Pre-Annual General Meeting Information • Jul 24, 2025
Pre-Annual General Meeting Information
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THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you should consult an appropriate independent financial adviser authorised under the Financial Services and Markets Act 2000 immediately. If you have sold or transferred all your Ordinary Shares in the Company, please forward this Circular together with the Form of Proxy to the purchaser, transferee, stockbroker or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee.
Notice of the 2025 Annual General Meeting of the Company to be held at the offices of Addleshaw Goddard LLP, at Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH at 12:30pm on 7 August 2025 is set out on pages 8 and 9 of the Circular. A Form of Proxy for use at the meeting is attached, which includes space for the submission of questions. To be valid, Forms of Proxy should be completed and returned in accordance with the notes to the Notice of Meeting and the Form of Proxy itself.
Registered office: Forward House, 17 High Street, Henley-In-Arden, B95 5AA
T 0330 223 1430 E [email protected]
Registered in England no 04280530
Directors: 27 June 2025 James Ferguson, Chairman Anna Brown Chris Fleetwood Tim Levett David Ovens John Waddell
Dear Shareholder
I am pleased to be writing to you with details of our Annual General Meeting ("AGM") which will take place at 12:30pm on 7 August 2025 at the offices of Addleshaw Goddard LLP, at Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH. The formal Notice of AGM is set out on pages 8 and 9 of this document.
We are looking forward to seeing as many Shareholders as possible in person at this year's AGM. However, we appreciate that some Shareholders value the convenience of virtual attendance, therefore, Shareholders will also have the option to view and listen-in to the meeting remotely via a Zoom webinar facility, which can be accessed from any computer with internet access or through a telephone (mobile or landline). Shareholders taking part via the Zoom webinar facility will not be able to speak at the meeting or vote on the AGM resolutions, but will be able to observe the formal business of the meeting and listen to the Manager's update.
Shareholders are required to register their attendance via the Zoom facility in advance of the meeting, through the Manager's website. After verification of their identity, details of how to join the Zoom webinar will be provided to each Shareholder. Further information is available on the Manager's website at https://www.mercia.co.uk/vcts/n3vct/.
The purpose of this document is to set out the background to and reasons for the Resolutions which are to be proposed at the AGM and to explain why the Directors consider them to be in the best interests of the Company and Shareholders and recommend that you vote in favour of the Resolutions.
Explanatory notes on all the business to be considered at this year's AGM appear on pages 4 to 7 of this document.
On 17 June 2025, the Company announced that it intended, in conjunction with Northern Venture Trust PLC and Northern 2 VCT PLC, to launch a joint prospectus offer of new Ordinary Shares for subscription in the 2025/26 tax year (the "Offer"). The Offer will seek to raise a total of up to £50,000,000. Your Board has considered the current liquidity and the likely funding requirements of the Company, taking into account the pipeline of potential investment opportunities (including follow-on investments into the current portfolio), and proposes that the Company should seek to raise up to £20,000,000, comprising a £14 million offer with an overallotment facility (if utilised) of £6 million, for future investment. Subject to obtaining the requisite approvals, including Shareholder approvals at the AGM, it is expected that a prospectus will be issued in September 2025.
Applications for the new Ordinary Shares will be dealt with on a "first come first served" basis. It is envisaged that the Offer will remain open until 31 March 2026, unless fully subscribed at an earlier date and subject to your Board's right to close the Offer at any time.
The new Ordinary Shares will be issued at a premium to the most recent NAV published prior to the allotment date, such that the net proceeds per new Ordinary Share, after deducting issue costs, will be equivalent to the NAV attributable to the existing Ordinary Shares.
All new Ordinary Shares will rank equally in all respects with the existing Ordinary Shares and will rank for all dividends which are both declared and paid following Admission. Application will be made for the Admission of any new Ordinary Shares allotted and it is proposed that Admission will be effected at the earliest practicable opportunity.
It is proposed that the Company adopts new articles of association (the "New Articles") in order to update the existing articles of association, principally to reflect changes in company legislation and developments in market practice since the Company's articles of association were adopted in 2010 (the "Current Articles").
