Advance Developing Markets Fund Ltd Result of AGM and Change of Name (2621V)
April 14 2016 - 11:00AM
UK Regulatory
TIDMADMF
RNS Number : 2621V
Advance Developing Markets Fund Ltd
14 April 2016
Aberdeen Emerging Markets Investment Company Limited (formerly
Advance Developing Markets Fund Limited) (the "Company")
Result of AGM and Change of Name
The Board of the Company announces that at the Company's Annual
General Meeting held earlier today all the resolutions were
passed.
A summary of the resolutions and the proxy voting figures
received in advance of the meeting are shown below:
For Discretionary Against Withheld
---------------------------- ----------------- --------------- ----------------- ---------
Resolution Votes % Votes % Votes %
---------------------------- ---------- ----- -------- ----- ---------- ----- ---------
To receive and
adopt the financial
statements for
the year ended
31 October 2015,
with the reports
of the directors
1 and auditors thereon. 43,126,353 95.97 0 0 1,811,981 4.03 0
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To approve the
Directors' Remuneration
Report for the
year ended 31
2 October 2015. 42,341,937 94.26 0 0 2,578,097 5.74 18,300
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To re-elect William
Collins as a director
3 of the Company. 44,923,908 99.97 6,279 0.01 8,147 0.02 0
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To re-elect Mark
Hadsley-Chaplin
as a director
4 of the Company. 36,243,248 80.79 6,279 0.01 8,614,153 19.2 74,654
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To re-elect John
Hawkins as a director
5 of the Company. 33,665,151 75.04 0 0 11,198,529 24.96 74,654
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To re-elect Terence
Mahony as a director
6 of the Company. 26,723,800 59.47 0 0 18,214,534 40.53 0
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To re-appoint
KPMG Channel Islands
Limited as auditor
7 to the Company. 43,126,353 100 0 0 0 0 1,811,981
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To authorise the
directors to determine
KPMG Channel Islands
Limited's remuneration
as auditor of
8 the Company. 44,938,334 100 0 0 0 0 0
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To give the Company
authority to purchase
9 its own shares. 44,938,334 100 0 0 0 0 0
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
To approve that
the Company's
name be changed
to Aberdeen Emerging
Markets Investment
10 Company Limited. 44,938,334 100 0 0 0 0 0
------------------------ ---------- ----- -------- ----- ---------- ----- ---------
At the time of the above meeting the Company's share capital
consisted of 51,926,229 ordinary shares with voting rights and a
further 2,692,278 ordinary shares held in treasury.
The Board is pleased that shareholders have approved all
resolutions proposed at the AGM. While it notes the number of votes
against the re-election of certain Directors, the Board is aware
that these votes arose principally due to independence issues
arising as a result of the acquisition of Advance Emerging Capital
Limited by Aberdeen Asset Management PLC ("Aberdeen") in December
2015. The Board is currently conducting a review of its composition
and will notify shareholders of the results of that review in due
course.
The Board also announces that Mr John Hawkins remains as a
Director of the Company but has stepped down from his position as
Deputy Chairman with immediate effect.
Change of Name
It is expected that the change of name to Aberdeen Emerging
Markets Investment Company Limited will be made effective by the
Guernsey Registry by Friday 15 April 2016 and that the Company's
TIDM ("ticker") will change to AEMC with effect from 8.00am on
Monday 18 April 2016. The ISIN and SEDOL numbers will not change.
Existing share certificates remain valid and certificates in the
new name will only be issued as required.
Enquiries:
Aberdeen Emerging Capital Limited (Investment Manager to
Aberdeen Emerging Markets Investment Company Limited)
Andrew Lister / Bernard Moody Tel: +44 (0)20 7618 1440
Lisa Garnham
Tel: +44 (0)1481 726034
Orangefield Legis Fund Services Limited
Company Secretary to Aberdeen Emerging Markets Investment
Company Limited
14 April 2016
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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