Announcement

MEETING: TEM: Templeton Emerging Markets Investment Trust plc 08:31a.m. 
TEM  
12/07/2019 08:31  
MEETING  
PRICE SENSITIVE  
REL: 0831 HRS Templeton Emerging Markets Plc  
 
MEETING: TEM: Templeton Emerging Markets Investment Trust plc  
 
Templeton Emerging Markets Investment Trust PLC  
 
11 July 2019  
 
Result of Annual General Meeting  
 
The Board of Templeton Emerging Markets Investment Trust PLC (the "Company")  
announces that, at the Annual General Meeting of the Company held on 11 July  
2019, all of the following resolutions were passed by the requisite majority.  
 
1. To receive and adopt the Directors' and Auditor's Reports and financial  
statements for the year ended 31 March 2019.  
2. To approve the Directors' Remuneration Report for the year ended 31 March  
2019.  
3. To declare a final dividend of 11.00 pence per share for the year ended 31  
March 2019.  
4. To re-elect Paul Manduca as a Director.  
5. To re-elect Beatrice Hollond as a Director.  
6. To re-elect Charlie Ricketts as a Director.  
7. To re-elect David Graham as a Director.  
8. To re-elect Gregory E Johnson as a Director.  
9. To re-elect Simon Jeffreys as a Director.  
10. To appoint Ernst & Young LLP as auditor of the Company, to act until the  
conclusion of the next general meeting of the Company at which audited  
accounts are laid before the members.  
11. To authorise the Directors to determine the auditor's remuneration.  
12. That, pursuant to Article 153.1 of the articles of association of the  
Company, the Company shall continue in being as an Investment Trust for the  
period expiring at the end of the annual general meeting of the Company to be  
held in 2024.  
13. That, in substitution for any existing authority, the Directors be  
generally and unconditionally authorised to allot equity securities (as  
defined in Section 560 of the Companies Act 2006 (the "Act")) pursuant to  
Section 551 of the Act, up to an aggregate nominal amount of ?3,123,077  
(being an amount equal to 5% of the existing issued share capital of the  
Company as at 22 May 2019, being the latest practicable date before the date  
of this notice), provided that this authority shall, unless renewed, varied  
or revoked by the Company, expire at the conclusion of the annual general  
meeting of the Company to be held in 2020 save that the Company may, before  
such expiry, make offers or agreements which would or might require equity  
securities to be allotted and the Directors may allot equity securities in  
pursuance of such offer or agreement notwithstanding that the authority  
conferred by this resolution has expired.  
14. That, in substitution for any existing authority, subject to the passing  
of resolution 13, the Directors be given the general power pursuant to  
sections 570 and 573 of the Act to allot equity securities (as defined by  
Section 560 of the Act) for cash pursuant to the authority conferred by  
resolution 13, and/or to sell equity securities held as treasury shares for  
cash pursuant to Section 727 of the Act, in each case as if Section 561(1) of  
the Act did not apply to any such allotment or sale, provided that this power  
shall be limited to: (a) any such allotment and/or sale of equity securities  
in connection with an offer or issue by way of rights or other pre-emptive  
offer or issue, open for acceptance for a period fixed by the directors, to  
holders of ordinary shares (other than the Company) on the register on any  
record date fixed by the directors in proportion (as nearly as may be) to the  
respective number of ordinary shares deemed to be held by them, subject to  
such exclusions or other arrangements as the directors may deem necessary or  
expedient in relation to fractional entitlements, legal or practical problems  
arising in any overseas territory, the requirements of any regulatory body or  
stock exchange or any other matter whatsoever; and (b) any such allotment  
and/or sale, otherwise than pursuant to sub-paragraph (a) above, of equity  
securities having, in the case of ordinary shares, an aggregate nominal value  
or, in the case of other equity securities, giving the right to subscribe for  
or convert into ordinary shares having an aggregate nominal value, not  
exceeding the sum of ?3,123,077 (being an amount equal to 5% of the existing  
issued share capital of the Company as at 22 May 2019, being the latest  
practicable date before the date of this notice). The power granted by this  
resolution will expire on conclusion of the annual general meeting of the  
Company to be held in 2020 (unless renewed, varied or revoked by the Company  
prior to or on such date) save that the Company may, before such expiry, make  
offers or agreements which would or might require equity securities to be  
allotted or equity securities held as treasury shares to be sold after such  
expiry and the Directors may allot and/or sell equity securities held as  
treasury shares in pursuance of any such offer or agreement notwithstanding  
that the power conferred by this resolution has expired.  
15. That, in substitution for any existing authority, the Company be and is  
hereby authorised in accordance with Section 701 of the Companies Act 2006 to  
make market purchases (within the meaning of Section 693(4) of the Companies  
Act 2006), of its ordinary of shares of 25 pence each in the capital of the  
Company ("shares") provided that:  
(i) the maximum number of shares hereby authorised to be purchased shall not  
exceed 14.99 per cent of the shares in issue on 11 July 2019, or 37,451,945  
shares, whichever is lower;  
(ii) the minimum price which may be paid for a share shall be 25 pence;  
(iii) the maximum price which may be paid (excluding expenses) for a share  
shall not be more than the higher of: (a) an amount equal to 105 per cent of  
the average of the closing mid-market price of shares (as derived from the  
daily Official List of the London Stock Exchange) for the five business days  
immediately preceding the date of purchase; and (b) the higher of the last  
independent trade price and the highest current independent purchase bid  
price on the London Stock Exchange; and  
(iv) unless renewed, the authority hereby conferred shall expire on the  
conclusion of the annual general meeting of the Company to be held in 2020,  
save that the Company may, and prior to such expiry, enter into a contract to  
purchase shares which will or may be completed wholly or partly after such  
expiry.  
16. That a general meeting, other than an annual general meeting, may be  
called on not less than 14 clear days' notice.  
Resolutions 1 - 16 were passed on a show of voting cards. A breakdown of the  
proxy votes registered is shown below.  
 
Resolution Votes for (including votes at the discretion of the Chairman)  
Votes Against Votes Withheld  
Ordinary Resolutions  
1 140,267,115 106,680 1,037,582  
2 140,099,924 221,190 1,090,263  
3 140,384,009 7,111 1,020,257  
4 134,115,449 6,226,703 1,069,224  
5 137,124,115 3,220,799 1,066,463  
6 140,316,860 25,587 1,068,930  
7 140,311,272 30,257 1,069,848  
8 105,158,536 35,186,065 1,066,776  
9 137,122,954 3,222,470 1,065,953  
10 140,274,745 91,453 1,045,179  
11 140,319,726 33,540 1,058,111  
Special Business - Ordinary Resolutions  
12 141,335,362 46,963 29,901  
13 140,285,233 72,805 1,053,339  
Special Resolutions  
14 140,183,036 144,965 1,083,376  
15 140,238,776 134,737 1,037,864  
16 139,078,256 1,286,924 1,046,197  
 
The Board notes the outcome of the votes in relation to Resolution 8  
concerning the re-election of Gregory Johnson, in which a substantial  
minority of proxy votes against Mr Johnson's re-election were submitted. The  
Board understands that some shareholders have a policy of voting against  
re-election of any non-independent directors of investment trusts.  
 
The independent directors remain of the view that Mr. Johnson is able to make  
a valuable contribution to the Company in his capacity as a director and that  
there are sufficient procedures in place to manage the inherent conflict of  
interest that his appointment gives rise to. That being said, the Board will  
engage with shareholders who voted against this resolution to discuss their  
concerns and, in accordance with its obligations under the AIC Code, the  
Company will provide an update following that engagement with shareholders  
within the next six months and a final summary in its next annual report.  
 
For information please contact Winterflood Securities (Corporate Broker) Neil  
Langford on + 44 (0) 20 3100 0160.  
END OF ANNOUNCEMENT  
End CA:00337581 For:TEM Type:MEETING Time:2019-07-12 08:31:33