In QuotedData’s other news 21 January 2020:
- Troy Income & Growth reports that 25.4m shares were voted against one of the resolutions proposed at its AGM. The resolution still passed as 80m shares were voted in favour. The resolution was one that allows TIGT to issue shares without first offering them to existing shareholders. As TIGT only issues shares at a premium to asset value, share issuance is always in shareholders’ interests (as it boosts the NAV of their shares). The vote against is puzzling therefore. The board says “While the Board understands that the aggregate authority approved in Resolutions 12 and 13 is higher than recommended by corporate governance guidelines, it strongly believes that, in the circumstances of the DCM’s operation, the 20% overall authority is in the best interests of shareholders. The DCM has been effective in maintaining the Company’s share price at close to net asset value in the ten years of its operation, has provided modest but meaningful enhancement to the net asset value per share and has assisted in a reduction in the ongoing charges ratio for the Company. The Board will continue to consult with shareholders on this matter.”
- At 30 November 2019, six months into its accounting year, Baillie Gifford US Growth was trailing its benchmark by 5.1%. The board urges investors to look at the long-term picture – at least five years.
- One of Scottish Mortgage’s directors, Professor Paola Subacchi, has sold £21k worth of shares in the trust.