EDINBURGH - Edinburgh Worldwide Investment Trust plc (LSE:EWI) announced today that its shareholders have approved significant changes to the company's investment objective and policy, as well as a reduction in share capital. These decisions were made during a general meeting earlier today.
The ordinary resolution passed with 99.43% of votes in favor, effectively adopting a new investment objective and policy as detailed in the circular distributed to shareholders on November 20, 2024. This move replaces all previous objectives and policies of the trust.
Additionally, a special resolution was approved with 99.37% support, allowing for a reduction in share capital by canceling the entire amount standing to the credit of the company's share premium account, subject to confirmation by the Court of Session. The resulting credit will be used to establish a Distributable Capital Reserve, which can be applied in any manner permitted for the company's profits under the Companies Act 2006.
The approval rates for the resolutions were high, with only 0.57% voting against the ordinary resolution and 0.63% against the special resolution.
The trust, which is listed on the London Stock Exchange (LON:LSEG), is now poised to implement these changes, which are expected to provide more flexibility in managing its capital structure and investment strategies. The details of the resolutions have been submitted to the National Storage Mechanism and will soon be available for public inspection.
This development is based on a press release statement and reflects the outcome of the shareholder meeting held earlier today. The trust's decision to revise its investment approach and capital management comes at a time when investment firms are increasingly seeking to adapt to changing market conditions and investor expectations.
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