ADU Advance UK Tst.

 
TIDMADU 
 
Advance UK Trust PLC 
Result of AGM 
 
At  the Annual General Meeting  held today all resolutions  were passed with the 
exception  of  resolution  9, which  asked  that  the Company be continued as an 
investment  trust  for  a  further  three  year period, and resolution 12, which 
sought  to authorise the directors to allot shares free from pre-emption rights. 
In  accordance with  the Company?s  Articles of  Association, the Directors have 
three  months to  convene a  general meeting  of the  Company at which a special 
resolution will be put to wind up the Company voluntarily. 
 
Philip Rowen, Chairman of Advance UK Trust PLC, read out the following statement 
at the meeting. 
 
We  are  disappointed  that  the  continuation  vote  has not passed, especially 
because; 
  * the fund has established an enviable record of wealth creation from 
    constructive corporate activism; delivering a 74% capital return since 
    launch against a 13% increase in the FTSE All-Share Index. 
  * after a period of negative returns last year, the fund has had a remarkable 
    2009. Indeed it is the best performing global fund of funds and has achieved 
    twice the return on the FTSE All-Share Index over the calendar year to date. 
  * and moreover, as I said in my statement in the Annual Report, current market 
    conditions are ideally suited to our remit and with the underlying portfolio 
    on an average discount of 23%, we had every expectation of delivering 
    positive future performance. 
 
 
The  continuation vote was supported by  the majority of shareholders by number. 
However  the result  of the  vote was  determined by  the votes  cast by a small 
number of large institutional shareholders. 
 
The Directors may choose to put alternative proposals to shareholders in advance 
of  the general meeting. When considering  suitable proposals the Directors will 
be mindful that any proposal should treat all shareholders equally. 
 
End 
 
 
 
[HUG#1362920] 
 

Advance UK Tst. (LSE:ADU)
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