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KCR Residential REIT plc held a requisitioned General Meeting on 14 July 2025, where all nine proposed resolutions were defeated. The resolutions, which included the removal and appointment of directors, received approximately 15.6-15.7% of votes in favour and 84.2-84.3% against. Torchlight Fund LP, holding 23,100,000 Ordinary Shares representing 55.44% of KCR's issued share capital, voted against all resolutions.
| Date | 14 Jul 2025 |
| Time | 13:35:12 |
| Category | AGMs and other meetings |
| ID | 9753Q |
14 July 2025
KCR Residential REIT plc
("KCR" or the "Company")
Result of General Meeting
KCR, the residential REIT group, announces that, at the requisitioned General Meeting of the Company held today, all resolutions put to the meeting were defeated in line with the Board's unanimous recommendation for shareholders to vote AGAINST all of the resolutions being proposed.
As announced on 18 June 2025, Torchlight Fund LP, which holds 23,100,000 Ordinary Shares in KCR, representing approximately 55.44 per cent. of the issued share capital of KCR, had notified the Company that it intended to exercise its rights to vote against all of the resolutions to be proposed at the General Meeting. Torchlight Fund LLP exercised its rights in this respect as intended.
The results of the poll vote are set out below.
|
Resolution number |
Resolutions |
For |
Percent. of votes in Favour |
Against |
Percent. of votes Against |
Withheld |
Total of issued share capital voted |
Percent. of issued share capital voted |
|
1 |
THAT Mr. Russell Naylor be removed as Chief Executive Officer and as a Director of the Company |
4,432,171 |
15.72% |
23,767,521 |
84.28% |
0 |
28,199,692 |
67.67% |
|
2 |
THAT Mr. James Thornton be removed as Chairman of the Board and as a Director of the Company |
4,409,535 |
15.64% |
23,790,157 |
84.36% |
0 |
28,199,692 |
67.67% |
|
3 |
THAT Mr Richard Boon be removed as a Non-Executive Director of the Company |
4,432,171 |
15.72% |
23,767,521 |
84.28% |
0 |
28,199,692 |
67.67% |
|
4 |
THAT Mr. Gordon Robinson be removed as a Non-Executive Director of the Company |
4,432,171 |
15.72% |
23,767,521 |
84.28% |
0 |
28,199,692 |
67.67% |
|
5 |
THAT Mr Charles Vaughan be appointed as Chairman of the Board of the Company and a Director of the Company |
4,429,999 |
15.71% |
23,769,693 |
84.29% |
0 |
28,199,692 |
67.67% |
|
6 |
THAT Mr Peter Dykes be appointed as Chief Executive Officer and a Director of the Company |
4,407,363 |
15.63% |
23,792,329 |
84.37% |
0 |
28,199,692 |
67.67% |
|
7 |
THAT Mr Timothy James be appointed as a Non-Executive Director of the Company |
4,429,999 |
15.71% |
23,769,693 |
84.29% |
0 |
28,199,692 |
67.67% |
|
8 |
THAT Mr Nishith Malde be appointed as a Non-Executive Director of the Company |
4,429,999 |
15.71% |
23,769,693 |
84.29% |
0 |
28,199,692 |
67.67% |
|
9 |
THAT the newly constituted Board of the Company initiates a full strategic review of its operations, financing, asset base and future direction with a view to setting out a clear and implementable strategy for shareholders to approve
|
4,432,171 |
15.72% |
23,767,521 |
84.28% |
0 |
28,199,692 |
67.67% |
Notes:
A vote "withheld" is not a vote in law and has not been counted as a vote "for" or "against" a resolution.
All resolutions were proposed as ordinary resolutions.
The number of ordinary shares in issue at the date of this announcement is 41,669,631, of which no ordinary shares are held in treasury.
The directors of the Company take responsibility for this announcement.
For further information please contact:
|
KCR Residential REIT plc Russell Naylor, Executive Director |
Tel: +44 (0)7749 963 033 |
|
|
|
|
Cairn Financial Advisers LLP (Nomad) Emily Staples / Louise O'Driscoll
|
Tel: +44 (0)20 7213 0880
|
|
Zeus Capital Limited (Broker) Louisa Waddell
|
Tel: +44 (0)20 7614 5000
|