Hello, welcome everyone to The Renewables Infrastructure Group 2026 annual general meeting. My name is Becky, I will be your operator today. Please note that all lines will be muted throughout this presentation. I will now hand over to your host, Richard Morse, Chair, to begin. Please go ahead.
Thank you very much. Good morning, ladies and gentlemen. On behalf of The Renewables Infrastructure Group Limited, welcome to our annual general meeting. I'm Richard Morse, the chairman of TRIG. Before we move to the more formal proceedings, I'd like to introduce some of my colleagues who have joined me this morning. Attending the meeting in the room is John Whittle, my other fellow directors are online. That's Tove Feld, Erna-Maria Trixl, and Selina Sagayam. We're delighted to welcome Colonel Ian Nathan, a shareholder in his own right, in person here. Also in the room representing Aztec Financial Services Guernsey Limited, the company secretary, are Magdala Maligadou and Samira Akbar. In addition, we have representatives online from both our investment manager, InfraRed Capital Partners, and our operations manager, RES, present online.
I should very much like to thank those registered shareholders who have dialed in to listen to us to be present at this annual general meeting. This has been our first continuation vote as part of the agenda, while this has entailed a considerable amount of additional work, it's been well worth it in terms of the chance to engage more closely with our investors. Before I move on, you need to know that we will not be providing any update on the company's performance today. Shareholders will have seen our annual results and our report and the further detail arising from the capital market seminar held last month, which is available on the company's website.
Shareholders will also be aware that the company has made meaningful progress against its 12-month, GBP 400 million capital realization target through the agreed sale of its entire 17.5% stake in the Beatrice offshore wind farm for just over GBP 155 million, which was announced earlier this month. I would like to thank each and every shareholder for their continued support. The market environment has been very challenging for the company over the last 18 months, while the recent share price appreciation, up slightly less than 15% from its lowest point three months ago, has been encouraging, we recognize that there is more to be done. The board believes the quality of TRIG's portfolio, its differentiated investment strategy, its prudent long-term capital structure, and the experience, expertise, and depth of resource of the managers will optimize long-term value through market cycles.
The board maintains high confidence in the company's medium-term growth opportunity. On the 18th of May, we invited registered shareholders to submit any questions that they might have regarding the business of the meeting by email to the company secretary. We can confirm that no questions have been received. The quorum for this annual general meeting is two or more members present in person or by proxy and entitled to vote. There are at least that number of members present, I therefore declare the meeting open. The notice convening the meeting has been made available for the statutory period, I shall take that notice as read. There are 16 resolutions proposed at this annual general meeting. Resolutions one to 11 are proposed as ordinary resolutions under ordinary business, and they require a simple majority to be passed.
Resolutions 12 to 15 are proposed as ordinary resolutions under special business and require a simple majority to be passed as well. Resolution 16 is proposed as a special resolution, and that requires a majority of 75% of votes in favor to be passed. The full text of each resolution appears in the notice of the meeting. It's not my intention to read the resolutions in full, but to propose them as was set out in the notice of the meeting. The resolutions are as follows. I'm going to read all of them, and then we'll give you a summary of the voting on them. One is to receive and consider the audited accounts, the director's report and the auditor's report for the year ended 31st of December 2025. Two is to reelect Richard Morse as a director. Three is to reelect Tove Feld as a director.
Four is to reelect John Whittle as a director. Five is to reelect Erna-Maria Trixl as a director. Six is to reelect Selina Sagayam as a director. Seven is to reappoint Deloitte LLP as auditors of the company. Eight is to authorize the directors to agree the remuneration of the auditors. Nine is to approve the directors' remuneration report, excluding the directors' remuneration policy set out on page 103 of the annual report, as set out in the annual report. Ten is to approve the directors' remuneration policy for the year ending 31st of December 2026, as set out on page 100 of the annual report. Eleven is to approve the company's dividend policy for the year ending 31st of December 2026.
In turning to the special business ordinary resolutions, number 12 is to authorize the directors to offer to shareholders the option to elect to receive future dividends wholly or partly in the form of further shares, whether or not in the same class in the company rather than cash. Thirteen is to authorize the company to make market acquisitions of up to 14.99% of its own issued ordinary shares. Fourteen is to authorize the directors to issue shares in the company, or to grant rights to subscribe for or to convert any security into shares in the company. Fifteen is that the company continues as presently constituted. That's the continuation vote.
The special resolution, number 16, is to approve the partial disapplication of the pre-emption rights under Article 7 of the company's articles of incorporation, thereby giving the directors the power to lot and issue and/or sell out of treasury up to 10% of the issued ordinary shares at a premium to current net asset value per share on a non-pre-emptive basis by way of tap issues. As announced by the company on the 18th of May, shareholders were requested to submit their votes by completing and signing the proxy form that accompanied the notice of meeting, or to appoint a proxy electronically if their shares are held in CREST. I'm pleased to report that the secretary has informed me that 236 valid proxy votes were received, representing 1,633,656,861 shares, which represents 69.91% of the company's shares in issue.
MUFG Corporate Markets, as scrutineers, have confirmed that all proxy votes cast have been reconciled back to the share register. Colonel Nathan, since you are present in person, may I ask how you intend to vote your shares?
I vote for.
All the resolutions?
Right.
Thank you very much. I'm pleased to confirm that all the resolutions have received sufficient votes in order to pass, including those proposed as special resolutions. In percentage terms, all the resolutions passed with between 93% and 99% of votes cast in favor. Further details of the final results will be made available on the company's website and will be announced to the London Stock Exchange as soon as practical. That concludes the business of this annual general meeting.
I'd like to take this opportunity once again to thank everybody who has been involved in preparing for this meeting, but above all, to you, our shareholders, for your support and for attending the meeting today. I now declare the meeting closed.
Thank you. This concludes today's call. Thank you all for joining us. You may now disconnect your line.