AGM Statement
11 Mars 2011 - 5:23PM
UK Regulatory
TIDMAQT2
Foresight 5 VCT plc (formerly Acuity Growth VCT plc)
AGM Statement
The Board of Foresight 5 VCT plc (formerly Acuity Growth VCT plc) announces
that at the AGM held on 10 March 2011 resolutions 1, 4, 5, 6 and 8 were duly
passed. Resolution 3 had been withdrawn prior to the Annual General Meeting.
Resolution 2, the Directors' Remuneration Report, and Resolution 7,
Disapplication of Pre-Emption Rights on an issue of shares were both rejected.
With respect to Resolution 2, the Directors have already acknowledged the
feedback received from Shareholders on Directors' remuneration and both
Directors' fees and the size of the Board have been reduced. Current annualised
fees are, therefore, almost 50% less than those reported on in the annual report
and accounts to 30 September 2010, which was voted upon by Shareholders at
yesterday's AGM.
As announced yesterday, the Board is considering an issue of new equity by the
Company to support the efforts of Foresight Group, the new investment manager,
in achieving maximum value for Shareholders from the current portfolio and
shortly expects to issue fund-raising proposals to Shareholders. The Board will
also propose to Shareholders that to demonstrate its support of the proposed
fund-raising, all Directors' fees due for the next 12 months (net of applicable
taxes) will be invested by Directors in the Ordinary Shares of the Company.
For further information please contact:
Gary Fraser, Foresight Group: 01732 471800
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Acuity Growth VCT plc via Thomson Reuters ONE
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