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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:
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Resolution
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Votes for
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% of votes cast
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Votes against
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% of votes cast
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Votes total
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% of ISC voted*
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Votes withheld**
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ORDINARY
RESOLUTIONS
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1
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To receive and adopt the Company’s
report and accounts for the financial year ended 31 March
2024
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119,494,619
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99.6%
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420,842
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0.4%
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119,915,461
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27.2%
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631,675
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2
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To approve the directors’
remuneration report for the year ended 31 March 2024
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119,617,202
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99.3%
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887,556
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0.7%
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120,504,758
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27.3%
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42,378
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3
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To re-elect David MacLellan as a
director
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103,986,142
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86.3%
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16,539,207
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13.7%
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120,525,349
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27.3%
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21,787
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4
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To re-elect Hazel Adam as a
director
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114,876,483
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95.3%
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5,650,866
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4.7%
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120,527,349
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27.3%
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19,787
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5
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To re-elect Malcolm Cooper as a
director
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114,827,428
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95.3%
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5,697,921
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4.7%
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120,525,349
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27.3%
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21,787
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6
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To re-elect Chris Ireland as a
director
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114,827,428
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95.3%
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5,697,921
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4.7%
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120,525,349
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27.3%
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21,787
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7
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To re-elect Ian Mattioli as a
director
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98,524,461
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81.7%
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22,000,888
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18.3%
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120,525,349
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27.3%
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21,787
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8
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To re-elect Elizabeth McMeikan as a
director
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90,765,247
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75.3%
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29,762,102
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24.7%
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120,527,349
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27.3%
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19,787
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9
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To re-appoint Deloitte LLP as
auditor to the Company
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119,605,017
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99.6%
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485,078
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0.4%
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120,090,095
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27.2%
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457,041
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10
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To authorise the directors to agree
and fix the auditor’s remuneration
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119,699,112
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99.6%
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438,023
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0.4%
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120,137,135
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27.3%
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410,001
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11
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To grant the directors’ authority
to allot ordinary shares in the capital of the Company
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115,455,812
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96.1%
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4,646,783
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3.9%
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120,102,595
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27.2%
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444,541
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12
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To disapply statutory pre-emption
rights on the allotment of ordinary shares in the capital of the
Company
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119,555,044
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99.5%
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570,091
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0.5%
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120,125,135
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27.3%
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422,001
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13
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To further disapply the statutory
pre-emption rights on the allotment of Ordinary Shares
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117,718,393
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98.0%
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2,412,128
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2.0%
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120,130,521
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27.3%
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416,615
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14
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To authorise the Company to make
market purchases of ordinary shares of £0.01 each in the capital of
the Company
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119,612,284
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99.6%
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425,852
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0.4%
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120,038,136
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27.2%
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509,000
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15
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That a general meeting, other than
an annual general meeting, may be called on not less than 14 clear
days' notice
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113,326,204
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94.4%
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6,776,391
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5.6%
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120,102,595
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27.2%
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444,541
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* 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
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Further
information:
Further
information regarding the Company can be found at the Company's
website custodianreit.com or please contact:
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Custodian Capital
Limited
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Richard Shepherd-Cross / Ed Moore /
Ian Mattioli MBE
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Tel: +44 (0)116 240 8740
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www.custodiancapital.com
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Numis Securities
Limited
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Hugh Jonathan / Nathan
Brown
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Tel: +44 (0)20 7260 1000
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www.numis.com/funds
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FTI
Consulting
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Richard Sunderland / Ellie Sweeney
/ Oliver Parsons
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Tel: +44 (0)20 3727 1000
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custodianreit@fticonsulting.com
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Notes to
Editors
Custodian Property Income REIT plc
is a UK real estate investment trust, which listed on the main
market of the London Stock Exchange on 26 March 2014. Its portfolio
comprises properties predominantly let to institutional grade
tenants on long leases throughout the UK and is principally
characterised by smaller, regional, core/core-plus
properties.
The Company offers investors the
opportunity to access a diversified portfolio of UK commercial real
estate through a closed-ended fund. By principally targeting smaller, regional,
core/core-plus properties, the Company seeks to provide investors
with an attractive level of income with the potential for capital
growth.
Custodian Capital Limited is the
discretionary investment manager of the Company.
For more
information visit custodianreit.com and
custodiancapital.com.
Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group.
The issuer is solely responsible for the content of this
announcement.
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