If you would like to vote on the Resolutions but will not be in physical attendance at the meeting, you should complete the Form of Proxy attached to this notice and return it to the Company's registrars, The City Partnership (UK) Limited at The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield HD4 7BH as soon as possible. They must receive it no later than 12:30pm on 5 August 2025. Completion and return of the Form of Proxy will not preclude you from attending the AGM and voting in person should you so wish. If you would like to vote by proxy online you can do so by accessing the 'Vote Here' button on the Manager's website at https://www.mercia.co.uk/vcts/n3vct/.
Your Board considers that all the Resolutions to be put to the meeting are in the best interests of the Company and its Shareholders as a whole and are most likely to promote the success of the Company for the benefit of its Shareholders, and unanimously recommends that you vote in favour of the Resolutions. Those Directors who hold shares in the Company will be voting in favour of the Resolutions.
Yours sincerely
James Ferguson Chairman
In this letter, unless the context otherwise requires, the following expressions bear the following meanings:
| Act | the Companies Act 2006 |
|---|---|
| Admission | admission of the Ordinary Shares to the Official List and to trading on the main market of the London Stock Exchange's market for listed securities |
| AIC Code | the AIC Code of Corporate Governance published from time to time by the Association of Investment Companies |
| Annual General Meeting or AGM | the annual general meeting of the Company to be held at the offices of Addleshaw Goddard LLP, Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH at 12:30pm on 7 August 2025 |
| Circular | this document dated 27 June 2025, addressed to the Shareholders |
| Company | Northern 3 VCT PLC |
| Current Articles | has the meaning set out on page 2 of this Circular |
| Directors or Board | the directors of the Company, whose names are set out on page 1 of this document |
| FCA | the Financial Conduct Authority of the United Kingdom or any successor authority |
| Form of Proxy | the form of proxy for use at the Annual General Meeting |
| Listing Rules | the listing rules of the Financial Conduct Authority made under Part VI of the Financial Services and Markets Act 2000 (as amended from time to time) |
| Manager | Mercia Fund Management Limited |
| NAV | net asset value per Ordinary Share |
| New Articles | has the meaning set out on page 2 of this Circular |
| Offer | has the meaning set out on page 2 of this Circular |
| Official List | the Official List of the FCA |
| Ordinary Shares | ordinary shares of 5p each in the capital of the Company |
| Resolutions | resolutions 1 to 18 to be proposed at the AGM and each such resolution shall be a "Resolution" |
| Shareholders | holders of Ordinary Shares |
All Resolutions will be proposed as ordinary resolutions, unless otherwise mentioned. For an ordinary resolution to be passed, more than half of the votes cast (in person or by proxy) must be in favour of the Resolution. For a special resolution to be passed, at least three-quarters of the votes cast (in person or by proxy) must be in favour of the Resolution.
The Company is required by law to put the Company's annual report and financial statements for the year ended 31 March 2025 before the meeting. Shareholders are invited to vote to receive and approve the Company's annual report and financial statements for the year ended 31 March 2025 together with the strategic report, Directors' report and independent auditor's report thereon.
Shareholders are being asked to approve a final dividend of 2.5p per Ordinary Share in respect of the year ended 31 March 2025. If you approve the recommended final dividend, this will be paid on 5 September 2025 to all Shareholders who were on the register of members on 8 August 2025.
The Company is required by law to seek Shareholders' approval of the Directors' remuneration report in respect of the year ended 31 March 2025, which is set out on pages 37 and 38 of the Company's annual report for the year ended 31 March 2025. Whilst the payment of remuneration to the Directors is not dependent on the passing of the Resolution, your Board will take the vote into account when considering the future development and operation of the Company's remuneration policy and practice.
The Company is also required by the Act to seek Shareholders' approval of the Directors' remuneration policy as set out in the Directors' remuneration report at least every three years, or in the event of a change in the policy if sooner. The Directors' remuneration policy was approved by Shareholders at the annual general meeting held in July 2023 and, unless there is a change in the policy, it is the current intention of the Directors that a resolution for the approval of the Directors' remuneration policy will next be considered at the annual general meeting to be held in July 2026 (being the third annual general meeting since it was last approved).
