                                     ------------  ------  ----------  -----  --------- 
 5. Ordinary Resolution: 
  THAT David Pirouet be 
  re-elected as a director 
  of the Company.                     453,721,980   99.72   1,273,460   0.28    39,669 
                                     ------------  ------  ----------  -----  --------- 
 6. Ordinary Resolution: 
  THAT Michael Gray be re-elected 
  as a director of the Company.       454,990,681   99.99     4,759     0.01    39,669 
                                     ------------  ------  ----------  -----  --------- 
 7. Ordinary Resolution: 
  THAT Julia Chapman be 
  re-elected as a director 
  of the Company.                     454,745,521   99.95    249,919    0.05    39,669 
                                     ------------  ------  ----------  -----  --------- 
 8. Ordinary Resolution: 
  THAT Dawn Crichard be 
  elected as a director 
  of the Company.                     454,992,372    100        0        0      42,737 
                                     ------------  ------  ----------  -----  --------- 
 9. Ordinary Resolution: 
  THAT the companies dividend 
  policy be approved.                 455,006,484    100        0        0      28,625 
                                     ------------  ------  ----------  -----  --------- 
 10. Ordinary Resolution: 
  THAT KPMG Channel Islands 
  Jersey Limited be re-appointed 
  as Auditors to the Company.         455,008,364   99.99     6,915     0.01    19,830 
                                     ------------  ------  ----------  -----  --------- 
 11. Ordinary Resolution: 
  THAT the remuneration 
  of KPMG Channel Islands 
  Jersey Limited be determined 
  by the Audit and Risk 
  Committee.                          454,725,602   99.93    305,677    0.07    3,830 
                                     ------------  ------  ----------  -----  --------- 
 12. Ordinary Resolution: 
  THAT the Company be generally 
  and unconditionally authorised 
  to cancel or hold treasury 
  in any of the Ordinary 
  Share purchased pursuant 
  to the authority granted.           455,004,941   99.99    30,168     0.01      0 
                                     ------------  ------  ----------  -----  --------- 
 13. Special Resolution: 
  THAT the Company be authorised 
  to make market purchases 
  of up to 131,622,131 Ordinary 
  Shares.                             455,016,385   99.99    18,724     0.01      0 
                                     ------------  ------  ----------  -----  --------- 
  14. Special Resolution: 
   THAT the Directors be 
   authorised to allot and 
   issue up to 87,806,625 
   Ordinary Shares, as if 
   pre-emption rights in 
   the articles did not apply.        454,954,352   99.98    80,757     0.02      0 
                                     ------------  ------  ----------  -----  --------- 
 

The Special Resolution proposed in the notice and agenda of the EGM was also duly passed by the shareholders on a poll. The results of the voting are noted as follows:

 
 Special Resolution                            For         %      Against       %     Withheld 
             THAT the Directors be 
              authorised to allot and 
              issue up to 87,806,625 
              Ordinary Shares, as if 
              pre-emption rights in the 
              articles did not apply.      399,134,165   85.89   65,558,739   14.11    15,852 
                                          ------------  ------  -----------  ------  --------- 
 

The Board notes that votes representing 14.11% of total votes cast were received against the EGM resolution, including votes cast by a large shareholder following the recommendation of Pensions and Investment Research Consultants Limited ("PIRC"), a proxy adviser.

The UK Corporate Governance Code (the "UK Code") notes that where a significant proportion of votes have been cast against a resolution at a general meeting, a company should explain what actions it has taken to understand the reasons behind the vote. For these purposes, the UK Code and The Investment Association consider 20% or more of votes cast against a board recommendation for a resolution as being "significant" as opposed to PIRC, who consider 10% or more votes cast against a resolution as being significant.

The Company will seek to engage with the relevant shareholders who voted against the resolution, in order to understand the reasons for their votes and address their concerns.

In accordance with Listing Rule 9.6.2, the full text of the special resolutions passed at both the AGM and EGM have been submitted to the National Storage Mechanism and will be available at www.morningstar.co.uk/uk/NSM. The full text of the resolutions may also be found in the notices of the AGM and EGM which are available on the Company's website https://www.graviscapital.com/funds/gcp-infra

For further information, please contact:

Gravis Capital Management Limited +44 (0)20 3405 8500

Philip Kent

Dion Di Miceli

Stifel Nicolaus Europe Limited +44 (0)20 7710 7600

Mark Bloomfield

Nick Donovan

Buchanan/Quill +44 (0)20 7466 5000

Helen Tarbet

Sarah Gibbons-Cook

Henry Wilson

End of Announcement

Notes to the Editor

About GCP Infra

GCP Infra is a closed-ended investment company and FTSE-250 constituent whose shares are traded on the main market of the London Stock Exchange. Its objective is to provide shareholders with regular, sustained, long term distributions and to preserve capital over the long term by generating exposure to UK infrastructure debt and related and/or similar assets. The Company primarily targets investments in infrastructure projects with long term, public sector-backed, availability-based revenues. Where possible, investments are structured to benefit from partial inflation protection. GCP Infra is advised by Gravis Capital Management Limited.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

RAGEADADFAFEEFA

(END) Dow Jones Newswires

February 13, 2020 08:23 ET (13:23 GMT)

1 Year Gcp Infrastructure Inves... Chart

1 Year Gcp Infrastructure Inves... Chart

1 Month Gcp Infrastructure Inves... Chart

1 Month Gcp Infrastructure Inves... Chart
ADVFN Advertorial
Your Recent History
LSE
GCP
Gcp Infras..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20200606 21:02:27