Kings Arms Yard Agm Statement

 
TIDMKAY 
 
 
   Kings Arms Yard VCT PLC 
 
   LEI Code 213800DK8H27QY3J5R45 
 
   At an Annual General Meeting of Kings Arms Yard VCT PLC, duly convened 
and held at the City of London Club, 19 Old Broad Street, London on 16 
May 2018 the following resolutions were passed: 
 
   Ordinary resolutions numbers 1 to 5 were passed. 
 
   The following items of Special Business were passed of which resolution 
6 and 7 were passed as ordinary resolutions and 8 to 10 were passed as 
special resolutions. 
 
   Special Business 
 
   6. Change of 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 across a variety of sectors of the UK economy including 
higher risk technology companies. Allocation of assets will be 
determined by the investment opportunities which become available but 
efforts will be made to ensure that the portfolio is diversified both in 
terms of sector and stage of maturity of company." 
 
   7. Authority to allot shares 
 
   The Directors be generally and unconditionally authorised in accordance 
with section 551 of the Companies Act 2006 (the "Act") to allot Ordinary 
shares of nominal value 1 penny per share in the Company up to a maximum 
aggregate nominal amount of GBP676,159 (representing approximately 20 
per cent. of the issued share capital as at the date of this notice) 
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 the 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 the authority 
had not expired. 
 
   8. Authority for the disapplication of pre-emption 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 7 
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. 
 
   9. Authority to purchase own shares 
 
   That, subject to and in accordance with the Company's Articles of 
Association, the Company be generally and unconditionally authorised, 
pursuant to and in accordance with section 701 of the Act, 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 ("Ordinary 
shares"), on such terms as the Directors think fit, provided always 
that: 
 
   (a) the maximum aggregate number of shares hereby authorised to be 
purchased is 50,678,148 shares 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 
a share shall be an amount equal to the higher of (a) 105% of the 
average of the middle market quotations for the share, as derived from 
the London Stock Exchange Daily Official List, for the five business 
days immediately preceding the date on which the 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 enter into a contract or contracts to purchase 
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. 
 
   10. 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. 
 
   16 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: Kings Arms Yard VCT PLC via Globenewswire 
 
 
  http://www.sparkventures.com 
 

(END) Dow Jones Newswires

May 16, 2018 09:02 ET (13:02 GMT)

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