The Board has determined that, in accordance with the AIC Code, all Directors should retire on an annual basis. Consequently, Mr J G D Ferguson, Mr C J Fleetwood, Mr T R Levett, Mr J M O Waddell and Mrs A B Brown retire from the Board and seek re-election. It is noted that Mr J G D Ferguson, Mr T R Levett, Mr C J Fleetwood and Mr J M O Waddell have served as Directors for more than nine years.
Mr D S Ovens was appointed to the Board on 24 April 2025 and is seeking election by Shareholders.
Your Board believes that each of the Directors seeking re-election makes a relevant and significant contribution to the operation of your Board and displays an appropriate level of knowledge and experience.
Mr James Ferguson was appointed to the Board in 2001 and became Chairman in 2009. He is Chairman of the Nomination Committee and the Management Engagement Committee and a member of the Audit & Risk Committee.
Mr Ferguson was chairman and managing director of Stewart Ivory Limited from 1989 until 2000. He is chairman of The Scottish Oriental Smaller Companies Trust PLC and a non-executive director of The Independent Investment Trust PLC. He is the former deputy chairman of the Association of Investment Companies and former chairman of Value & Income Trust PLC, North American Income Trust PLC.
Mr Chris Fleetwood was appointed to the Board in 2001. He is Chairman of the Audit & Risk Committee and a member of the Management Engagement Committee and the Nomination Committee.
He was managing partner of io solutions (e-business strategy advisers). He was also formerly chairman of Darlington Building Society, group chief executive of Whessoe PLC and, governor of Teesside University and a non-executive director of NCFE Limited.
Mr Tim Levett was appointed to the Board in 2001. He is a member of the Audit & Risk Committee, the Management Engagement Committee and the Nomination Committee.
Mr Levett is non-executive chairman of NVM Private Equity LLP, which he co-founded in 1988. He is a non-executive director of several unquoted companies and a member of the Association of Investment Companies' VCT Forum.
Mr John Waddell was appointed to the Board in 2007. He is a member of the Audit & Risk Committee, the Nomination Committee and the Management Engagement Committee.
Mr Waddell was until 2015 chief executive of Archangel Investors Limited, a Scottish-based syndicate of individual private equity investors and sits on the boards of numerous unquoted companies. He also advises two early stage funds and was previously a director of Noble Grossart Limited.
Mrs Anna Brown was appointed to the Board in 2020. She is a member of the Company's Audit & Risk Committee, Nomination Committee and Management Engagement Committee.
Mrs Brown is a partner with international law firm Addleshaw Goddard LLP specialising in mergers & acquisitions, investments and equity capital markets work. Prior to that she was a partner at Pinsent Masons LLP and McGrigors LLP (until its merger with Pinsent Masons).
Mr David Ovens was appointed to the Board on 24 April 2025. He is a member of the Audit & Risk Committee, Nomination Committee and Management Engagement Committee.
Mr Ovens is Joint Managing Director of Archangel Investors. He has extensive venture capital experience, having previously served as Chair of SIS Ventures, a trustee of Social Investment Scotland, non-executive director of LINC Scotland (now known as Angel Capital Scotland), and CEO of Invercap. Mr Ovens also has significant corporate finance experience having previously worked with Bank of Scotland, Noble Grossart and Noble & Company.
It is proposed that the existing auditor, Forvis Mazars LLP, will resign as independent auditor on the date of the Annual General Meeting. Following a successful tender process, Johnston Carmichael LLP have been selected to act as auditor following the resignation of Forvis Mazars LLP. The Company is required by law to appoint an auditor at its Annual General Meeting. Shareholders are invited to vote to appoint Johnston Carmichael LLP as independent auditor of the Company until the conclusion of the next annual general meeting of the Company.
Shareholders are invited to vote to give the Audit & Risk Committee authority to fix the independent auditor's remuneration.
