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LONDON - Mid Wynd International Investment Trust PLC (LSE:MWY) shareholders have approved a special resolution to authorize the company to repurchase up to 6,288,957 of its own shares, a move that could potentially return value to shareholders and adjust the company’s capital structure. The decision was made during a general meeting held on Monday.
The resolution, passed with a substantial majority, allows the company to cancel the entire amount standing to the credit of the company’s share premium account and apply to the Court of Session to create a special reserve. Of the votes cast, 99.87% were in favor of the resolution to cancel the share premium account, with only 0.13% against.
A second resolution to authorize the company to purchase its own shares was also approved, with 91.83% voting in favor and 8.17% against. The proportion of issued share capital voted was 21.14% for the first resolution and 19.45% for the second. Votes withheld, which are not counted in law, were 8,389 for the first resolution and 5,238 for the second.
The company’s issued share capital prior to the passing of the resolutions comprised 66,381,114 ordinary shares, of which 24,426,758 shares were held in treasury. Each share carries one vote, hence the total number of voting rights in the company at the record time was 42,004,356.
The results of the general meeting indicate shareholder support for the board’s strategy and provide the company with the flexibility to manage its share capital effectively. The approved share buyback could lead to a reduction in the number of shares in circulation, potentially increasing the value of remaining shares.
Details of the proxy votes cast for and against the resolutions, as well as the number of votes withheld, will be published on the company’s website shortly. Additionally, the resolutions passed at the general meeting will be submitted to the National Storage Mechanism and will be available for inspection.
The information in this article is based on a press release statement from Mid Wynd International Investment Trust PLC.
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