19th Jan 2017 12:02
For immediate release
Industrial Multi Property Trust PLC
Results of Extraordinary General Meeting
Industrial Multi Property Trust PLC (the "Company") announces the results of the votes on the three resolutions which were considered on a poll at the Extraordinary General Meeting of Shareholders held today, 19 January 2017.
In relation to the two Resolutions requisitioned by Alpha Real Trust Limited to remove Jonathan Clague and Donald Lake as Directors, 53.2% and 53.4% of the votes cast on the poll were against Resolutions 1 and 2 respectively. Accordingly, both Jonathan Clague and Donald Lake remain as Directors of the Company.
In relation to the third Resolution put forward by the Independent Directors to amend the objectives of the Company, 53.0% of the votes cast on the poll were for Resolution 3. Accordingly, the Company's objectives are amended to permit the sale of the investment portfolio at a value which is not less than a valuation by an independent valuer within three months prior to any sale.
Details of the votes For and Against each resolution are detailed in the table below:
Requisitioned Resolutions | VotesFor | % | VotesAgainst | % | Withheld |
Resolution 1 - That Jonathan Clague is removed as a Director of Industrial Multi Property Trust PLC. | 2,511,635 | 46.8 | 2,854,653 | 53.2 | 6,161 |
Resolution 2 - That Donald Lake is removed as a Director of Industrial Multi Property Trust PLC. | 2,499,627 | 46.6 | 2,867,161 | 53.4 | 5,661 |
Independent Directors' Resolution | |||||
Resolution 3 - THAT the proposed objectives of the Company as described in the Circular to Shareholders dated 1 December 2016 be and are hereby adopted with immediate effect. | 2,844,218 | 53.0 | 2,520,592 | 47.0 | 7,639 |
Notes
1. Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
2. A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' or 'Against' a resolution.
Jonathan Clague, Chairman of Industrial Multi Property Trust PLC said:
"The Independent Directors are pleased with the support from Shareholders. It should be noted that, excluding the 25% Shareholding held by Alpha Real Trust and Antler Investment Holdings (a company associated with Alpha), some 5% of Shareholders voted in line with the recommendations of Alpha Real Trust while over 33% of Shareholders voted in line with the recommendations of the Independent Directors, a ratio of over 6 to 1.
The Independent Directors will continue to focus on maximising value for Shareholders as a whole."
For further information, please contact:
Philip ScalesDirector, Industrial Multi Property Trust PLC+44 (0) 1624 681250
Alastair Moreton
Financial Adviser and Broker, Stockdale Securities Limited
+44 (0) 20 7601 6118
Related Shares:
IMPT.L