GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC — AGM Information 2021

Mar 23, 2021

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author: "fadil"
date: 2021-03-22 15:04:00+00:00
processor: python-docx+mammoth
status: success

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

* 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.

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For further information, please contact:

Gresham House Asset Management Investor Relations	renewablevcts@greshamhouse.com Tel: 020 3875 9860
JTC (UK) Limited Company Secretary	GreshamVCTs@jtcgroup.com Tel: 020 3846 9774

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.