London, November 12
Picton Property Income Limited (the" Company") Result of Annual General Meeting 12 November 2014 At the Annual General Meeting ("AGM") held on 12 November 2014, all Resolutions set out in the AGM Notice sent to shareholders on 24 September 2014, were duly passed. A copy of the full voting totals will be published on the Company´s website at: www.pictonproperty.co.uk The following Special Business resolutions were also passed: BOARD AUTHORITY IT WAS RESOLVED TO extend the authority of the Board to issue TO ISSUE SHARES: an unlimited number of shares under Article 4.7 of the Articles of Incorporation for a further 5 years, effective as at the passing of this resolution. MARKET IT WAS RESOLVED TO renew the authority of the Company, in ACQUISITIONS: accordance with Section 315 of The Companies (Guernsey) Law, 2008 (as amended) ("the Law"), to make market acquisitions (within the meaning of Section 316 of the Law) of the Ordinary Shares of No Par Value in the share capital of the Company ("the Ordinary Shares") provided that:- (a) the maximum number of Ordinary Shares hereby authorised to be acquired shall be 14.99 per cent of the issued Ordinary Shares on the date on which this resolution is passed; (b) the minimum price which may be paid for an Ordinary Share shall be 1p; (c) the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be an amount equal to the higher of 105 per cent of the average of the middle market quotations (as derived from the Daily Official List) for the Ordinary Shares for the five business days immediately preceding the date of purchase or the higher of such price of the last independent trade and the highest current independent bid at the time of purchase; and (d) unless previously varied, revoked or renewed, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2015, save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary Shares under such authority and may make a purchase of Ordinary Shares pursuant to any such contract. EXTRA-ORDINARY IT WAS RESOLVED TO empower the Directors of the Company to RESOLUTION - disapply the right of shareholders to receive a pre-emptive PRE-EMPTION offer of new Ordinary Shares pursuant to Article 4.17 of the RIGHTS: Articles of Incorporation provided that this power shall be limited to the issue of up to 43,919,176 Ordinary Shares (being equal to 10 per cent of the Ordinary Shares in issue as at the date of this Notice) and shall expire (unless previously renewed, varied or revoked by the Company in a general meeting) at the end of the Annual General Meeting of the Company held in 2015, or, if earlier, the date falling 15 months after the date of this Resolution, but during this period the Company may make offers, and enter into agreements, which would, or might, require Ordinary Shares to be issued (and treasury shares to be sold) after the power given to the Board pursuant to this Resolution ends and the Board may issue Ordinary Shares (and sell treasury shares) under any such offer or agreement as if the power had not ended. For further information: David Sauvarin The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745529 Fax: 01481 745085 Note to Editors Picton Property Income Limited (´Picton´) is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom. With Net Assets of £273.7 million at 30 September 2014 and approximately 850 investors, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors.