A group of shareholders of PRS REIT have launched a bid to remove chairman Stephen Smith and non-executive director Steffan Francis from the group’s board.
The REIT confirmed earlier today that it had received a requisition letter from Harwood Capital Management, Waverton Investment Management, CCLA Investment Management, Alder Investment Management and CG Asset Management, which hold around 17.3% of the company’s total issued shares, requesting the board of the REIT convene a general meeting to vote on a motion to remove Smith and Francis.
The requisition letter also requests shareholders vote to approve the appointment of Robert Graham Naylor as non-executive chairman and Christopher Mills of Harwood Capital Management as a director of PRS REIT.
The board of the REIT said it understands that Ruffer LLP and Asset Value Investors, which together hold circa 1.6% of PRS REIT’s issued share capital, have given “irrevocable undertakings” to vote in favour of the resolutions to be proposed by the requisitioning investors.
In a statement, the board of PRS REIT said: “The company is taking advice as to the validity of the requisition letter and a further announcement will be made in due course.”
