22 March 2021
GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC
(the "Company")
Result of 2021 Annual General Meeting
Gresham House Renewable Energy VCT 1 plc, announces that at the Company's 2021 Annual General Meeting held today, all resolutions were passed by way of a poll and the results of the poll, including the proxy votes received, are set out below.
Resolutions 1 to 5 (inclusive) were proposed as ordinary resolutions and resolutions 6 and 7 were proposed as special resolutions.
In accordance with Listing Rule 9.6.2 copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
| | Resolution | Votes For* | % | Votes Against | % | Total votes validly cast | Total votes cast as % of issued share capital | Vote Withheld ** |
| 1 | Receive and adopt the Directors' Report and Accounts. | 7,031,854,457 | 100 | 0 | 0 | 7,031,854,457 | 27.08 | 0 |
| 2 | Approve the Directors' Remuneration Report. | 6,818,956,772 | 97 | 212,897,685 | 3 | 7,031,854,457 | 27.08 | 0 |
| 3 | Re-appoint BDO LLP as the Company's auditor. | 7,031,854,457 | 100 | 0 | 0 | 7,031,854,457 | 27.08 | 0 |
| 4 | Authorise the Directors to determine the auditor's remuneration. | 6,908,992,718 | 98 | 0 | 0 | 6,908,992,718 | 27.04 | 122,861,739 |
| 5 | Approve the continuation of the Company as a venture capital trust, for a further five year period, be approved. | 3,559,549,936 | 51 | 3,472,304,521 | 49 | 7,031,854,457 | 27.08 | 0 |
| 6 | Authorise the Company to make market purchases of its shares. | 6,771,540,403 | 96 | 260,314,054 | 4 | 7,031,854,457 | 27.08 | 0 |
| 7 | Authorise the Directors to call a general meeting, other than an annual general meeting, on not less than 14 clear days' notice. | 6,229,196,601 | 89 | 802,657,856 | 11 | 7,031,854,457 | 27.08 | 0 |
* Includes discretionary votes
** A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.
Resolution 5, which related to the continuation of the Company as a venture capital trust for a period of five years, received opposition from shareholders. In the light of the number of votes against this resolution, the Company will undertake a detailed review of the feedback received on this matter to ensure it fully understands shareholders' concerns. The Board takes seriously its responsibilities to uphold the highest standards of corporate governance and is open to constructive dialogue with shareholders and shareholder bodies.
Although Resolution 5 has formally passed, the equivalent vote for Gresham House Renewable Energy VCT 2 plc ("VCT 2") did not achieve the required majority to pass. As the two VCTs work closely together, this will require the Company to also draw up proposals for voluntary liquidation, reconstruction or other re-organisation of the Company for consideration by the members in a General Meeting to be held within four months of the AGM. The Directors will work over the next four months to devise the best possible proposals to put to shareholders, seeking to maximise the return to shareholders whilst preserving the tax position of those who invested in 2018.
END
For further information, please contact:
| Gresham House Asset Management | renewablevcts@greshamhouse.com |
| | |
| JTC (UK) Limited | GreshamVCTs@jtcgroup.com |
LEI: 213800IVQHJXUQBAAC06
Notes:
As at close of business on 18 March 2021, the Company's issued share capital comprised 25,515,242 Ordinary Shares and 38,512,032 'A' Shares, excluding shares held in treasury, and the total number of voting rights in the Company were 25,553,754,032, being 25,515,242,000 votes attributable to Ordinary Shares and 38,512,032 rights attributable to "A" Shares.
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