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GUERNSEY - TwentyFour Select Monthly Income Fund Limited announced Thursday that shareholders approved all resolutions at its Annual General Meeting, including measures to enhance the company’s capital management flexibility.
The closed-ended investment company, which focuses on credit securities, received strong shareholder support across all 15 resolutions presented at the meeting. These included standard annual business items and several special authorizations related to share issuance and repurchase programs.
Shareholders approved two ordinary resolutions authorizing directors to allot and issue up to 10% of the company’s ordinary shares (29,437,433 shares) each, effectively allowing for potential issuance of up to 20% of current share capital over the coming year.
A special resolution authorizing a quarterly tender facility was also passed, permitting the company to acquire shares from tendering shareholders under certain restrictions. This authorization will expire at the next annual general meeting or within 12 months.
Additionally, shareholders approved a market acquisition authority allowing the company to repurchase up to 14.99% of its ordinary shares. This authorization sets a minimum price of £0.01 per share and a maximum price of either 105% of the average middle market quotations for the five preceding business days or the highest independent trade price.
Two extraordinary resolutions were passed granting directors the power to issue equity securities for cash without applying pre-emption rights, each for up to 10% of issued share capital.
The voting results showed varying levels of support across resolutions, with some receiving more opposition than others. Resolution 5 faced the most opposition with 1,774,616 votes against, while Resolution 1 received the strongest support with only 155,571 votes against.
This information is based on a press release statement from the company.
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