New Star Investment Trust PLC: AGM Result and Performance Fee
New Star Investment Trust PLC (NSI)
New Star Investment Trust PLC: AGM Result and Performance Fee
14-Nov-2019 / 17:40 GMT/BST
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NEW STAR INVESTMENT TRUST PLC
AGM RESULT & PERFORMANCE FEE ANNOUNCEMENT
New Star Investment Trust plc (the 'Company') announces that at the Annual General Meeting of the Company duly convened and held today, 14 November 2019, all Resolutions as set out in the Notice of Meeting were passed on a show of hands. The full text of each resolution can be found in the Annual Report and Accounts for the year ended 30 June 2019, which is available at www.nsitplc.com. In accordance with listing rule 9.6.2 a copy of all resolutions passed as Special Business at the Meeting will be available for inspection at the National Storage Mechanism shortly. Proxy votes received for the resolutions are shown below.
PERFORMANCE FEE
The performance fee arrangements were agreed in 2008, just before the financial crisis, with a hurdle rate based on Libor, when Libor was above 5%. The investment manager and the Board have discussed the appropriateness of the performance fee methodology given that we appear to be in a lower interest rate environment. The investment manager and the company no longer believe that the performance fee methodology is appropriate and have agreed that with effect from the first of January 2020, the performance fee arrangement will cease. Therefore the period to 31 December 2019 will be the last period for which the manager will be eligible for a performance fee. There will be no changes to the annual management fee charged by the investment manager.
AGM PROXY VOTING
Votes for
Votes discretionary
% (of votes cast for & discretionary)
Votes against
% (of votes cast against)
Total votes (excl. withheld)
Votes withheld
Resolution 1
48,146,090
22,146
100.00%
0
0.00%
48,168,236
3,340
Resolution 2
48,134,090
22,146
99.98%
12,000
0.02%
48,168,236
3,340
Resolution 3
48,149,430
22,146
100.00%
0
0.00%
48,171,576
0
Resolution 4
48,052,839
22,146
99.98%
10,000
0.02%
48,084,985
86,591
Resolution 5
47,981,856
22,146
100.00%
0
0.00%
48,004,002
167,574
Resolution 6
47,971,856
22,146
99.98%
10,000
0.02%
48,004,002
167,574
Resolution 7
48,139,430
22,146
99.98%
10,000
0.02%
48,171,576
0
Resolution 8
48,139,430
22,146
99.98%
10,000
0.02%
48,171,576
0
Resolution 9
48,137,430
22,146
99.98%
12,000
0.02%
48,171,576
0
Resolution 10
48,149,430
22,146
100.00%
0
0.00%
48,171,576
0
Resolution 11
48,149,430
22,146
100.00%
0
0.00%
48,171,576
0
Resolution 12
48,139,430
22,146
99.98%
10,000
0.02%
48,171,576
0
Maitland Administration Services Limited - Corporate Secretary
14 November 2019
ISIN: GB0002631041 Category Code: RAG TIDM: NSI OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 29358 EQS News ID: 913615
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