MITON UK MICROCAP TRUST PLC — AGM Information 2016

Sep 29, 2016

National Storage Mechanism | Additional information

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RNS Number : 2668L

Miton UK MicroCap Trust plc

29 September 2016

Miton UK MicroCap Trust plc (the "Company")

Result of Annual General Meeting

The Company announces that at its Annual General Meeting held on 29 September 2016 all resolutions were passed on a show of hands.

The proxy votes received in relation to these resolutions were as follows:

Resolutions	Votes For Including Chairman's Discretion	%	Votes Against	%	Votes Withheld
Resolution 1	43,032,742	100.00	0	0.00	6,000,000
Resolution 2	43,024,890	99.99	3,926	0.01	6,003,926
Resolution 3	43,024,890	99.99	3,926	0.01	6,003,926
Resolution 4	43,032,742	100.00	0	0.00	6,000,000
Resolution 5	43,032,742	100.00	0	0.00	6,000,000
Resolution 6	43,032,742	100.00	0	0.00	6,000,000
Resolution 7	43,032,742	100.00	0	0.00	6,000,000
Resolution 8	34,187,966	79.45	8,840,850	20.55	6,003,926
Resolution 9	43,027,004	99.99	3,926	0.01	6,000,000
Resolution 10	43,032,742	100.00	0	0.00	6,000,000
Resolution 11	43,028,816	99.99	3,926	0.01	6,000,000
Resolution 12	43,020,801	99.97	11,941	0.03	6,000,000
Resolution 13	43,028,816	100.00	0	0.00	6,003,926
Resolution 14	43,028,816	99.99	3,926	0.01	6,000,000

The Directors note the substantial number of proxy votes cast against resolution 8 regarding the appointment of Ernst & Young LLP as the Company's auditor. The Directors would like to take this opportunity to set in context Ernst & Young LLP's fees for the period and continued appointment. The non-audit fees paid to Ernst & Young LLP during the period amounted to 256.5% of the audit fee, being £59,000 of non-audit costs compared to an audit fee of £23,000. These non-audit costs related to the Company's IPO listing and C share issue, raising gross proceeds of £50m and £28m respectively and therefore represent non-recurring costs. The engagement of Ernst & Young LLP for these services was considered to be the most appropriate and cost effective for the Company and did not, in the Board's view, in any way compromise the Auditor's independence. Investors will be given the opportunity to raise this or any other concerns as part of the Company's ongoing engagement with shareholders.

Notes:

1.   Votes "For" and "Against" are expressed as a percentage of votes received.

2.   A vote "withheld" is not a vote in law and is not counted in the calculation of the % of shares shown as voted "For" or "Against".

3.   Total number of shares in issue at 6pm on 27 September 2016 was 164,767,917 Ordinary shares. Up to 26.12% of voting capital was instructed (excluding votes withheld).

4.   In accordance with Listing Rule 9.6.2R, A copy of the full text of Resolutions 11 to 14 will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

5.   These proxy results will be available shortly on the Company's website at www.mitongroup.com/micro

6.   The presentation by Gervais Williams of Miton Asset Management Limited is available on the Company's website at www.mitongroup.com/micro

This information is provided by RNS

The company news service from the London Stock Exchange

END

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