UTILICO EMERGING MARKETS TRUST PLC

AGM Information • Sep 19, 2023

National Storage Mechanism | Additional information

RNS Number : 9423M

Utilico Emerging Markets Trust PLC

19 September 2023

19 September 2023

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Result of Annual General Meeting

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2023 Annual General Meeting of shareholders on 19 September 2023.

All resolutions proposed at the meeting were passed on a show of hands.  A copy of the Notice of Meeting is available at www.uemtrust.co.uk. 

The proxy voting figures received in advance of the meeting are shown below.

Resolution	Votes for/ discretionary	%	Votes against	%	Total votes cast	Votes withheld
Ordinary Resolutions
1. To receive the Company's Accounts and the Reports of the Directors and Auditor	130,591,780	100.00	0	0.00	130,593,634	26,767
2. To approve the Directors' Remuneration Report	130,412,862	99.94	79,139	0.06	130,493,855	126,546
3. To approve the Company's dividend policy	130,589,367	100.00	2,413	0.00	130,593,634	26,767
4. To re-elect Mr Rennocks	129,425,168	99.16	1,097,137	0.84	130,524,159	96,242
5. To re-elect Mr Bridgeman	129,594,224	99.29	928,081	0.71	130,524,159	96,242
6. To re-elect Ms Liu	129,561,580	99.27	955,940	0.73	130,519,374	101,027
7. To re-elect Mr Stobart	96,783,200	74.15	33,734,320	25.85	130,519,374	101,027
8. To re-appoint KPMG LLP as auditor of the Company	130,361,092	99.88	157,087	0.12	130,520,033	100,368
9. To authorise the Directors to determine the auditor's remuneration	130,501,035	99.98	18,076	0.02	130,520,965	99,436
10. To authorise the Directors to allot securities	130,491,704	99.98	24,088	0.02	130,517,646	102,755

Special Resolutions
11. To authorise the Directors to disapply pre-emption rights	130,352,007	99.91	110,912	0.09	130,464,773	155,628
12. To authorise the Company purchase its own shares	130,338,483	99.85	189,571	0.15	130,529,908	90,493

While a significant majority of shareholder proxies supported Resolution 7 (re-election of Mr Eric Stobart), the Board is disappointed that a notable number representing 25.85% of the shares voted (17.01% of the issued share capital) were against the annual re-election of Mr Eric Stobart.  Over 97% of these shares were voted by one shareholder, with whom the Company has previously engaged and will continue to engage, and who has indicated its opposition to the appointment of Mr Stobart.

Mr Stobart is an Independent Director pursuant to the UK Corporate Governance Code and in accordance with the principles of the Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Mr Stobart is and remains independent in character and judgement and that his appointment to the Board is in the best interests of the Company and its shareholders.  In 2021 the Company announced the appointments of Mark Bridgeman and Isabel Liu as new Independent Directors to the Board of UEM and the Board continues to consider board refreshment.

A copy of the full text of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at http://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 +44(0)1372 271486

Charles Jillings / Alastair Moreton

Montfort Communications

Gay Collins, Pippa Bailey                                                       +44(0)20 3770 7913

utilico@montfort.london

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