Personal Assets Trust PLC

AGM Information • Sep 25, 2025

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author: "Dickson Minto"
date: 2025-09-25 13:18:00+00:00
processor: python-docx+mammoth
status: success

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PUBLIC LIMITED COMPANY

NOTICE OF RESOLUTION OF PERSONAL ASSETS TRUST PLC

(Registered No. SC074582)

(the "Company")

NOTICE IS HEREBY GIVEN that at the Annual General Meeting of the Company, duly convened and held at The Kimpton Charlotte Square Hotel, 38 Charlotte Square, Edinburgh EH2 4HQ on Friday, 19 July 2024 at 12 noon, the following resolution was passed:

ORDINARY RESOLUTION

1. Authority to allot Ordinary shares

That, in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with Section 551 of the Companies Act 2006 (the ‘Act’) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company (‘Securities’) provided that such authority shall be limited to the allotment of shares and the grant of rights in respect of shares with an aggregate nominal value of up to £9,820,130 (being approximately 20% of the nominal value of the issued share capital of the Company as at 17 June 2024), such authority to expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, save that the Company may at any time prior to the expiry of this authority make an offer or enter into an agreement which would or might require Securities to be allotted or granted after the expiry of such authority and the Directors shall be entitled to allot or grant Securities in pursuance of such an offer or agreement as if such authority had not expired.

SPECIAL RESOLUTIONS

1. Disapplication of pre-emption rights

That, in substitution for any existing power but without prejudice to the exercise of any such power prior to the date hereof, the Directors of the Company be and they are hereby generally empowered, pursuant to Section 570 and/or Section 573 of the Companies Act 2006 (the ‘Act’), to allot equity securities (within the meaning of Section 560 of the Act), for cash pursuant to the authority given by Resolution 13 above or by way of a sale of treasury shares for cash as if Section 561(1) of the Act did not apply to any such allotment of equity securities, provided that this power:

1. expires at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, 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 or sell treasury shares in pursuance of any such offer or agreement as if the power conferred hereby had not expired; and
2. shall be limited to the allotment of equity securities up to an aggregate nominal value of £9,820,130 (being approximately 20% of the nominal value of the issued share capital of the Company as at 17 June 2024).
3. Authority to repurchase Ordinary shares

That, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Company be and is hereby generally and unconditionally authorised, pursuant to and in accordance with Section 701 of the Companies Act 2006 (the ‘Act’), to make market purchases (within the meaning of Section 693(4) of the Act) of fully paid Ordinary shares in the capital of the Company (either for retention as Treasury shares for future re-issue, resale or transfer or for cancellation), provided that:

1. the maximum aggregate number of Ordinary shares hereby authorised to be purchased is 50,452,348, representing 14.99% of the issued Ordinary share capital of the Company (excluding shares held in treasury) as at 17 June 2024, being the latest practicable date before this notice, or if lower, such number of Ordinary shares equal to 14.99% of the issued Ordinary share capital as at the date of the passing of this resolution;
2. the minimum price (excluding expenses) which may be paid for each Ordinary share shall be the nominal value of that share;
3. the maximum price (excluding expenses) which may be paid for each Ordinary share shall not be greater than the higher of:
4. 1. 105% above the average middle market quotation on the London Stock Exchange of an Ordinary share over the five business days immediately preceding the date of purchase; and
   2. the higher of the last independent trade and the highest current independent bid on the London Stock Exchange; and
5. unless previously varied, revoked or renewed by the Company in a General Meeting, the authority hereby conferred shall expire at the conclusion of the Company’s next Annual General Meeting or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary shares under such authority which will or might be completed or executed wholly or partly after the expiration of such authority and may make a purchase of Ordinary shares pursuant to any such contract.
6. Notice of General Meetings

That a General Meeting of the Company other than an Annual General Meeting may be called on not less than 14 clear days’ notice provided that this authority shall expire at the conclusion of the next Annual General Meeting of the Company.

Juniper Partners Limited

Company Secretary