Picton Property
Income Limited
(“Picton” or the
“Company”)
LEI Number: 213800RYE59K9CKR4497 -
(The “Company”)
14 November 2019
RESULT OF ANNUAL
GENERAL MEETING
At the Annual General Meeting of the Company held on
14 November 2019, all Ordinary
Resolutions set out in the Annual General Meeting Notice sent to
Shareholders dated 10 October 2019
were duly passed. A copy of the full voting totals will be
published on the Company’s website at www.picton.co.uk
In accordance with Listing Rule 9.6.2 the following Special
Business resolutions were also passed:
MARKET ACQUISITIONS
To renew the authority of the Company, in accordance with
Section 315 of The Companies (Guernsey) Law, 2008 (as amended)
(“the Law”), to make market acquisitions (within the meaning of
Section 316 of the Law) of the Ordinary Shares of No Par Value in
the share capital of the Company (“the Ordinary Shares”) provided
that: -
a) the maximum number of Ordinary Shares hereby
authorised to be acquired shall be 14.99 per cent of the issued
Ordinary Shares on the date on which this resolution is passed;
b) the minimum price which may be paid for an
Ordinary Share shall be 1p;
c) the maximum price (exclusive of expenses) which
may be paid for an Ordinary Share shall be an amount equal to the
higher of 105 per cent of the average of the middle market
quotations (as derived from the Daily Official List) for the
Ordinary Shares for the five business days immediately preceding
the date of purchase or the higher of such price of the last
independent trade and the highest current independent bid at the
time of purchase; and
d) unless previously varied, revoked or renewed, the
authority hereby conferred shall expire at the conclusion of the
Annual General Meeting of the Company to be held in 2020, save that
the Company may, prior to such expiry, enter into a contract to
purchase Ordinary Shares under such authority and may make a
purchase of Ordinary Shares pursuant to any such contract.
DISAPPLICATION OF PRE-EMPTION
RIGHTS
To empower the Directors of the Company to dis-apply the right
of shareholders to receive a pre-emptive offer of new Ordinary
Shares for cash pursuant to Article 5.11 of the Articles of
Incorporation provided that this power shall be limited to the
issue of up to 27,380,279 Ordinary Shares (being equal to 5 per
cent of the Ordinary Shares in issue as at the date of this Notice)
and shall expire (unless previously renewed, varied or revoked by
the Company in a general meeting) at the end of the Annual General
Meeting of the Company held in 2020, or, if earlier, the date
falling 15 months after the date of this Resolution, but during
this period the Company may make offers, and enter into agreements,
which would, or might, require Ordinary Shares to be issued (and
treasury shares to be sold) after the power given to the Board
pursuant to this Resolution ends and the Board may issue Ordinary
Shares (and sell treasury shares) under any such offer or agreement
as if the power had not ended.
DISAPPLICATION OF PRE-EMPTION
RIGHTS
That conditional and in addition to extraordinary resolution 12
above having been passed, to empower the Directors of the Company
to dis-apply the right of shareholders to receive a pre-emptive
offer of new Ordinary Shares for cash pursuant to Article 5.11 of
the Articles of Incorporation provided that this power shall be:
(i) limited to the issue of up to 27,380,279 Ordinary Shares (being
equal to 5 per cent of the Ordinary Shares in issue as at the date
of this Notice); and (ii) used only for the purposes of financing
(or refinancing, if the authority is to be used within six months
after the original transaction) a transaction which the Directors
determine to be an acquisition or other capital investment of a
kind contemplated by the Statement of Principles on Disapplying
Pre-Emption Rights most recently published by the Pre-Emption Group
prior to the date of this notice, and shall expire (unless
previously renewed, varied or revoked by the Company in a general
meeting) at the end of the Annual General Meeting of the Company
held in 2020, or, if earlier, the date falling 15 months after the
date of this Resolution, but during this period the Company may
make offers, and enter into agreements, which would, or might,
require Ordinary Shares to be issued (and treasury shares to be
sold) after the power given to the Board pursuant to this
Resolution ends and the Board may issue Ordinary Shares (and sell
treasury shares) under any such offer or agreement as if the power
had not ended.
Enquiries:
Northern Trust International Fund Administration Services
(Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001
Note to Editors
Picton, established in 2005, is a UK REIT. It owns and actively
manages a £693 million diversified UK commercial property
portfolio, invested across 49 assets and with around 350 occupiers
(as at 30 September 2019). Through an
occupier focused, opportunity led approach to asset management,
Picton aims to be one of the consistently best performing
diversified UK focused property companies listed on the main market
of the London Stock Exchange.
For more information please visit: www.picton.co.uk
END