Shareholders are being asked, under the Act, to grant the Directors authority to allot shares in the Company up to a maximum nominal value of £1,511,107 (representing 20% of the issued ordinary share capital of the Company at the date of the notice convening the AGM). No shares are currently held in treasury. The authority granted by Resolution 12 is intended to be used solely for the purposes of the Offer.
This authority will be effective until 30 April 2026 except insofar as commitments to allot shares have been entered into before that date.
In addition to the authority conferred by Resolution 12, shareholders are being asked, under the Act, to grant the Directors a general authority to allot shares in the Company. This Resolution, if passed, gives the Directors authority to allot Ordinary Shares up to a maximum nominal value of £1,511,107 or, if lower, such amount as shall represent 20% of the issued ordinary share capital of the Company following the date of issue of the Ordinary Share pursuant to the Offer. No shares are currently held in treasury.
This authority will be effective until the conclusion of the next annual general meeting of the Company to be held in 2026 or, if earlier, the date falling 15 months after the date of Resolution 13, except insofar as commitments to allot shares have been entered into before that date. The Directors have no present intention of exercising the authority granted by Resolution 13 except in connection with the issue of Ordinary Shares pursuant to the Company's dividend investment scheme.
This Resolution supplements the Directors' specific authority to allot shares in the Company given to them by Resolution 12 and authorises the Directors to allot equity Ordinary Shares, or sell treasury shares, for cash (otherwise than pro rata to existing Shareholders) up to an aggregate nominal value of £1,511,107 (representing approximately 20% of the issued ordinary share capital of the Company at the date of the notice convening the AGM).
The authority is intended to be used solely for the purposes of the Offer.
This authority will be effective until 30 April 2026 save that the Company may before this power expires make an offer or agreement which would or might require equity securities to be allotted or treasury shares to be sold after the power expires.
Resolution 14 will be proposed as a special resolution
This Resolution supplements the Directors' general authority to allot shares in the Company given to them by Resolution 13 and authorises the Directors to allot Ordinary Shares, or sell treasury shares, for cash (otherwise than pro rata to existing Shareholders) up to an aggregate nominal value of £1,511,107 or, if lower, such amount as shall represent 20% of the issued ordinary share capital of the Company following the issue of the Ordinary Shares pursuant to the Offer.
This authority will be effective until the conclusion of the next annual general meeting of the Company to be held in 2026 or, if earlier, the date falling 15 months after the date of Resolution 15, save that the Directors may so allot Ordinary Shares or sell treasury shares in pursuance of an offer or agreement entered into before the authority expires.
Resolution 15 will be proposed as a special resolution.
Under the Act, this Resolution authorises the Company to purchase in the market up to 15,111,065 Ordinary Shares or, if lower, such amount as shall represent 10% of the issued ordinary share capital of the Company following the issue of the Ordinary Shares pursuant to the Offer at a minimum price per share of 5p (excluding expenses) and a maximum price per share of not more than 105% (excluding expenses) of the average market value of the relevant shares for the five business days prior to the date on which the purchase is made.
Unless previously renewed, varied or revoked, the authority will be effective until the conclusion of the next annual general meeting of the Company to be held in 2026 or, if earlier, the date falling 15 months after the date of Resolution 16.
Purchases of Ordinary Shares will be made only within the guidelines established and to be reviewed from time to time by the Directors and where it is considered that such purchases would be to the advantage of the Company and its Shareholders as a whole. It is the Directors' intention that purchases will be made in the market for cash only at prices below the prevailing net asset value per share, thereby enhancing the net asset value per share for the Company's remaining Shareholders. Purchases will be financed from the Company's own cash resources or, if appropriate, from short term borrowings.
The cap on the price payable contained in the proposed Resolution reflects a restriction on the Company contained in the Listing Rules. In addition, under the Listing Rules the Company must not purchase shares at a price greater than the higher of the last independent trade and the highest current independent bid on the market where the purchase is carried out.
There are no existing Ordinary Shares covered by options or warrants at the date of publication of this document.
Shares purchased under this authority will become treasury shares which the Company can cancel or hold for sale for cash.
Resolution 16 will be proposed as a special resolution.
