Literacy Capital shareholders approve all resolutions at AGM

LONDON - Literacy Capital Plc announced that its shareholders have unanimously passed all resolutions presented at the Annual General Meeting (AGM) held on Thursday. The investment company reported a 100% approval rate for the set of ordinary and special resolutions, reflecting a strong alignment between the board’s recommendations and shareholder interests.

Among the key resolutions approved were the authorization to issue unlisted redeemable fixed-rate preference shares, known as "B Shares," and the empowerment of directors to allot these shares under the Companies Act 2006. Shareholders also voted in favor of receiving the directors’ and auditors’ reports, as well as the audited accounts for the financial year ended December 31, 2023.

The meeting saw nearly unanimous support for the directors’ remuneration report, with a 99.99% vote in favor. Additionally, the re-election of all directors was confirmed without opposition, including Paul Pindar, Richard Pindar, Simon Downing, Rachel Murphy, and Christopher Sellers.

Mazars LLP will continue as the company’s auditors, as shareholders authorized the directors to determine their remuneration. The company’s dividend policy received a 100% endorsement, indicating shareholder confidence in the financial stewardship of Literacy Capital.

The authorization for directors to allot ordinary shares up to an aggregate nominal amount of £12,035 was also approved, along with the disapplication of statutory pre-emption rights for the same nominal value. This allows the company more flexibility in managing its capital structure.

Furthermore, the company has been authorized to make market purchases of its own ordinary shares, a move often associated with confidence in the company’s valuation and a potential means to enhance shareholder value.

Finally, the resolution to permit general meetings to be called with 14 days’ notice was passed, providing the company with the ability to respond more swiftly to emerging opportunities or challenges.

The AGM’s outcomes, with a total proxy vote count of 30,956,688 shares, represented 51.44% of the issued share capital, emphasizing significant shareholder participation. The details of the resolutions and the results of the votes are available on the company’s website and have been submitted to the Financial Conduct Authority for public inspection.

This news is based on a press release statement from Literacy Capital Plc.

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