Northern Venture Trust PLC (“the Company”) announces that at the annual general meeting held on 7 January 2022 all of the resolutions set out in the notice of meeting were duly passed by shareholders.
The resolutions included those to re-elect as directors Mr Simon Constantine, Mr Richard Green, Mr David Mayes and Mr Tim Levett and to elect as a director Ms Deborah Hudson.
Mr Nigel Beer and Mr Hugh Younger did not stand for re-election at the AGM and have resigned as directors of the Company at the conclusion of the AGM. Following Mr Beer’s resignation, Mr Richard Green has been appointed to act as Chairman of the Audit Committee.
In accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, a copy of the resolutions proposed and passed has been submitted to the National Storage Mechanism and will also be available from: www.mercia.co.uk/vcts/nvt
Details of proxy voting on the resolutions put to shareholders at the annual general meeting are as follows:
Number
Resolution
For
Discretionary
Against
Vote withheld
1
To receive and approve the annual accounts and financial statements for the year ended 30 September 2021 together with the directors’ and independent auditor’s reports thereon
12,486,340
195,208
26,141
11,214
2
To approve and declare a final dividend of 2.0p per share in respect of the year ended 30 September 2021
12,525,663
155,885
26,141
11,214
3
To approve the Directors’ remuneration report in respect of the year ended 30 September 2021
11,572,593
292,679
403,434
450,197
4
To re-elect as a director Mr S J Constantine
11,803,299
223,367
375,768
316,469
5
To re-elect as a director Mr R J Green
12,035,668
223,367
144,600
315,268
6
To re-elect as a director Mr T R Levett
11,691,684
266,819
443,931
316,469
7
To re-elect as a director Mr D A Mayes
12,028,723
223,367
151,545
315,268
8
To elect as a director Ms D N Hudson
12,046,584
286,605
89,082
296,632
9
To re-appoint Mazars LLP as independent auditor of the Company
11,695,195
195,208
630,202
198,298
10
To authorise the audit committee to fix the remuneration of the independent auditor
12,433,553
195,208
16,427
73,715
11
To authorise the Directors to allot shares pursuant to Section 551 of the Companies Act 2006 pursuant to the Offer
12,344,790
195,208
148,089
30,816
12
To authorise the Directors to allot shares pursuant to Section 551 of the Companies Act 2006
12,333,204
195,208
146,804
43,687
13
To disapply Section 561 of the Companies Act 2006 in relation to certain allotments of equity securities and the sale of treasury shares for the purposes of the Offer
12,013,655
195,208
356,940
153,100
14
To disapply Section 561 of the Companies Act 2006 in relation to certain allotments of equity securities and the sale of treasury shares
11,939,459
195,208
423,174
161,062
15
To authorise the Company to make market purchases of shares in accordance with Section 701 of the Companies Act 2006
12,425,585
195,208
86,896
11,214
16
To amend the Articles of Association to extend the life of the Company
12,147,704
195,208
173,058
202,933
17
To amend the Articles of Association to reflect an increase in the aggregate cap on directors’ fees
10,756,745
195,208
1,071,078
695,872
18
To approve the cancellation of the share premium account arising on the issue of Ordinary Shares pursuant to the Offer
12,019,482
195,208
84,161
420,052
Enquiries:
Graham Venables/James Sly, Mercia Fund Management Limited – 0330 2223 1430 Website: www.mercia.co.uk
Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or form part of, this announcement.
Northern Venture Trust PLC is a United Kingdom-based venture capital trust (VCT). The Company's principal activity is making of long-term equity and loan investments, mainly in unquoted companies. The Companyâs objective is to provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth by investing primarily in unquoted United Kingdom manufacturing, service and technology businesses. The Company invests mainly in unquoted venture capital holdings, with its remaining assets invested in a portfolio of equity investments, quoted investment funds and bank deposits. The Company primarily invests in various sectors, including software/electronics, consumer, industrial/manufacturing, services, healthcare/biotechnology and others. Its investment adviser is Mercia Fund Management Limited.