It is proposed in Resolution 17 to adopt the New Article in order to update the Current Articles, principally to reflect changes in company legislation and developments in market practice since the Current Articles were adopted in 2010.
We have summarised below those changes introduced in the New Articles which we consider will be of most interest to Shareholders. Other changes, which are of a minor, technical or clarifying nature, have not been noted below. In particular, it should be noted that the New Articles contain much more detail than the Current Articles in order to avoid uncertainty in certain areas and this additional detail has not been summarised, save where it results in a material change of which Shareholders should be aware.
When the Current Articles were adopted in 2010, market practice was not to include provisions that were contained in the Companies Act 2006 and other legislation. This meant that the detailed provisions for calling shareholder meetings, notice periods, the contents of notices of meetings, the quorum at such meetings and provisions relating to their conduct were not set out in detail in the Current Articles. Market practice is now to include all the provisions regarding shareholders meetings in a company's articles of association so that shareholders are able to review all relevant provisions within the same document and these detailed provisions are contained in the New Articles. The Board's powers to interrupt, adjourn, change the time and/or place of a meeting, and introduce security measures have also been updated in accordance with market practice.
The New Articles contain specific provisions to clarify that the Company can hold hybrid or fully virtual general meetings (including annual general meetings) and set out how such meetings are to be conducted. Under the New Articles, the Company may hold such general meetings in such a way that enables members to attend and participate in the business of the meeting by attending a physical location or by attending by means of an electronic facility. Voting at such meetings will, by default, be decided on a poll. A number of other consequential amendments have been made in the New Articles to facilitate such meetings. These changes have been introduced to provide the Board greater flexibility to align with technological advances, changes in investor sentiment, and evolving best practice. The Board believes that hybrid or, in due course, fully virtual meetings will allow for greater shareholder and stakeholder engagement over the coming years in a way that is more convenient for all parties.
The Current Articles do not contain provisions for a registered shareholder which is a corporation to appoint a corporate representative to attend a shareholders' meeting on its behalf. In view of the number of Ordinary Shares which are now registered in the name of nominees, a provision providing for the appointment of corporate representatives has been included.
New provisions have been included permitting a Director who will be absent from a meeting to appoint another person (including another Director) to attend and vote in his or her place.
The Current Articles contain a number of provisions permitting representatives of the Manager to become a Director of the Company. When the Current Articles were adopted in 2010, the Manager at the time had representatives on the Board so these provisions were necessary. As this is no longer the case, the provisions have been removed. Should a representative of the Manager become a Director in the future, the provisions contained in the Companies Act 2006 regulating conflicts of interest will apply to regulate the position.
The Current Articles require that a resolution for the continuation of the Company be put to the annual general meeting of the Company to be held in 2029 and, unless defeated, at five-yearly intervals thereafter. The equivalent provision in the New Articles requires the continuation resolution to be considered at the annual general meeting of the Company expected to be held in 2031 and every five years thereafter. This amendment will have the effect of postponing the continuation resolution until after a period of five years has elapsed from the allotment of Ordinary Shares in April 2026, five years being the minimum holding period to ensure that investors retain the initial income tax relief on their subscription.
A copy of the New Articles will be available for inspection at the registered office of the Company during normal business hours from the date of this document and will be available for inspection at the place where the meeting is being held from 15 minutes prior to and during the meeting.
Resolution 17 will be proposed as a special resolution.
This resolution seeks approval for the cancellation of the share premium account. Subject to the approval of the Court, this will create additional distributable reserves in order to facilitate the buyback of the Company's own shares and/or the payment of dividends.
Resolution 18 will be proposed as a special resolution.
Notice is hereby given that the 2025 annual general meeting of the Company will be held at the offices of Addleshaw Goddard LLP, at Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH at 12:30pm on 7 August 2025 for the following purposes:
"That, the Directors be generally and unconditionally authorised pursuant to Section 551 of the Companies Act 2006 (the "Act") to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company up to a maximum nominal amount of £1,511,107 in connection with the Offer (as defined in the circular to shareholders dated 27 June 2025 (the "Circular") for a period expiring (unless previously renewed, varied or revoked by the Company in general meeting) on 30 April 2026, save that the Company may before expiry of this authority make an offer or agreement which would or might require shares to be allotted, or rights to subscribe for or to convert any security into shares to be granted, after expiry of this authority and the Directors may allot shares, or grant rights to subscribe for or convert any security into shares, in pursuance of that offer or agreement as if this authority had not expired."
