Downing Strategic Micro-Cap Investment Trust plc (the "Company")

LEI Number: 213800QMYPUW4POFFX69

Board Receives Support From Independent Advisors

Following the receipt of a request to requisition a general meeting of the Company (the "Requisition") from Vidacos Nominees Limited, acting as nominee of Milkwood Capital Limited ("Milkwood"), the resolutions put forward at the General Meeting on 5 August 2024 have been assessed by a key leading independent proxy advisory agency working in the financial markets.

The assessment of this globally respected advisor is to vote Against each of the Requisitioned Resolutions, which is in line with the board's unanimous recommendation.

As stated before the Board considers that Milkwood's decision to lodge the Requisition is wholly self-interested and disruptive when the Board and the Investment Manager are focused on returning cash to shareholders pursuant to the shareholder approved managed wind-down of the Company. 

Shareholders are reminded, if voting by proxy, that the latest time and date for lodging proxy forms or submitting proxy instructions online in connection with the requisitioned general meeting is 10.00 a.m. on 1 August 2024, however, intermediaries will have set earlier deadlines for underlying holders to provide them with voting instructions. The record date and time for the purposes of being entitled to vote at the requisitioned general meeting is 6.00 p.m.  on 1 August 2024, and the meeting will be held on 5 August 2024 at 10.00 a.m.

Hugh Aldous, chairman of the Company, commented: "It is clear that the leading governance advisors, who are trusted by major fund managers around the world, are in agreement that the proposals would put the Company under the leadership of directors who are not independent and will not necessarily represent the interests of all shareholders. I am pleased that they agree with the Board in rejecting these self-interested proposals."

If you are in any doubt about what action to take in respect of matters in connection with your investment in DSM (including whether to vote or not, or how to vote) you should consult your independent professional adviser authorised pursuant to the Financial Services and Markets Act 2000"

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