WebDisclosure
PRESS RELEASE

from Custodian REIT Plc (isin : GB00BJFLFT45)

Custodian Property Income REIT plc: Results of Annual General Meeting

Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Results of Annual General Meeting

08-Aug-2024 / 15:06 GMT/BST

 

 

8 August 2024

 

Custodian Property Income REIT plc

 

(“Custodian Property Income REIT” or “the Company”)

 

Results of Annual General Meeting

 

Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a diversified portfolio of smaller, regional properties with strong income characteristics across the UK, is pleased to announce that following the Annual General Meeting (“AGM”) of the Company held earlier today, all resolutions were approved on a poll.  A summary of the results of the poll are set out below:

 

 

Resolution

Votes for

% of votes cast

Votes against

% of votes cast

Votes total

% of ISC voted*

Votes withheld**

ORDINARY RESOLUTIONS

1

To receive and adopt the Company’s report and accounts for the financial year ended 31 March 2024

119,494,619

99.6%

420,842

0.4%

119,915,461

27.2%

631,675

2

To approve the directors’ remuneration report for the year ended 31 March 2024

119,617,202

99.3%

887,556

0.7%

120,504,758

27.3%

42,378

3

To re-elect David MacLellan as a director

103,986,142

86.3%

16,539,207

13.7%

120,525,349

27.3%

21,787

4

To re-elect Hazel Adam as a director

114,876,483

95.3%

5,650,866

4.7%

120,527,349

27.3%

19,787

5

To re-elect Malcolm Cooper as a director

114,827,428

95.3%

5,697,921

4.7%

120,525,349

27.3%

21,787

6

To re-elect Chris Ireland as a director

114,827,428

95.3%

5,697,921

4.7%

120,525,349

27.3%

21,787

7

To re-elect Ian Mattioli as a director

98,524,461

81.7%

22,000,888

18.3%

120,525,349

27.3%

21,787

8

To re-elect Elizabeth McMeikan as a director

90,765,247

75.3%

29,762,102

24.7%

120,527,349

27.3%

19,787

9

To re-appoint Deloitte LLP as auditor to the Company

119,605,017

99.6%

485,078

0.4%

120,090,095

27.2%

457,041

10

To authorise the directors to agree and fix the auditor’s remuneration

119,699,112

99.6%

438,023

0.4%

120,137,135

27.3%

410,001

11

To grant the directors’ authority to allot ordinary shares in the capital of the Company

115,455,812

96.1%

4,646,783

3.9%

120,102,595

27.2%

444,541

12

To disapply statutory pre-emption rights on the allotment of ordinary shares in the capital of the Company

119,555,044

99.5%

570,091

0.5%

120,125,135

27.3%

422,001

13

To further disapply the statutory pre-emption rights on the allotment of Ordinary Shares

117,718,393

98.0%

2,412,128

2.0%

120,130,521

27.3%

416,615

14

To authorise the Company to make market purchases of ordinary shares of £0.01 each in the capital of the Company

119,612,284

99.6%

425,852

0.4%

120,038,136

27.2%

509,000

15

That a general meeting, other than an annual general meeting, may be called on not less than 14 clear days' notice

113,326,204

94.4%

6,776,391

5.6%

120,102,595

27.2%

444,541

 

* Based on total ISC of 440,850,398 as at 7 August 2024.

** The percentage of votes cast for and against excludes withheld votes.

 

Significant votes against

 

The votes received against Resolution 8 to re-elect Elizabeth McMeikan as a Director of the Company represented 24.7% (2023: 23.7%) of votes cast but represented only 6.8% (2023: 5.8%) of total shareholders. 

 

Feedback from shareholders in 2023 identified that votes against Elizabeth’s re-election were primarily a result of perceived ‘over-boarding’ due to her roles as Chair of Nichols plc and Non-Executive Director of Dalata Hotel Group plc and McBride plc, all of which she continues to hold.

 

The Company complies with the Association of Investment Companies’ Corporate Governance Code, where Principle H recommends non-executive directors have sufficient time to discharge their Board responsibilities.  Elizabeth’s Directorships of listed companies are also within the number of ‘mandates’ permitted by Institutional Shareholder Services (“ISS”), a leading provider of corporate governance and responsible investment solutions to leading institutional investors, which supported all AGM resolutions.

 

Votes against Elizabeth’s re-election were primarily from institutional shareholders applying stricter internal voting policies than ISS by allowing fewer ‘mandates’, and their voting policies do not acknowledge the generally lower time commitments as Directors of investment companies or companies of a relatively small size.

 

The Company’s Nominations Committee is pleased with Elizabeth’s contribution and responsiveness to the demands of being a Director of the Company, and believes additional roles offer Directors helpful insight and experience which benefits the Boards on which they sit.  The Nominations Committee does therefore not intend to ask Elizabeth to reduce her additional roles.

 

Where possible the Board, assisted by the Company’s broker, will continue to consult with shareholders to reiterate this position and seek further feedback and will report within six months of this AGM.

 

Filing resolutions

 

The Company confirms that copies of all resolutions passed at the Annual General Meeting will be available for viewing on the National Storage Mechanism shortly.

 

- Ends -

 

Further information:

 

Further information regarding the Company can be found at the Company's website custodianreit.com or please contact:

 

Custodian Capital Limited

 

Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE

Tel: +44 (0)116 240 8740

 

www.custodiancapital.com

 

Numis Securities Limited

 

Hugh Jonathan / Nathan Brown

Tel: +44 (0)20 7260 1000

 

www.numis.com/funds

 

FTI Consulting

 

Richard Sunderland / Ellie Sweeney / Oliver Parsons

Tel: +44 (0)20 3727 1000

 

Annual General Meeting Custodian Property Income REIT PLC Resolutions Voting Outcomes
See all Custodian REIT Plc news