Gresham House Renewable EnergyVCT1 Result of AGM (0842T)

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RNS Number : 0842T

Gresham House Renewable EnergyVCT1

22 March 2021

22 March 2021

GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC

(the "Company")

Result of 2021 Annual General Meeting

Gresham House Renewable Energy VCT 1 plc, announces that at the Company's 2021 Annual General Meeting held today, all resolutions were passed by way of a poll and the results of the poll, including the proxy votes received, are set out below.

Resolutions 1 to 5 (inclusive) were proposed as ordinary resolutions and resolutions 6 and 7 were proposed as special resolutions.

In accordance with Listing Rule 9.6.2 copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

 
      Resolution        Votes For*      %     Votes Against   %    Total votes       Total votes       Vote Withheld 
                                                                   validly cast      cast as % of      ** 
                                                                                     issued share 
                                                                                     capital 
      Receive and 
       adopt the 
       Directors' 
       Report and 
 1     Accounts.        7,031,854,457   100         0         0     7,031,854,457         27.08               0 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 2    Approve the       6,818,956,772   97     212,897,685    3     7,031,854,457         27.08               0 
       Directors' 
       Remuneration 
       Report. 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 3    Re-appoint BDO    7,031,854,457   100         0         0     7,031,854,457         27.08               0 
       LLP as the 
       Company's 
       auditor. 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 4    Authorise the     6,908,992,718   98          0         0     6,908,992,718         27.04          122,861,739 
       Directors to 
       determine the 
       auditor's 
       remuneration. 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 5    Approve the       3,559,549,936   51    3,472,304,521   49    7,031,854,457         27.08               0 
       continuation 
       of the Company 
       as a venture 
       capital trust, 
       for a further 
       five year 
       period, be 
       approved. 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 6    Authorise the     6,771,540,403   96     260,314,054    4     7,031,854,457         27.08               0 
       Company to 
       make market 
       purchases of 
       its shares. 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 7    Authorise the     6,229,196,601   89     802,657,856    11    7,031,854,457         27.08               0 
       Directors to 
       call a general 
       meeting, other 
       than an annual 
       general 
       meeting, on 
       not less than 
       14 clear days' 
       notice. 
     ----------------  --------------  ----  --------------  ---  ----------------  ----------------  ---------------- 
 

* Includes discretionary votes

** A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.

Resolution 5, which related to the continuation of the Company as a venture capital trust for a period of five years, received opposition from shareholders. In the light of the number of votes against this resolution, the Company will undertake a detailed review of the feedback received on this matter to ensure it fully understands shareholders' concerns. The Board takes seriously its responsibilities to uphold the highest standards of corporate governance and is open to constructive dialogue with shareholders and shareholder bodies.

Although Resolution 5 has formally passed, the equivalent vote for Gresham House Renewable Energy VCT 2 plc ("VCT 2") did not achieve the required majority to pass. As the two VCTs work closely together, this will require the Company to also draw up proposals for voluntary liquidation, reconstruction or other re-organisation of the Company for consideration by the members in a General Meeting to be held within four months of the AGM. The Directors will work over the next four months to devise the best possible proposals to put to shareholders, seeking to maximise the return to shareholders whilst preserving the tax position of those who invested in 2018.

END

For further information, please contact:

 
 Gresham House Asset Management   [e-mail] 
  Investor Relations               Tel: [phone] 
 
 JTC (UK) Limited                 [e-mail] 
  Company Secretary                Tel: [phone] 
 

LEI: 213800IVQHJXUQBAAC06

Notes:

As at close of business on 18 March 2021, the Company's issued share capital comprised 25,515,242 Ordinary Shares and 38,512,032 'A' Shares, excluding shares held in treasury, and the total number of voting rights in the Company were 25,553,754,032, being 25,515,242,000 votes attributable to Ordinary Shares and 38,512,032 rights attributable to "A" Shares.

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END

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March 23, 2021 03:00 ET (07:00 GMT)