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On 29 August 2024, PRS REIT plc received a letter from Harwood Capital Management Limited and four other shareholder entities (the 'Requisitioning Investors'), collectively holding approximately 17.3% of the Company's issued share capital. The letter requests the Board convene a general meeting to consider resolutions for the removal of two independent non-executive Directors, Stephen Paul Smith and David Steffan Francis. It also requests shareholders vote to approve the appointment of Robert Graham Naylor as non-executive Chairman and Christopher Harwood Bernard Mills as a Director, with an additional c.1.6% of issued share capital having given irrevocable undertakings to vote in favour.
| Date | 29 Aug 2024 |
| Time | 10:51:18 |
| Category | Miscellaneous |
| ID | 1666C |
PRSR.L
The PRS REIT plc
("the PRS REIT" or "the Company")
Receipt of Requisition Letter
The Board of PRS REIT announces that it has received a letter dated 29 August 2024 from Harwood Capital Management Limited, Waverton Investment Management Limited, CCLA Investment Management Limited, Alder Investment Management Limited, CG Asset Management Limited ("the Requisitioning Investors"), shareholders in the Company holding, in aggregate, 94,025,149 ordinary shares representing c.17.3% of issued share capital, requesting the Board convene a general meeting pursuant to section 303(1) of the Companies Act 2006. In addition, the Company understands that Ruffer LLP and Asset Value Investors Limited, representing in aggregate c.1.6% of issued share capital, have given irrevocable undertakings to vote in favour of the resolutions to be proposed by the Requisitioning Investors.
The letter requests that, at a general meeting, shareholders of the Company consider and vote on ordinary resolutions to remove two of the five existing independent non-executive Directors, the Chairman, Stephen Paul Smith and David Steffan Francis. The letter also requests shareholders vote to approve the appointment of Robert Graham Naylor as non-executive Chairman and Christopher Harwood Bernard Mills of Harwood Capital Management as a Director. Harwood Capital Management holds 1.1% of the share capital of the PRS REIT.
The Company is taking advice as to the validity of the requisition letter, and a further announcement will be made in due course.
For further information, please contact:
|
The PRS REIT plc Geeta Nanda, Independent Non-Executive Director |
Tel: 020 3178 6378 (c/o KTZ Communications) |
|
Singer Capital Markets |
Tel: 020 7496 3000 |
|
Jefferies International Limited Gaudi Le Roux, Tom Yeadon |
Tel: 020 7029 8000 |
|
KTZ Communications Katie Tzouliadis, Robert Morton |
Tel: 020 3178 6378 |
NOTES TO EDITORS
About The PRS REIT plc
The PRS REIT plc is a closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing over £1bn in a portfolio of high-quality homes for private rental across the regions, having raised a total of £0.56bn (gross) through its Initial Public Offering, on 31 May 2017 and subsequent fundraisings in February 2018 and September 2021. The UK Government's Homes England has supported the Company with direct investments. On 2 March 2021, the Company transferred its entire issued share capital to the premium listing segment of the Official List of the FCA and to the London Stock Exchange's premium segment of the Main Market. With over 5,400 new rental homes, the Company believes its portfolio is the largest build-to-rent single-family rental portfolio in the UK.
LEI: 21380037Q91HU97WZX58