Ninety One addresses shareholder dissidents from AGM
Overall, 20.4% of shareholders voted against it and at the time, the board said it would 'continue its ongoing dialogue with shareholders and consult as appropriate to fully understand any concerns in relation to this resolution'.
In an RNS notice published today (16 January), Ninety One said all resolutions were passed at its AGM back in July, but one matter relating to its general authority to issue ordinary shares for cash received a «significant number of votes against it».
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Overall, 20.4% of shareholders voted against the measure and, at the time, the board said it would «continue its ongoing dialogue with shareholders and consult as appropriate to fully understand any concerns in relation to this resolution».
In its required update, which has to come within six months of the AGM, the board said investors had expressed «concerns regarding the dilution of their rights and investments and reiterates that it currently has no intention to issue new shares under the general authority», and said it «recognised» these.
The board stood by its initial proposal, stating it «believes that the general authority is important for maintaining flexibility and optionality in Ninety One's capital management».
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It added it would continue to engage with shareholders in the upcoming months in order to further understand investors' position and will provide a further update in its Integrated Annual Report 2024.
In a separate notice, Ninety One said its assets under management as of 31 December 2023 stood at £124.2bn.
While this was a near billion increase from 30 September (£123.1bn), it was an overall decline on 2022's final
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