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LONDON - M&G Credit Income Investment Trust PLC (LSE:MGCI) shareholders have given the green light to the company’s proposal to allot additional ordinary shares, a move aimed at maintaining the firm’s zero discount policy. In a general meeting held on Thursday, the company reported that all resolutions presented were passed with overwhelming support.
The resolutions, detailed in the company’s circular to shareholders dated February 4, 2025, included the authorization for directors to allot up to 15,501,113 ordinary shares and the disapplication of statutory pre-emption rights related to these allotments. The votes cast in favor of the resolutions ranged from 99.35% to 99.51%, with a small minority voting against.
The specific counts for the votes showed that out of 67,171,911 total votes cast for the first two resolutions, 66,840,755 were in favor, and 331,156 were against, with 131,765 votes withheld. The special resolutions to disapply pre-emption rights saw 66,791,841 votes for and 430,070 against the third resolution, and 66,785,976 for and 435,935 against the fourth, with 81,765 withheld votes in both cases.
The withheld votes, as clarified by the company, are not counted in the calculation of the percentage of shares voted for or against any resolution. The company’s issued share capital as of February 25, 2025, consisted of 153,595,771 ordinary shares, with none held in treasury.
The passed resolutions are part of the company’s strategy to ensure that it can continue operating its zero discount policy effectively. This policy is designed to maintain the share price closely aligned with the net asset value of the trust.
The results of the general meeting will be made available on the company’s website and submitted to the National Storage Mechanism for public inspection. This move underscores the trust’s commitment to corporate transparency and shareholder engagement.
The information for this article is based on a press release statement from M&G Credit Income Investment Trust PLC.
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