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JPEL Private Equity Limited
Ground Floor
Cambridge House
Le Truchot, St Peter Port
Guernsey, GY1 1WD
JPEL ANNOUNCES RESULTS OF AGM
* * *
GUERNSEY, 26 NOVEMBER 2020
JPEL Private Equity Limited (the "Company") announces that at the Annual General Meeting ("AGM") of the Company held on 25 November 2020, all resolutions put to shareholders at the AGM were duly passed.
SUMMARY OF RESOLUTIONS PROPOSED AT AGM
SUMMARY OF RESOLUTIONS TO BE PROPOSED
The following summarises all of the resolutions the Company sought approval for at the AGM.
Special Resolutions
1. To renew the Company's authority to make purchases of up to 15 per cent. of each class of its own issued Shares pursuant to any proposed Tender Offer.
2. To renew the Company's general authority to make market purchases of up to 14.99 per cent. of each class of its own issued Shares.
Ordinary Resolutions
3. To approve and adopt the Annual Report and Financial Statements of the Company for the year ended 30 June 2020.
4. To re-elect PricewaterhouseCoopers CI LLP as Auditors to the Company.
5. To re-authorise the Directors to determine the Auditors' remuneration.
6. To re-authorise and agree the remuneration of the Directors in accordance with the Articles of Incorporation.
7. To re-elect Christopher P. Spencer as a non-executive, independent director of the Company, who retires by rotation.
8. To re-elect John Loudon as a non-executive, independent director of the Company, who retires by rotation.
9. To re-elect Anthony (Tony) Dalwood as a non-executive, independent director of the Company, who retires by rotation.
10. To re-elect Sean Hurst as a non-executive, independent director of the Company, who retires by rotation.
Below, please find a summary of all votes received for JPEL's AGM:
|
In Favour |
Discretion |
Against |
Withheld |
||||||||
|
Resolution |
Votes |
%age |
Items |
Votes |
%age |
Items |
Votes |
%age |
Items |
Votes |
Items |
|
1 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
2 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
3 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
4 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
5 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
6 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
7 |
76,819,352 |
88.19 |
14 |
0 |
0 |
0 |
10,287,224 |
11.81 |
1 |
0 |
0 |
|
8 |
59,440,155 |
68.24 |
14 |
0 |
0 |
0 |
27,666,421 |
31.76 |
3 |
0 |
0 |
|
9 |
87,106,576 |
100 |
15 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
10 |
76,819,352 |
100 |
14 |
0 |
0 |
0 |
0 |
0 |
0 |
10,287,224 |
1 |
The Board has considered the results of the AGM today and notes the level of votes cast against resolution 8 (the re-election of John Loudon) by a small number of shareholders.
We have engaged with our major shareholders ahead of the vote and understand their views on these matters and the differing philosophies they apply.
Following the outcome of today's vote, we will contact shareholders to discuss these matters again and will keep best practice in these areas under review. In accordance with the provisions of the 2019 AIC Code of Corporate Governance, we shall provide an update on this engagement process over the coming months.
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About JPEL Private Equity Limited
JPEL Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL) designed primarily to invest in the global private equity market. The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well-diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market.
ENQUIRIES:
FCF JPEL Management LLC
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