13 To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
"That, in addition to the authority granted by Resolution 12, the Directors be generally and unconditionally authorised pursuant to Section 551 of the Act to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company up to a maximum nominal amount of £1,511,107 or, if lower, such amount as shall represent 20% of the issued ordinary share capital of the Company following the issue of the Ordinary Shares pursuant to the Offer for a period expiring (unless previously renewed, varied or revoked by the Company in general meeting) on the earlier of the date falling 15 months after the date of this Resolution and the next annual general meeting of the Company, save that the Company may before expiry of this authority make an offer or agreement which would or might require shares to be allotted, or rights to subscribe for or to convert any security into shares to be granted, after expiry of this authority and the Directors may allot shares, or grant rights to subscribe for or convert any security into shares, in pursuance of that offer or agreement as if this authority had not expired."
14 To consider and, if thought fit, to pass the following resolution as a special resolution:
"That, subject to the passing of Resolution 12 above, the Directors may:
in each case as if Section 561(1) of the Act (existing shareholders' right of pre-emption) did not apply to the allotment or sale, provided that the power conferred by this Resolution shall be limited to the allotment or sale of equity securities up to an aggregate nominal value of £1,511,107 in connection with the Offer (as defined in the Circular) and shall expire on 30 April 2026, save that the Company may before this power expires make an offer or agreement which would or might require equity securities to be allotted or treasury shares to be sold after the power expires.
15 To consider and, if thought fit, to pass the following resolution as a special resolution:
"That, subject to the passing of Resolution 13 above, the Directors may:
in each case as if Section 561(1) of the Act (existing shareholders' right of pre-emption) did not apply to the allotment or sale, provided that the power conferred by this Resolution shall be limited to the allotment or sale of equity securities up to an aggregate nominal value of £1,511,107 or, if lower, such amount as shall represent 20% of the issued ordinary share capital of the Company following the issue of the Ordinary Shares pursuant to the Offer and shall expire on the earlier of the date falling 15 months after the date of this Resolution and the end of the next annual general meeting of the Company, save that the Company may before this power expires make an offer or agreement which would or might require equity securities to be allotted or treasury shares to be sold after the power expires."
16 To consider and, if thought fit, to pass the following resolution as a special resolution:
"That, the Company be and is hereby generally and unconditionally authorised in accordance with Section 701 of the Act to make one or more market purchases (within the meaning of Section 693(4) of the Act) of its ordinary shares of 5p each provided that:
unless previously renewed, varied or revoked, the authority hereby conferred shall expire on the conclusion of the next annual general meeting of the Company after the passing of this Resolution or, if earlier, the date falling 15 months after the date of this Resolution, save that the Company may execute a contract of purchase before this authority expires that would or might be concluded wholly or partly after this authority expires."
17 To consider, and if thought fit, to pass the following resolution as a special resolution:
"That with effect from the conclusion of the AGM, the new articles of association produced to the AGM and, for the purpose of identification, initialled by the Chair to the AGM be adopted as the articles of association of the Company in substitution for, and to the exclusion of, the Company's existing articles of association. "
18 To consider, and if thought fit, to pass the following resolution as a special resolution:
"That, subject to the confirmation of the Court, the amount standing to the credit of the share premium account of the Company be cancelled and the amount so cancelled be credited to a special reserve of the Company."
By order of the Board
Secretary Forward House 17 High Street Henley-In-Arden 27 June 2025 B95 5AA
In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a "CREST Proxy Instruction") must be properly authenticated in accordance with Euroclear UK & Ireland Limited's (EUI) specifications and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by the issuer's agent (ID 8RA57) by the latest time(s) for receipt of proxy appointments specified in this notice. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the issuer's agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special procedures in CREST for any particular message. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed (a) voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service provider(s) are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
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