At the Annual General Meeting (AGM) held on 26 July 2023, both Ninety One plc and Ninety One Limited, collectively known as Ninety One, experienced a positive outcome with all resolutions passing with the requisite majority of votes. However, a notable exception was ordinary resolution 24, which pertains to the general authority to issue ordinary shares for cash.
The AGM saw 20.39% of votes against the general authority resolution, reflecting shareholder concerns about potential dilution of their rights and investments. This significant dissent has prompted a response from the Board of Ninety One.
In a statement, the Board acknowledged these concerns and iterated that, as of now, there is no intention to issue new shares under the general authority. Despite this assurance, the Board emphasized the importance of maintaining flexibility and optionality in Ninety One’s capital management.
A summary of the key details and the Board’s response is presented in the following table:
| Company | Registration | Share Codes | ISIN |
|---|---|---|---|
| Ninety One plc | England and Wales | N91 (LSE) | GB00BJHPLV88 |
| Ninety One Limited | Republic of South Africa | NY1 (JSE) | ZAE000282356 |
Looking ahead, the Board plans to engage with a wide range of shareholders in the coming months to better understand their perspectives on the matter of share issuance under the general authority. This proactive approach reflects the Board’s commitment to addressing and considering shareholder input.
The results of these engagements and any subsequent decisions will be communicated to shareholders in the Integrated Annual Report for the year 2024.
While the AGM marked an overall success for Ninety One, the attention garnered by the dissenting votes on the general authority resolution underscores the importance of transparent communication between the company and its shareholders. The Board’s commitment to ongoing engagement and a forthcoming update in the Integrated Annual Report signals a dedication to addressing shareholder concerns and maintaining a collaborative relationship. The coming months will be pivotal as Ninety One navigates these discussions and shapes its capital management strategy accordingly.
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