Clarification Relating to Resolution 6
Cpl confirms that Resolution 6 proposed at the 2019 AGM will be implemented to adhere to the Share Capital Management Guidelines, as published by the Institutional Voting Information Service (IVIS) of the Investment Association (IA). Those guidelines can be found on the IVIS website at: www.ivis.co.uk/guidelines.
Specifically, the guidelines set out that an authority representing up to two-thirds of issued share capital shall be treated as routine and that any amount in excess of one-third should only be applied to rights issues. The authority sought under Resolution 6 will allow the Directors to allot new shares which represents not more than two-thirds of the issued share capital of the Company.