Invesco Global Equity Income Trust plc

LEI: 549300JZQ39WJPD7U596

Result of Annual General Meeting

Result of the Annual General Meeting of Invesco Global Equity Income Trust plc held on 21 November 2024:

All of the Annual General Meeting resolutions were decided by poll and were passed. 

The poll results were as follows:

Resolutions 1 to 11 and 15 were ordinary resolutions and resolutions 12 to 14 and 16 were special resolutions.

The full text of the resolutions passed is as follows:

1.  To receive the Annual Financial Report for the year ended 31 May 2024.

2.  To approve the Directors’ Remuneration Policy.

3.  To approve the Annual Statement and Report on Remuneration.

4.  To re-elect Craig Cleland as a Director of the Company.

5.  To re-elect Mark Dampier as a Director of the Company.

6. To re-elect Tim Woodhead as a Director of the Company.

7.     To elect Sue Inglis as a Director of the Company.

8.  To re-appoint Grant Thornton UK LLP as Auditor to the Company

9.     To authorise the Audit Committee to determine the Auditor’s remuneration.

10.   To approve the Company’s dividend policy as set out on page 37 of the 2024 Annual Report.

Special business of the Company

11.    That: the Directors be and they are hereby generally and unconditionally authorised, for the purpose of section 551 of the Companies Act 2006 as amended from time to time prior to the date of passing this resolution (‘2006 Act’) to exercise all the powers of the Company to allot relevant securities (as defined in sections 551(3) and (6) of the 2006 Act) up to an aggregate nominal amount equal to £419,796 of Global Equity Income Shares (or, if resolution 15 passes, ordinary shares), provided that this authority shall expire at the conclusion of the next AGM of the Company or the date falling 15 months after the passing of this resolution, whichever is the earlier, but so that such authority shall allow the Company to make offers or agreements before the expiry of this authority which would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities in pursuance of such offers or agreements as if the power conferred hereby had not expired.

12. That: the Directors be and they are hereby empowered, in accordance with sections 570 and 573 of the Companies Act 2006 as amended from time to time prior to the date of the passing of this resolution (‘2006 Act’) to allot Global Equity Income Shares (or if resolution 15 passes, ordinary shares) for cash, either pursuant to the authority given by resolution 11 or (if such allotment constitutes the sale of relevant shares which, immediately before the sale, were held by the Company as treasury shares) otherwise, as if section 561 of the 2006 Act did not apply to any such allotment, provided that this power shall be limited:

(a) to the allotment of shares in connection with a rights issue in favour of all holders of a class of share where the shares attributable respectively to the interests of all holders of shares of such class are either proportionate (as nearly as may be) to the respective numbers of relevant shares held by them or are otherwise allotted in accordance with the rights attaching to such shares (subject in either case to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractional entitlements or legal or practical problems under the laws of, or the requirements of, any regulatory body or any stock exchange in any territory or otherwise);

(b) to the allotment (otherwise than pursuant to a rights issue) of equity securities up to an aggregate nominal amount of £62,969 of Global Equity Income Shares (or, if resolution 15 passes, ordinary shares); and

(c) to the allotment of equity securities at a price of not less than the net asset value per share as close as practicable to the allotment or sale

and this power shall expire at the conclusion of the next AGM of the Company or the date 15 months after the passing of this resolution, whichever is the earlier, but so that this power shall allow the Company to make offers or agreements before the expiry of this power which would or might require equity securities to be allotted after such expiry as if the power conferred by this resolution had not expired; and so that words and expressions defined in or for the purposes of Part 17 of the 2006 Act shall bear the same meanings in this resolution.

13. That: the Company be generally and subject as hereinafter appears unconditionally authorised in accordance with section 701 of the Companies Act 2006 as amended from time to time prior to the date of passing this resolution (‘2006 Act’) to make market purchases (within the meaning of section 693(4) of the 2006 Act) of its issued Global Equity Income Shares.

PROVIDED ALWAYS THAT:

(i)          the maximum number of shares hereby authorised to be purchased shall be 14.99% of the Company’s issued Global Equity Income Shares (or, if resolution 15 passes, ordinary shares) as at the date of the AGM;

(ii)         the minimum price which may be paid for a share shall be 1p;

(iii)       the maximum price which may be paid for a share must not be more than the higher of: (a) 5% above the average of the mid-market values of the shares for the five business days before the purchase is made; and (b) the higher of the price of the last independent trade in the shares and the highest then current independent bid for the shares on the London Stock Exchange;

(iv)            any purchase of shares will be made in the market for cash at prices below the prevailing net asset value per share (as determined by the Directors);

(v)             the authority hereby conferred shall expire at the conclusion of the next AGM of the Company or, if earlier, on the expiry of 15 months from the passing of this resolution unless the authority is renewed at any other general meeting prior to such time; and

(vi)            the Company may make a contract to purchase shares under the authority hereby conferred prior to the expiry of such authority which will be executed wholly or partly after the expiration of such authority and may make a purchase of shares pursuant to any such contract.

14. That: the period of notice required for general meetings of the Company (other than Annual General Meetings) shall be not less than 14 days.

15. That: it is resolved that the Global Equity Income Shares (being the entire issued share capital of the Company) be redesignated as ordinary shares of £0.01 each, with the rights and restrictions attached to them as set out in the Articles of Association.

16. That: subject to the passing of the resolution numbered 15, the Articles of Association as produced to the meeting and initialled by the Chair for the purpose of identification be adopted as the Articles of Association of the Company in substitution for, and to the exclusion of, the existing Articles of Association.

The poll votes lodged with the Registrar will shortly be available via the Company’s website at:  https://www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income-trust.html

In accordance with UK Listing Rule 6.4.2R, copies of the resolutions that were passed at the annual general meeting, which do not constitute ordinary business will shortly be available for inspection via the National Storage Mechanism: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

As previously announced, Victoria Muir and Davina Curling have both retired from the Board following the conclusion of the meeting. Victoria Muir was succeeded in her role as Chair of the Board by Sue Inglis. Tim Woodhead has assumed the role of Senior Independent Director and Chair of the Company's Management Engagement Committee following Davina Curling’s retirement.

Invesco Asset Management Limited
Corporate Company Secretary
22 November 2024