Picton Property
Income Limited (the" Company" and “Picton”)
Result of Annual
General Meeting
30 November 2016
At the Annual General Meeting (“AGM”) held on 30 November 2016, all Resolutions set out in the
AGM Notice sent to shareholders on 31
October 2016, were duly passed. A copy of the full
voting totals will be published on the Company’s website at:
www.picton.co.uk
The following Special Business
resolutions were also passed:
|
|
| MARKET
ACQUISITIONS: |
IT WAS
RESOLVED TO renew the authority of the Company, in accordance with
Section 315 of The Companies (Guernsey) Law, 2008 (as amended)
(“the Law”), to make market acquisitions (within the meaning of
Section 316 of the Law) of the Ordinary Shares of No Par Value in
the share capital of the Company (“the Ordinary Shares”) provided
that:-
(1) the maximum number of Ordinary Shares hereby authorised
to be acquired shall be 14.99 per cent of the issued Ordinary
Shares on the date on which this resolution is passed;
(2) the minimum price which may be paid for an Ordinary Share
shall be 1p;
(3) the maximum price (exclusive of expenses) which may be
paid for an Ordinary Share shall be an amount equal to the higher
of 105 per cent of the average of the middle market quotations (as
derived from the Daily Official List) for the Ordinary Shares for
the five business days immediately preceding the date of purchase
or the higher of such price of the last independent trade and the
highest current independent bid at the time of purchase; and
(4) unless previously varied, revoked or renewed, the
authority hereby conferred shall expire at the conclusion of the
Annual General Meeting of the Company to be held in 2017, save that
the Company may, prior to such expiry, enter into a contract to
purchase Ordinary Shares under such authority and may make a
purchase of Ordinary Shares pursuant to any such contract. |
| EXTRA-ORDINARY RESOLUTION –
PRE-EMPTION RIGHTS: |
IT WAS RESOLVED TO empower the
Directors of the Company to disapply the right of shareholders to
receive a pre-emptive offer of new Ordinary Shares pursuant to
Article 4.17 of the Articles of Incorporation provided that this
power shall be limited to the issue of up to 54,005,366 Ordinary
Shares (being equal to 10 per cent of the Ordinary Shares in issue
as at the date of this Notice) and shall expire (unless previously
renewed, varied or revoked by the Company in a general meeting) at
the end of the Annual General Meeting of the Company held in 2017,
or, if earlier, the date falling 15 months after the date of this
Resolution, but during this period the Company may make offers, and
enter into agreements, which would, or might, require Ordinary
Shares to be issued (and treasury shares to be sold) after the
power given to the Board pursuant to this Resolution ends and the
Board may issue Ordinary Shares (and sell treasury shares) under
any such offer or agreement as if the power had not ended. |
|
|
| SPECIAL RESOLUTION – ALTER
ARTICLES: |
IT WAS RESOLVED to approve the
amendments (the "Proposed Amendments") to the articles of
incorporation of the Company (the "New Articles") pursuant to
changes to The Companies (Guernsey) Law, 2008 and the coming into
force of The Companies (Guernsey) Law, 2008 (Amendment) Ordinance,
2015, on 3 September 2015 as set out in Appendix 2. |
For further information:
Tony Sharpe
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745529
Fax: 01481 745085
Note to Editors
Picton is an income focused, property investment company listed
on the London Stock Exchange. Picton can invest both directly and
indirectly in commercial property across the United Kingdom.
With Net Assets of £423.9 million at 30
September 2016, the Company's objective is to provide
shareholders with an attractive level of income, together with the
potential for capital growth by investing in the principal
commercial property sectors.