AXA Property appoints Blake Nixon to the board following January EGM – The European commercial property investor AXA Property (APT) has announced a change of directors following a shareholder-directed extraordinary general meeting (EGM) held on 23 January 2019, where the resolution to appoint Blake Nixon to the board was passed by 56.7% majority.
We looked at Blake’s proposals in detail in December 2018, when the requisition for the EGM to be held was made public. Click here to read more.
The board also made the following announcements:
- Gavin Farrell and Stuart Lawson have tendered their resignations from the board
- William Scott and Robert Burke have been appointed to the board
- AXA Investment Managers UK has indicated its intention to resign as investment manager of the company should the board take definitive steps towards convening an EGM of the company to consider a change to the company’s investment policy. The resignation would take effect immediately or at a later date by mutual agreement.
AXA survived a wind-up motion in 2018
This latest development follows a reprieve for the trust earlier last year. At an EGM on 7 September 2018, where it was proposed that the company be wound up, representatives of approximately 30% of the shares of the company attended who didn’t want the wind-up to go ahead. Clear here to read more.
Future Plans
The new board, consisting of William Scott (who will be acting chairman), Robert Burke and Blake Nixon, will as a priority be reviewing the future direction of the company, and in particular the proposed change of investment policy. The new board will take into account the interests of shareholders as a whole. Any material change to the investment policy of the company will require the prior approval of the FCA as well as the approval of shareholders.
APT: AXA Property appoints Blake Nixon to the board following January EGM