PRS REIT (PRSR) has announced 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 and CG Asset Management Limited (shareholders of PRSR that hold, in aggregate, 94,025,149 ordinary shares representing c.17.3% of issued share capital), requesting the board convenes a general meeting for shareholders to 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.
PRSR says that, in addition to the above listed requisitioning shareholders, it 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 at the requisitioned general meeting. PRSR says that it is taking advice as to the validity of the requisition letter, and a further announcement will be made in due course.
