9 November 2017
Picton Property Income Limited
(“Picton” or the “Company”)
Result of Annual General Meeting
At the Annual General Meeting (“AGM”) held on 8 November 2017, all Resolutions set out in the AGM Notice sent to shareholders on 6 October 2017, 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:
||IT WAS RESOLVED 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 2018, 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.
|special resolution –
|IT WAS RESOLVED To empower the Directors of the Company to dis-apply the right of shareholders to receive a pre-emptive offer of new Ordinary Shares pursuant to Article 5.12 of the Articles of Incorporation provided that this power shall be limited to the issue of up to 54,005,366 Ordinary Shares (being equal to 10 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 2018, 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.
For further information:
Andrew Le Page
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745405
Fax: 01481 745085
Note to Editors
Picton is a property investment company established in 2005. It owns and actively manages a £661 million diversified UK commercial portfolio, invested across 52 assets and with around 350 occupiers (as at 30 September 2017). Through an occupier-focused, opportunity-led approach to asset management, Picton aims to be one of the consistently best performing diversified UK property companies listed on the main market of the London Stock Exchange.
For more information please visit: www.picton.co.uk