TIDMJLEN

RNS Number : 5936K

JLEN Environmental Assets Group Ltd

02 September 2021

2 September 2021

JLEN Environmental Assets Group Limited

Results of AGM and Directorate Change

JLEN Environmental Assets Group Limited ("JLEN" or the "Company") is pleased to announce that at the Annual General Meeting ("AGM") held at 10:00 a.m. today, 2 September 2021, all resolutions were duly passed without amendment.

As stated in the AGM Notice circulated on 24 June, Peter Neville did not stand for re-election in accordance with the Board's succession planning and hence has resigned from the Board with immediate effect.

Richard Morse, Chairman, said:

"We are extremely grateful for Peter's contribution to the Board, having served as a director since the Company's launch in 2014, and demonstrated an exceptional commitment to the role during his tenure. We wish Peter the very best for the future".

In accordance with LR 9.6.18, details of the results of those resolutions proposed at the AGM, which were not ordinary business of the AGM, follow:

 
Resolution      For (including discretionary)  Against            Withheld* 
11 - Ordinary   329,881,542 (100%)             0 (nil%)           1,678 
12 - Special    329,789,287 (99.98%)           52,699 (0.02%)     41,234 
13 - Special    325,178,786 (98.65%)           4,456,599 (1.35%)  247,835 
14 - Special    329,435,498 (99.94%)           200,205 (0.06%)    247,517 
 

*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "for" or "against" the Resolution.

The full wording of these resolutions can be found below:-

Resolution 11 - Ordinary Resolution

THAT the interim dividend of 1.69 pence per Ordinary Share in respect of the period 1 April 2020 to 30 June 2020, the interim dividend of 1.69 pence per Ordinary Share in respect of the period 1 July 2020 to 30 September 2020, the interim dividend of 1.69 pence per Ordinary Share in respect of the period 1 October 2020 to 31 December 2020 and the interim dividend of 1.69 pence per Ordinary Share in respect of the period 1 January 2021 to 31 March 2021 declared by the Company be approved.

Resolution 12 - Ordinary Resolution

THAT, in accordance with Article 45 of the Articles of Incorporation of the Company (the "Articles"), the Board may, in respect of dividends declared for any financial period or periods of the Company ending prior to the annual general meeting of the Company to be held in 2022, offer shareholders the right to elect to receive further shares, credited as fully paid, in respect of all or any part of such dividend or dividends declared in respect of any such period or periods.

Resolution 13 - Special Resolution

THAT the Company be and is hereby generally and unconditionally authorised in accordance with Section 315 of The Companies (Guernsey) Law, 2008 (as amended) (the "Law") (subject to the UK Listing Rules and all other applicable legislation and regulations) to make market acquisitions (as defined in the Law) of its Ordinary Shares in issue, provided that:-

a. the maximum number of Ordinary Shares hereby authorised to be purchased is 14.99 per cent. per annum of the Ordinary Shares in issue immediately following the passing of this resolution;

   b.    the minimum price (exclusive of expenses) which may be paid for an Ordinary Share is 1 pence; 

c. the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be not more than the higher of (i) 5 per cent. above the average market value for the five business days prior to the day the purchase is made and (ii) the higher of the price of the last independent trade and the highest independent bid at the time of the purchase for any number of the Ordinary Shares on the trading venues where the purchase is carried out;

d. the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the Company held in 2022 or 18 months from the date of this resolution, whichever is the earlier, unless such authority is varied, revoked or renewed prior to such time;

e. the Company may make a contract to purchase Ordinary Shares under the authority hereby conferred prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make an acquisition of Ordinary Shares pursuant to any such contract; and

f. any Ordinary Share bought back may be held in treasury in accordance with the Law or be subsequently cancelled by the Company.

Resolution 14 - Special Resolution

THAT pursuant to Article 7.7 of the Articles, the provisions of Article 7.2 of the Articles shall not apply and shall be excluded in relation to the issue of up to an aggregate number of Ordinary Shares as represents up to 10 per cent. of the number of Ordinary Shares admitted to trading on London Stock Exchange plc's main market for listed securities immediately following the passing of this resolution, provided that such disapplication and exclusion shall expire on the date which is 18 months from the date of the passing of this resolution or, if earlier, at the conclusion of the next annual general meeting of the Company following the date of the passing of this resolution (unless previously renewed, revoked or varied by the Company by special resolution) save that the Company may before such expiry make an offer or agreement which would or might require Ordinary Shares to be allotted after such expiry and the Directors may allot Ordinary Shares in pursuance of such an offer or agreement as if the disapplication and exclusion conferred hereby had not expired.

ENDS

For further information, please contact:

 
Foresight Group 
 Chris Tann er 
 Chris Holmes                   +44(0)20 3667 8100 
Winterflood Investment Trusts 
 Neil Langford 
 Chris Mills                    +44(0)20 3100 0000 
SEC Newgate 
 Elisabeth Cowell 
 Megan Kovach                   +44(0)20 3757 6882 
Praxis Fund Services 
 Matt Falla 
 Gemma Woods                    +44(0)1481 755530 
 

About JLEN

JLEN's investment policy is to invest in a diversified portfolio of Environmental Infrastructure. Environmental Infrastructure is defined by the Company as infrastructure assets, projects and asset-backed businesses that utilise natural or waste resources or support more environmentally friendly approaches to economic activity, support the transition to a low carbon economy, or which mitigate the effects of climate change. Such investments will typically feature one or more of the following characteristics:

   --    long-term, predictable cash flows, which may be wholly or partially inflation-linked; 
   --    long-term contracts or stable and well-proven regulatory and legal frameworks; or 
   --    well-established technologies and demonstrable operational performance. 

JLEN's aim is to provide investors with a sustainable, progressive dividend per share, paid quarterly and to preserve the capital value of the portfolio over the long term on a real basis. The target dividend for the year to 31 March 2022 is 6.80(1) pence per share. The dividend is payable quarterly.

Further details of the Company can be found on its website www.jlen.com .

LEI: 213800JWJN54TFBMBI68

( (1) These are targets only and not profit forecasts. There can be no assurance that these targets will be met or that the Company will make any distributions at all.

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END

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(END) Dow Jones Newswires

September 02, 2021 10:51 ET (14:51 GMT)

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