22nd Sep 2020 15:07
Draper Esprit VCT plc - Result of AGMDraper Esprit VCT plc Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97Result of AGM22 September 2020
At the Annual General Meeting (“AGM”), of Draper Esprit VCT plc held on 22 September 2020, which was held as a closed meeting, all resolutions were passed.
Details of the proxy votes in respect of the resolutions passed at the AGM received as at 11:00am on 18 September 2020, 48 hours before the time of the meeting (excluding weekends), at the receiving agent, Downing LLP, are set out below:
| For | Discretionary | Against | Total | Withheld | |
| Resolution No. | No. of | No. of | No. of | No. of | No. of |
| Votes Cast | Votes Cast | Votes Cast | Votes Cast | Votes | |
| % of votes | % of votes | % of votes | % of votes | ||
| 1 | 4,389,300 | 90,463 | - | 4,479,763 | 8,805 |
| 97.98% | 2.02% | 0.00% | 100.00% | ||
| 2 | 4,073,549 | 62,471 | 185,066 | 4,321,086 | 167,482 |
| 94.27% | 1.45% | 4.28% | 100.00% | ||
| 3 | 4,055,238 | 62,471 | 215,850 | 4,333,559 | 155,009 |
| 93.58% | 1.44% | 4.98% | 100.00% | ||
| 4 | 4,405,924 | 62,471 | 11,368 | 4,479,763 | 8,805 |
| 98.36% | 1.39% | 0.25% | 100.00% | ||
| 5 | 4,160,417 | 123,672 | 178,797 | 4,462,886 | 25,682 |
| 93.22% | 2.77% | 4.01% | 100.00% | ||
| 6 | 4,289,852 | 62,471 | 74,353 | 4,426,676 | 61,892 |
| 96.91% | 1.41% | 1.68% | 100.00% | ||
| 7 | 4,278,882 | 62,471 | 85,323 | 4,426,676 | 61,892 |
| 96.66% | 1.41% | 1.93% | 100.00% | ||
| 8 | 4,264,477 | 62,471 | 91,461 | 4,418,409 | 70,159 |
| 96.52% | 1.41% | 2.07% | 100.00% | ||
| 9 | 4,209,280 | 121,907 | 95,489 | 4,426,676 | 61,892 |
| 95.09% | 2.75% | 2.16% | 100.00% | ||
| 10 | 4,423,625 | 62,471 | 2,472 | 4,488,568 | - |
| 98.55% | 1.39% | 0.06% | 100.00% | ||
| 11 | 4,279,708 | 62,471 | 134,442 | 4,476,621 | 11,947 |
| 95.60% | 1.40% | 3.00% | 100.00% | ||
| 12 | 4,194,408 | 62,471 | 231,689 | 4,488,568 | - |
| 93.45% | 1.39% | 5.16% | 100.00% |
A copy of the resolutions passed will be submitted to the National Storage Mechanism and will shortly be available for inspection athttps://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Company decided to hold its AGM as a closed meeting because of the practical difficulties in holding open meetings with the ongoing social distancing restrictions. The board invited questions from shareholders in writing and comments on the issues raised by shareholders as follows:
Board independence and director tenureEven though all directors have sat on the board of the Company for more than 9 years, the board is satisfied that the four independent directors have continued to act independently in the manner in which they undertake their duties. For example, the Board has been closely involved in developing the new management arrangements with Draper Esprit which have been put in place over the last couple of years and which have effectively resulted in a change of manager for the Company.
The Board accepts that it is helpful for the director’s appointment dates to be included in the Annual Report and will ensure this is done in future.
Board succession planningBoard structure has been a discussion topic for some time now, as the Company has undergone a transition in putting in place the arrangements with Draper Esprit. One director stepped down at this AGM today and the Board is considering some further changes in due course.
Auditor’s re-election and remuneration as separate AGM resolutionsThe Board will give consideration to having the Auditor’s re-election and the authority for the directors to determine the Auditor’s remuneration as separate resolutions in future.
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